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      "body": "![IoT Investment.png](https://steemitimages.com/DQmc25p7R739rKH4iSN5JYStpCEiAxdtTFiUbEhB2uKiG57/IoT%20Investment.png)\n\nWe’ve been asked a lot about where IoT devices fit within the cryptocurrency revolution. Here at MyBit, it’s no secret that IoT is our main focus. But it’s not something that’s naturally associated with blockchain and cryptocurrency at all. Indeed, that’s why we see it as one of the best places to be right now.\n\nOver the past twelve months, cryptocurrency has exploded. Many people have become multi-millionaires almost overnight. But it’s also a market that’s fraught with risk. Those same people have been hit with a decline in the markets as the bubble finally burst. And like any emerging market, it’s hard to know how to diversify and hedge your holdings, especially if the market declines even further.\n\nSo where are people going?\n\nTraditionally, you’d move into stocks, bonds, real estate and cash. But savvy investors know that the traditional markets are suffering right now. (It might even be why they got into crypto in the first place…)\n\nPredictions for stock market growth this year and beyond regularly mention one word: volatility. There’s more than a hint of irony that this is a term more often associated with cryptocurrency. Still, it seems apt.\n\nIn February this year, the Dow registered is biggest ever drop of 1,175 points in a single day. Bonds are suffering too. The US government has recently announced a 10-year yield rate of only 3% putting many investors on alert. And even the real estate market, once seen as the safest of bets, is starting to show signs of pressure.\n\nThat’s why it’s our opinion that there’s never been a better time to be in crypto — and, even more so, IoT.\n\nFor MyBit investors, the future’s bright. You own a share of the machine economy, a market that’s set to grow steadily into a multi-trillion dollar industry by 2020. You’re directly investing in revenue generating machines through Ethereum smart contracts. If this was a stock, you’d say the fundamentals are strong.\n\nUnlike many projects, ours actually has real-world assets. Our platform generates revenue from actual smart devices — solar panels, smart benche, ​ and ATMs — that are out there in the real world. This makes us more resilient to market changes than many of the projects in the crypto space.\n\nAnd there are other ways projects such as ours are reducing volatility while outperforming traditional investments. Investors receive fixed returns on their investments, much like a bond, without having to lock funds up forever. And, crucially, they actually own their investment; it’s not some fund tracker. It’s liquid. They can sell at any time. And there’s no bank, or middleman — just automated smart contracts through Ethereum.\n\nIt’s why we see MyBit as a great way to diversify a portfolio while reducing volatility. We’re essentially creating a platform, much like a bond market, for crypto. Without any of the negatives currently holding bonds back.\n\nSo that’s all from us this week. We hope you’ve found this insight useful and it’s given you a good idea of where MyBit and IoT fit within the world of crypto. As always, feel free to reach out to us on Slack or social with any questions or thoughts.\n\nOne more thing:\nIan is in New York City right now and will be hosting a Meetup tomorrow! If you are in the area you are more than welcome to join the conversation. You can find more details about the event here.\n\nCatch you next time,\n\nYour MyBit Team",
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      "title": "WEEKLY UPDATE [W.18]",
      "body": "![Mybit Weekly Blog.png](https://steemitimages.com/DQmWA7iNjErxpvrHHWJtppt92ZKwcQpjjrU3LPwrNq9NiPh/Mybit%20Weekly%20Blog.png)\n\nWe are about to enter one of the most anticipated weeks in the history of MyBit. Our new brand is getting launched on the 10th of May (Thursday)!\n\nThe rebrand starts a completely new phase for MyBit. The new logo, website and overall brand presentation honors MyBit’s back-end and enables us to better promote the project. This will open doors to new partnerships, exchanges and a bigger community.\n\nJose, Ash and Cris are working hard to get the last things of the website ready. The design is beautiful, however,​ from a performance perspective, Jose has the last say. As our CTO he isn’t giving in easily when it comes to performance. The development of our website is and has been a constant battle between design and performance. The result is a beautiful website that we can all be proud of hence we can’t wait to show you!\n\nThe initial group of testers have been informed about the launch date of CELESTINE and will start with testing very soon. We will make a video presentation of CELESTINE once they are on board so you aren’t missing out either. As we said before, the release of CELESTINE is a rolling launch, meaning that the group of testers becomes bigger and bigger with every update. This will give us a fully working product that is thoroughly tested throughout the several stages of development.\n\nIan, founder of MyBit, is going to New York City to attend one of the leading crypto events of the year; Consensus. During his stay,​ he will host a MyBit Meetup in New York City on the 15th of May. If you are in the area, feel free to join the fun!\n\nOne more thing: The upcoming Monday blog is a very important one so definitely don’t miss out.\n\nHave a great weekend!\n\nThe MyBit Team",
