Why do we need a Digital ID?

FOIL Network
2 min readMay 3, 2022

Today we want to tell you more about why Digital ID is needed in the Foil Network blockchain. It so happened that the crypto community doesn’t always understand the meaning of the appearance of KYC in projects. We believe that this moment should be explained as well as possible.

Is a Digital ID required?

No, passing Digital ID isn’t necessary! This only gives you more functionality, which is necessary for a narrow circle of people. All users who haven’t passed verification will be able to buy, sell and move any tokens in the Foil Network. There are no restrictions on the volume of transactions for unverified accounts.

Why go through Digital ID?

The main goal of passing Digital ID is to give the opportunity to fully reveal Pure NFT technology. After passing Digital ID, you’ll be able to fully use the functionality of this technology, releasing and selling your own NFT. They will really protect your intellectual property copyrights, which NFT does not do on other networks. Also, passing Digital ID will give you the opportunity to conduct IDO and organize other business events in the Foil Network.

Why is verification required to get additional functionality?

Firstly, it is impossible to protect the property right of an anonymous person, and this is our task №1. Secondly, we don’t want to allow unacceptable content to enter the platform. Thirdly, we want to make the platform as safe as possible from scams and scammers.

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FOIL Network

FOIL Network is a new breed of interoperable, high speed, and elastic blockchains.