What is whitelisting and why is it necessary? — INLOCK — a revolutionary solution for crypto hodlers
Whitelisting is a verification process where potential token buyers have to submit both an e-mail address along with an Ethereum address to participate in a token sale.
It is similar to pre-registering a product on an e-commerce website so potential buyers can signal their willingness to buy an item. In the case of an ICO, users register via the process of whitelisting to have future access to our services. Only whitelisted users will be allowed to take part in our main sale, meaning you will only be allowed to buy ILK tokens, if you have gone through this pre-registration process.
Whitelisting also serves as a form of security. Companies running ICOs have to be careful about who uses their platform and who has access to their services. This is not only to eliminate scammers but also to remove legitimate users who unfortunately reside in countries where token sales are illegal or restricted (USA, China, North Korea, Iran, etc.) It is very important that users go through KYC in accordance with all applicable regulations. To do so, we filter for IP’s registered in those countries.
The whitelisting process also helps us keep track of how many potential users we can expect on our platform so we can optimize and prepare for any amount of users.
When Will the INLOCK Whitelist Open?
Our whitelisting began on August 1.
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Originally published at ico.inlock.io on July 20, 2018.