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      "body": "![Mybit Weekly Blog.png](https://steemitimages.com/DQmWA7iNjErxpvrHHWJtppt92ZKwcQpjjrU3LPwrNq9NiPh/Mybit%20Weekly%20Blog.png)\n\nThe sun is out, the markets are somewhat recovering and MyBit is almost ready for greatness! Welcome to another recap of the week. Let start!\n\nAll developments on the MyBit Dapp are coming alive and have started to compliment each-other nicely over the past week. Right now all the vital UX and UI work is done and the first actual results are visual and working on the Ethereum testnet.\n\nWithout giving too much away, the release date for the rebrand is the 10th of May, just before Consensus. This is an absolute deadline for the team and we strive to amaze you on that date.\n\nMarketing wise we’ve had a lot of contact with influencers, media-channels and possible brand ambassadors in various countries. In order to tell the story the right way we are working on something very cool. Unfortunately, we have to keep it a surprise for you all till the end of May but we very are confident that you will like it.\n\nCELESTINE has been the hot topic for quite some time now. What is CELESTINE and why did we pick that name? Since this week everyone knows why our ALPHA is called CELESTINE, we published a great blog showcasing our vision for the future IoT ecosystem. In case you missed the blog, check it here as it is a must read to understand the goals and ideas behind this endeavo​r.\n\nWe just want to take this moment to thank you for being part of our great community. You guys have been patient, motivated and helpful throughout the entire project and it needs to be said that your input and presence is highly appreciated. In the beginning of this project the team mainly focussed on development and the community was left in the shadow for a while. We made changes to improve that and will continue to improve this in the future. We hope that you are aware of your importance. To illustrate that some more we’ve got this to show you (some already saw it in Discord this week):\n\nhttps://www.youtube.com/watch?v=GA8z7f7a2Pk\n\nWe were the crazy ones to start something completely new (the first dancer) but we need the support and belief from the “second dancer” to make this thing roll towards the masses. Together we can achieve our ultimate goal; to ensure a future for everyone in the economy of tomorrow.\n\nSo.. bring your friends to our great community, talk about MyBit and most of all, enjoy each-others company. It is great to make new friends both on-line as off-line. We hope to meet you all during one of our Meetups!\n\nJoin our community:\nhttps://discord.gg/4fHvv\n\nFor now, enjoy the weekend!\n\nThe MyBit team.",
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      "body": "![1*jGkBjtdrg30Ql_LA1koI9w.png](https://steemitimages.com/DQmVnpd25n3ZD3U9pu4QP7L9iMGg9qMtW4VKywheC5tnuzx/1*jGkBjtdrg30Ql_LA1koI9w.png)\n\nThere’s a great passage in James Redfield’s philosophical novel, The Celestine Prophecy. By chance, the main character meets a historian as they board a plane and take their seats. From there, it gets pretty deep. The historian goes on to explain how our consciousness has changed throughout history, what he terms “The Second Insight”. And it’s truly fascinating stuff.\nHe breaks down all of human history into three stages. The first stage describes how gods used to govern everything. A bountiful harvest. Crop failures. Losing a loved one. All was explained as the will of god with all rational thought being delegated to the ‘men of god’: the Church.\nNext is the second stage, the scientific era. When people begin to doubt the role of gods, craving a new way to answer life’s questions. With science, humanity is able to test ideas about how the universe works. But what happens when not every question can be answered?\nThis takes us onto the third stage: the materialistic world. When humanity is left without the answers — the historian tells us — people focus instead on improving their lives through material possessions. This is where we are today. An era where people focus more on what they own than what really matters to them. We’ve started to go back towards stage one.\nBut there’s hope, the historian says. People are impatient and ready for the next paradigm shift. A shift in consciousness that will bring about a better world. This is where the historian ends.