Using Compass NFTs
User Authentication and COM Rewards
Compass NFTs can be used to authenticate users' ownership of their wallets.
As countries enact laws that disallow deposits and remittances to/from unverified wallets, Virtual Asset Service Providers (VASPs) and other digital asset service providers will need to verify ownership of unverified wallets, to enable their customers to continue to freely use their services.
Compass Protocol is engaged with VASPs and other service providers to enable the following:
- VASPs and digital asset service providers can send requests to Compass Protocol to verify the ownership of unverified wallets.
- The request will be made visible to Compass NFT holders on Compass' user page, where users will be able to 'Accept' or 'Reject' the request for information.
- Once Compass NFT holder 'Accepts' such request and the data is successfully shared with the requestor, the user will receive COM tokens as a reward.
- The requestor is required to pay COM tokens to receive Compass NFT holder's data, while users are rewarded in COM tokens for sharing their data, and the Protocol earns a commission in COM tokens.
The list of partner VASPs and other service providers will be announced as the partnerships get established.
Compass Protocol intends to provide a certain level of relief and incident response services to our users, based on a tiering system (Basic, Premium, etc.). More details to be announced.