Cryptocurrencies suffer a major trust issue. The instantaneous nature of transactions is a double edged sword, and cryptocurrencies have been featured in numerous recent stories involving hackers stealing funds. NTC strives to be a complementary partner in the cryptocurrency ecosystem, and we hope to drive greater adoption of cryptocurrency in general, as many early NTC users will likely use it as a doorway to purchase other cryptocurrencies. We are offering to leverage electricity providers’ existing trust level with customers to provide an easy bridge between mobile money and cryptocurrency. As described in the Security eWallet section, default security for subscribers who convert mobile money to NTC will involve a multi-signature wallet, preventing large NTC movements without two of the three wallet keys. NTC will also work with telecoms to utilize all available best practice security measures in order to protect subscribers. Most exchanges now require a traditional bank account and a cumbersome “know your customer” (KYC) authorization before allowing the purchase of any cryptocurrency. This is a major drawback for companies working on the blockchain trying to address financial inclusion in developing countries. By working with regulatory compliance bodies to enable the leveraging of existing electricity provider KYC processes, NTC hopes to ease this major friction point for access to cryptocurrency. If a bank KYC form is not accompanied with sound document validation processes, it would rely heavily on the word of the customer filling out the form. So it could be argued that an electricity operator ability to perform effective KYC is actually far greater than a traditional bank’s ability to do so. NTC will leverage existing electricity provider’s KYC in place for mobile money access and work with the electricity
providers to meet standards required for cryptocurrency. By partnering with electricity providers, NTC strives to solve basic trust, marketing, and compliance challenges that have inhibited cryptocurrency adoption to date.