\nHis new age has not yet come but, here at MyBit, we’d like to suggest an addition to the prophecy. Could the fourth stage be the machine-driven world?\nIn a world where everything is automated and everyone can share in the revenues from the machine economy, people are free to focus on what matters to them. Free to find their purpose and follow their passions in life. Free to think about how to improve their lives and humanity as a whole. This is the world all of us at MyBit want to create.\nAnd it’s why we’ve decided to name our alpha Celestine.\nIt’s not just a tribute to James Redfield’s great book. Celestine reminds us of the importance of the work we’re doing and where we want to go. It reminds us of the potential of all decentralised, autonomous organisations — and how they can kickstart massive changes across every part of society.\nFor us, the machine revolution isn’t just the next stage of human history, it’s a completely new way of thinking: a fourth stage, a paradigm shift. Just like each of the three stages the historian first described on that long​-haul​l flight. And it’s only a matter of time before the next stage truly takes off.\n\nWe’d better strap in for the ride. Wanna join? Find us on Discord.\nhttps://discord.gg/zXc2H",
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      "title": "WEEKLY UPDATE [W.15]",
      "body": "![Mybit Weekly Blog.png](https://steemitimages.com/DQmWA7iNjErxpvrHHWJtppt92ZKwcQpjjrU3LPwrNq9NiPh/Mybit%20Weekly%20Blog.png)\n\nHi Guys! \nIt is Friday and for the first time in a long while the sun is actually shining. So what has happened this week;\n\n“I really really like the logo, very solid and trustworthy looking, the color scheme with the sharp edging gives that precision feel suits the layout great, has an IOT tech feel too, 10/10 from me, can’t fault it “.\n-A community member-\n\nThe logo,colors and designs are all done and have resulted in a beautiful and unique website which we can proudly showcase to the world. The last phase of this overhaul is​ the animations and these are being done by an external company. As soon as these are ready the tech team will wave their magic wand and pull it all out of their high hat. Our realistic time indication is between the end of April (earliest) and Consensus (latest). We’ve shown​ the Alpha testers the new branding/website/Alpha-design for feedback and they were all very enthusiastic. MyBit is finally getting the presence it deserves and we can't wait to present all our hard work to you.\n\n![office.png](https://steemitimages.com/DQma9inG9mZ2bqTCtJ5xUmDd23MoxQo7EjTESStdMoocLyd/office.png)\nSummer is coming! The Mybit office in Zug, Switzerland. \n\nSome great reads this week! First of all, an interview where Ian and Tom talked to impakter.com about the future of technology and MyBit’s potential. Secondly,​ our Monday blog was a great read too. Those are not even our words but Medium’s as they put our story on a prominent place on their Medium Digest list this week. \n\nKyle and Connor have been testing the Alpha and make improvements in the back-end where they still can. Cris is implementing Ash’s new designs to the front-end to make sure it all looks and feels great. \nJoost has rounded up his strategy and is currently​ building the marketing offensive to get MyBit’s story out as he is allowed to burn mark Ian when MyBit reaches a 1B marketcap. You can help him already by actively sharing MyBit’s tweets and to invite more people to our great community. \n\nOur founder, CEO and office Rambo Ian goes to Consensus and whilst in NYC organize​s a MyBit Meetup on the 15th of May! If you are in the area and love Crypto/MyBit this is certainly a Meetup you don’t want to miss out on. Invite your friends to join you via Facebook and join the pre-fun on our Discord.\n\nHave a great weekend!\nTeam MyBit",
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      "title": "Why Build a Fully Autonomous Company?",
      "body": "We’ve been talking a lot about our vision for the coming months and the future of the MyBit project. So we thought it’d be useful for us to set out our views and to explain in a bit more detail why we want to turn the platform into a fully autonomous organisation. As well as how we’re going about that.\n\nAs you probably know, our vision is to grow MyBit into a platform that is fully self-sufficient. That is, an organisation that’s able to run itself without any input from us. An organisation that’s fully decentralised and fully automated.\nSounds easy, in principle, right? Well, in reality, it’s no easy feat.\n\nSince the notorious DAO fiasco, it’s obvious that releasing a pre-built platform simply doesn’t work. You must have a working platform before anything else. And you have to build up — step by step — towards full automation. You can’t just launch out of the box.