KYC & Audit
KYC (Know-Your-Customer) is most frequently utilized as an austerity measure to hedge against data theft and other forms of fraudulent behavior. While the usefulness and ethical nature of KYC are often debated, being largely at odds with the general crypto philosophy, it’s irrefutable that KYC proves more than useful in protecting customers.
One popular example of this use would be - when a user is unable to access their account on a crypto platform. KYC, when followed by proper verification can restore login access and allow the user to retrieve their funds. Without a KYC protocol in place to collect customer data available, FomoETH would be left unable to help users regain access to their wallets.
FomoETH’s decision to implement KYC was predicated upon a series of circumstances, ranging from regulations to on-chain platform preferences. The ethical nature of KYC will always be up for debate, however, FomoETH understands its place in the crypto sphere for the foreseeable future, in order to maintain a secure and user-friendly experience.
FomoETH's KYC will be conducted by Veriff (https://www.veriff.com/), a global identity verification company offering services to online businesses to mitigate fraud attempts and assist in regulatory compliance.
Code audits systematically and manually review the code on blockchain development projects using static code analysis tools in order to pinpoint errors and source bugs in the code.
Studies show that Ethereum smart contracts have a 3% failure rate, meaning that even with smart contract audits, failures can still arise. However, smart contract bugs can be prevented. Luckily for burgeoning projects, it is eminently possible to detect smart contract bugs in advance and prevent them from reaching the production ecosystem.
FomoETH's Code Audit is conducted by InterFi.network (https://www.interfi.network/), a professional and easy-to-understand smart contract security audit company that has audited more than 500,000 solidity code-lines on Binance, Ethereum, Polygon, and Solana Smart Chains.
Proof of Code Audit: For both BEP20 and ERC20:
InterFi Network Code Audit Certificate