It is easy to imagine a situation in which your average user wants to create their own cryptocurrency. You just wake up one day and realise that work is not the same without your own coin out there. However, after some contemplation on how great it would be, a simple question come to one’s mind — how do I do that? Well, there are different options to choose from and this article is, hopefully, going to help you find the right way.

First of all, one has to choose if they want to create a coin or a token. Both of those are types of cryptocurrencies, but the difference is that coins (like Bitcoin, Namecoin of infamous Dogecoin) are operating their own blockchains (records of transactions made) when tokens rely on other networks to verify transactions and store them.

Most popular way to create a token is to run an Initial Coin Offering (later — ICO) which is a crowd sale exchange for already existing coins. Creating an ICO is available for pretty much anyone, but the Security and Exchange Commission is cracking down on ICOs and warns investors not to buy launched tokens blindly to avoid fraud. After selling the idea of a new project, it is important for a newcomer to make a token that actually works.

ChangeNOW wants to expand its customers’ possibilities with regards to performing quick and limitless crypto swaps, so the service has introduced this groundbreaking novelty. As of now, ChangeNOW is the only instant exchange service on the market that has fixed rate exchanges available and does not require registration.

Following the tradition of ChangeNOW, the procedure of fixed-rate exchange is as simple and user-friendly as the standard flow. The difference is that when integrating the fixed rate exchange flow, the user is able to know the exact amount that will be received after the change. As a result, ChangeNOW’s clients will not only know exactly what they are getting, but also avoid any additional or hidden commissions, while ChangeNOW takes all the rate risks.

What was the main concern?

The sort of users’ behavior described above is a red flag for our systems, so we had to launch an investigation and make a decision on its outcome, which, in turn, took some time.What was happening on our side while we were dealing with the problem?

*Change NOW were checking the documents the user in question sent us in various available databases on the subject of whether they had been blacklisted anywhere;

• Change NOW had passed this case over to our legal team for them to evaluate our risks in this situation and study all the applicable regulations on whether we would breach any of them by issuing a refund to the user.

• Change NOW have have started to introduce corrections into our AML/KYC policies. We are still working on them as updates from the market come in. We hope that we’ll be able to present the new edition of the policy soon, that will be as transparent and accessible as possible.

• Change NOW are continuing to work on communicating our policy to our clients on our website through special messages, notifications, and other interface elements, so that it’s more convenient for our users to use our service and all the information has been presented to them the most accessible and clear way possible.

What conclusions have we come to and what is going to happen now?We have made several conclusions, a part of which regards our clients who have refused to pass KYC, and another part — our service in particular.First, the customers who haven’t passed KYC on ChangeNOW:

With the help of our legal team and several independent legal advisors we have come to a conclusion that we can issue a refund subtracting the network fee to the address that has been used to make a deposit without breaching any regulations;

Change NOW reserve the right to submit all the information about our clients who have refused to pass KYC that we’ve gathered during the investigation to the police or any other authorities in case we receive a request from them;

If a user is openly refusing to pass KYC, they are issued a refund subtracting the network fee to the address they have used to make the deposit and that address is permanently blacklisted.

About the service:

• Change NOW have realized that we need to give our users more information on KYC and AML;

• Change NOW have expanded our Terms of Use with more understandable data on the KYC procedure and its application; now

• every user has to read and accept the ToU before proceeding with their exchange — that’s mandatory.
  We have also realized that the more transparent our service is, the easier it will be for our users to interact with it. Therefore we have added more information about ourselves on the website, such as our registered address, our contacts, etc.

• Even though we don’t approve of threats, blackmail, bot attacks and FUD spreading carried out by some of our clients as valid tactics, we are glad to point out that we have received a lot of valuable feedback on making our service better, more transparent, and more understandable during the discussions that he has started. We have already started implementing those ideas, and this process will carry on!

WHITEPAPER: https://changenow.io/tokens?utm_source=BountyANN

TELEGRAM: https://t.me/NOWtoken_Bounty
Authors bitcointalk url: https://bitcointalk.org/index.php?action=profile;u=2210535
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