\n\nIt’s our belief that this staggered approach is the only viable way. Building on each small success means that the model works in the long term. And, in theory, once an organisation is fully decentralised and automated, it can run forever. So long as there’s a market there and an active user base, nothing can stop it.\n\nBut first, we should explain why we’re so focused on these two things: automation and decentralisation.\nTo understand our vision, you’ve got to see the world like we do; It’s broken. Centralised organisations and financial institutions have unprecedented power. When you combine a powerless user base with a powerful few able to exploit the system, you get the chaos we see today. Corruption. Self-interest. Fraud. Every scandal and failing organisation in history has had one thing in common: human weakness.\n\nSo what if we could do away with all that?\nFor a fair, global organisation to exist, it needs to be decentralised and automated. With MyBit, for example, we want to be the global leader for investing capital. That’s a lot of power — and not something you want to be centralised or corruptible.\nTo do this, we’ve got to think differently. Currently, most corporate structures focus on bottom line profits and rewarding those at the top. It’s how incentive structures work today. By contrast, decentralisation creates a model where everyone is rewarded. Not equally, but based on the effort and resources they put in. It works like a company, except it’s not controlled by a select few.\n\nIn theory, it sounds simple. Making it a reality is a bit harder. And that’s what we’re working on right now.\nFor the rest of this post, I’ll talk you through a couple of the design approaches we’re working on right now. They’re laying the groundwork to eventually make the platform fully self-sufficient, fully automated and truly ‘immortal’.\nOur plan is to automate the many aspects of the MyBit platform over the different releases. Initially, the core technology is our focus. That is, the ability to automate investment funds first and foremost. We’ve already started building this — which you can see here — which gives you an idea of how the technology works in practice.\n\nNext will be network security, dispute management and new features. The one we want to focus on now, though, is customer support. It’s a good case study for showing how a fully autonomous system could work — and why they’ll be so useful in the future.\n\nCustomer Support\nHave you ever thought why customer support at small companies is often really good while larger organisations often struggle? Of course there are exceptions but, in general, the answer lies in the lifespan of a company.\nIn small companies and start-ups, customer support is initially provided by a core team. It’s really good, personalised and super fast. As organisations grow, they add a team or department to manage customer support. It’s still pretty good and quite fast. Then they hit a tipping point. As organisations grow exponentially, it’s one of the first business functions to be outsourced. All of a sudden, support becomes really bad and super slow.\nThis model is broken.\nBlockchain and decentralisation offers a unique opportunity here. The future of work is changing and, if the ‘gig economy’ continues to grow, we should expect people to be doing different tasks for many different companies in the future. It promises to be more efficient since employees are no longer tied to one position at one company. Instead, wherever there’s a need for their skills, they’ll be able to satisfy it. It’s better for individuals and better for business.\nPlus, many of the people involved in the Blockchain space are familiar with the many projects and communities — so why not monetise that? And create a free market while doing it.\nAnd so you can see why decentralising support for MyBit — at both a macro and micro level — makes so much sense. And here’s how it would work:\nI want a question answered and state how much I’m willing to pay to have it answered. Then, anyone who makes money answering questions is able to see if it’s worth their time. It is? Then bingo. If not, it may be a complex question that’s been undervalued by the asker. And so a free market pricing model comes into effect.\nAnother advantage is that it creates shared expenses. Many people can contribute to having a question answered (in effect, crowdsourcing the answer). Everyone wins.\nAnd this whole process can be automated via escrow with smart contracts.\nThis not only fixes the problem of non-automation, but it provides a better quality experience. And it’s scalable, too. Sure, in some cases responses may be slower, but in the long run quality will be higher because people are only paid for quality answers. Unlike a payroll, where you get paid no matter what.\nA company could even give its employees funds to pay the people answering. Though from a security standpoint, there’s still a lot of research and development that needs to be done in this area.\nAs you can see, when it comes to customer support, it’s an area ripe for revolution. There’s a clear opportunity to fix a broken model. And decentralised, fully autonomous systems are the way to do it.\nFiat to Crypto Conversions\nAs technologies change, we should too. One area we’re especially looking to automate and decentralise are fiat to crypto conversions.\nInitially, we’re planning to use an anchor-node structure similar to what Stellar does (though, we’ll execute it in a very different way). It should also be noted that this is just an intermittent fix. Once OmiseGo has their decentralised exchange running on a global scale, we plan to adopt that.\nAs with the examples explored earlier, an essential part of automating a process is incentives. It’s important to make sure that people are incentivised to complete the task, but not incentivised enough to conduct adverse actions.\nThe best example of this is the consensus protocols that secure the major Blockchains. Especially, Ethereum and Proof of Stake. At one end, users are rewarded for verifying transactions through staking their coins (which also adds value to the network). At the other end, someone would have to purchase 51% of the coins to take control of the network.\nRight now that would cost an estimated $19.38B.\nAnd even if someone were to do that, others would realise. Money would flow out of Ethereum before the buyer could manipulate transactions enough to retrieve compensation for their efforts. In short, it’s a fool’s errand.\nIn this way, Ethereum has ensured there’s no market for foul play. And anyone attempting to do so, will lose a large amount of money.\nSo when it comes to transactions, Ethereum’s consensus protocols show the power of decentralised and autonomous systems. And it’s not even fully realised yet.\nA Final Thought\nHopefully this blog has given you a flavour for where we want the MyBit project to go. The future’s even brighter, though.\nWe’re talking not just a fully automated MyBit, but a fully automated ecosystem. We envisage MyBit being funded through AI investment DAOs with all production, delivery and maintenance for machines being done by machines. One day, we hope to even let people invest in the machines that build the factories for building the machines…\nYou get the idea.\n\nUntil next time, guys.\n\nYour MyBit Team.",
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      "title": "WEEKLY UPDATE [W.14]",
      "body": "![Mybit Weekly Blog.png](https://steemitimages.com/DQmWA7iNjErxpvrHHWJtppt92ZKwcQpjjrU3LPwrNq9NiPh/Mybit%20Weekly%20Blog.png)\n\nHi All!\nA new week with a lot of progress. Currently we are writing this update from Coinfest UK where we are talking to a lot of interesting people. Lets recap this week.\n\nCris Martins started his first official week at MyBit. As a front-end developer he is the bridge between the back-end code and the frond-end design. Ash and Cris have daily meetings to make sure the Alpha is everything we envisioned it to be.\nIn order to bring more technical insights to the community, our Señor Developer (CTO) Jose is creating a clear tech-roadmap. He also is working on a developer contributing program so community members can actively parcitipate in building MyBit.\n\nKyle and Connor are actively testing and improving the Alpha to make sure it will be ready for the first testers to be admitted.\n\nWe answered the questions of April’s AMA. We will try to make it more interactive over the voice channel in Discord next time. We also took notice of the community’s request to use more Youtube in the future. Youtube is certainly on our marketing-channel list and we have something in the works.\n\nYesterday we held the first MyBit Meetup in Manchester. We were suprised by the turn up and had a great evening with many like-minded people. These Meetups are the best way to meet new people, have good discussions and hear new insights. Keep an eye out for new Meetups in your area or host one yourself by contacting Joost at Discord.\n\nAsh and Joost have arrived in Manchester where they are attending Coinfest UK, an annual crypto festival with a lot of prospects and possibilities. The events displays several projects, exchanges and.. cool IoT machines. We are representing MyBit to the gathered crypto community here and of course we are looking for some partnerships too..\n\nThats it for this week!\n\nHave a great weekend,\nMyBit Team",
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      "body": "![Mybit Weekly Blog.png](https://steemitimages.com/DQmWA7iNjErxpvrHHWJtppt92ZKwcQpjjrU3LPwrNq9NiPh/Mybit%20Weekly%20Blog.png)\n\nIt is that day of the week again! It means that we are wrapping up the week and revise what we did.\n\nBig news! Cristiano Martins joins the MyBit team to get CELESTINE’s (our Alpha) front-end to a whole new level. Cris is a talented front-end developer and already demonstrated some excellent crypto-related work in the past. We are very happy to add him to the team and are confident that the potential of CELESTINE just got up an extra notch. Cris will join the team on Discord soon.\n\nThis week we’ve combined the marketing roadmap with the development’s one. This means that (internal) deadlines connect to our communication strategies and expectations are better managed. The rebranding is in the works and is progressing at a steady pace. Once the rebranding is launched in April we will give away some very cool merchandise to celebrate accordingly.\n\nCoinfest! As we’ve already told you in the previous blog, we are sponsoring Coinfest Manchester. Together with Ash I will attend the event and host the first MyBit Meetup on the 5th of April, 19:00h at the Font bar(just around the corner of the event). At the Meetup, we are looking forward to give you an exclusive sneak peek of our branding.\n\nYou are playing a very important role in the current foundation of the community and in the future succes of MyBit. Share the story (inspiration here) with your friends, classmates or collegues. Share it online and talk about it offline. I’m very confident that this little snowball can soon turn into an avalanche but we need your help too. Lets move forward together!\nOne more thing.. As you know we are testing CELESTINE (our closed ALPHA) and are working on all the usual things you’d expect for a new application. After this closed launch we’ll be inviting members from our registration list. This will start as version 0.2 and gets weekly updates based on community’s experience and the dev roadmap. This is why we are looking for a select group of motivated community members to support us with constructive feedback. Do you want to become one of the first to test the new platform? Please fill in this registration form. Once you applied, join our CELESTINE Alpha channel on Discord for any updates regarding this topic.\nHave a great weekend!\n\nJoost,\nCMO MyBit",
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      "permlink": "how-we-integrate-coinbase-kyc-to-our-platform",
      "title": "How we integrate Coinbase KYC to our platform.",
      "body": "![1*kD0c1tHV0-qx-y2taQ6hIw.png](https://steemitimages.com/DQmfJBKQDEB1JDjXkTJuYCCAiX3GHEw6t8nQK7ecqngzgKo/1*kD0c1tHV0-qx-y2taQ6hIw.png)\n\nWe thought we would play around with a bit of an idea for basic KYC integration in the crypto space by pinging account information from other exchanges. The first exchange we chose to explore was Coinbase, which is an exchange who does extensive KYC before users are allowed to most of its functionality.\n\nThe general idea is to grant our Coinbase app privileges to send 0.001 Ether to the users injected MetaMask browser address and view their basic Coinbase account details to ensure they are a verified user. This should not be used as the main KYC component in the platform, and is only a proof of concept that could potentially allow users certain features that are limited.\n\nSuch integration would ease the user registration process and allow it to be fractionally legally compliant (however, this is an assumption that needs clarification). The whole process is very similar to other applications that grant access to the user’s Facebook account information to complete registration. We feel it is unnecessary to make users re-enter their personal information if that can be accessible via other means.\n\nTemp Token\nWhen creating your Coinbase App, you will be required to give a url that the user will be redirected to once they have granted permissions to the application. Once you have created the Coinbase App, you will be given a Client ID and Client secret which is unique to your app, and is used for communicating with Coinbase.\nBelow is a non-secure way of dealing with this, and should only be used on your localhost when testing. You will notice as soon as the temporary has been sent back we grab the users base Ether account on the injected Metamask browser with Web3.\nif(document.URL != 'http://127.0.0.1:3000/'){\n    var tempCode = document.URL.split('?code=').pop();\n    $.ajax({\n      type: \"GET\",\n      url: \"http://127.0.0.1:3000/coinbase/initiateVerification\",\n      data: {\n        tempCode: tempCode,\n        metamask : web3.eth.coinbase\n      },\n      success: function(data) {\n          jsonViewer(data);\n        }\n    });\n  };\nAccess Token\n\nBefore we can access any of the user’s details, we first need to convert the temp token into an access token.\ninitiateVerification: function (req, res){\n    options.url = urls.getCodeForAccess;\n    metamaskAddr = res.req.query.metamask;\n    var dataStringForAuthToken ='grant_type=authorization_code&code=X&client_id=X&client_secret=X&redirect_uri=http://127.0.0.1:3000/'    \n    options.method = 'POST';\n    options.body = dataStringForAuthToken;      \n    request(options, function(error, response, body){\n          if (!error && response.statusCode == 200) {\n                res.send(body);\n                var resultJson = JSON.parse(body);\n             }\n        }\n      );\n    };\nID verification\n\nNow that we have an access token, let us query for a valid account. Coinbase does not directly allow access to check if an ID has been verified on their platform, due to obvious security reasons. However, there is a little hacky way around this by querying if the user has a bank account that allows withdrawals, as withdrawals require ID to be verified.\nfunction getValidBank(_accessToken){\n  options.url = urls.valid_bank;\n  header.Authorization = 'Bearer ' + _accessToken;\n  options.headers = header;\n  options.method = 'GET';\nrequest(options, function (error, response) {\n    var jsonResponse = JSON.parse(response.body)\n    var responseData = jsonResponse.data;\n    var responseDataLength = responseData.length;\n    var index;\nfor(index=0; index < responseDataLength; index++){\n      if(responseData[index].allow_withdraw){\n        getAccountID(_accessToken);\n       }\n     }\n   });\n};\n\nRequest partial details\nWe want to ping the user’s Coinbase account ID and their primary Ether wallet ID. Thus, in case there is a request from legal authorities to hand over this data in the future, we could do so and the authorities could use it to request Coinbase for more information.\nfunction getAccountID(_accessToken){\n  options.url = urls.user;\n  header.Authorization = 'Bearer ' + _accessToken;\n  options.headers = header;\n  options.method = 'GET';\n    request(options, function (error, response) {\n      var jsonResponse = JSON.parse(response.body);\n      var responseData = jsonResponse.data;\n      idAddrToken['accountID'] = responseData.id;\n      getEthWalletID(_accessToken);\n    });\n};\nfunction getEthWalletID(_accessToken){\n header.Authorization = 'Bearer ' + _accessToken;\n options.headers = header;\n options.method = 'GET';\n options.url = urls.accounts_for_Transaction;\n request(options, function(error,response){\n     var jsonResponse = JSON.parse(response.body)\n     var responseData = jsonResponse.data;\n     var responseDataLength = responseData.length;\n     var index;\n     for(index=0; index < responseDataLength; index++){\n       if(responseData[index].name == 'ETH Wallet'){\n         idAddrToken['ethWalletId'] = responseData[index].id;\n         postTransactionToMetamask(_accessToken, responseData[index].id);\n       }\n     };\n   });\n};\n\nPost Transaction To Metmask \nThis function sends 0.001 Eth from the users main Ether wallet ID to their Metamask address.\nfunction postTransactionToMetamask(_accessToken, _ethWalletId){\n    transactionHeader.Authorization = ‘Bearer ‘ + _accessToken;\n    options.headers = transactionHeader;\n    options.url = urls.accounts_for_Transaction + _ethWalletId + urls.transaction;\n    options.method = ‘POST’;\n    metaMaskSend.to = metamaskAddr;\n    options.body = JSON.stringify(metaMaskSend);\n    request(options, function(error, response){\n       var jsonResponse = JSON.parse(response.body)\n       var responseData = jsonResponse.data;\n       idAddrToken[‘metamaskAddr’] = metamaskAddr;\n       idAddrToken[‘verificationTxID’] = responseData.id;\n       getTransactionHashAfterPosted(_accessToken, _ethWalletId, responseData.id); //requires time delay of 12 seconds    \n    });\n }\n\nGet Transaction Hash \nTo further have a line of defense against legal entities, we also grab the transaction hash, which validates that the transaction did take place, and ifa legal entity wish to they can contact Coinbase with this transaction hash and account ID to validate that the transaction has executed. This function requires a delay of typically 12 seconds before executed after the Ether has been sent from the user’s Coinbase Eth wallet to Metamask.\nfunction getTransactionHashAfterPosted(_accessToken, _ethWalletId, _verificationTxID){\n options.url = urls.accounts_for_Transaction + _ethWalletId + urls.transaction + '/' + _verificationTxID;\n header.Authorization = 'Bearer ' + _accessToken;\n options.headers = header;\n options.method = 'GET';\nrequest(options, function (error, response) {\n   var jsonResponse = JSON.parse(response.body)\n   var responseData = jsonResponse.data;\n   idAddrToken['verificationTxHash'] = jsonResponse.network.hash;\n   getAllUserDetails(_accessToken);\n });\n};\n\nGet All User Details\nBy following this order of execution, we only ping the user’s personal information once they have passed all the previous queries. If they have passed, the information that they used for Coinbase validation will be used to create an account on the MyBit platform.\nfunction getAllUserDetails(_accessToken){\n options.url = urls.user;\n header.Authorization = ‘Bearer ‘ + _accessToken;\n options.headers = header;\n options.method = ‘GET’;\n \n request(options, function (error, response) {\n    var jsonResponse = JSON.parse(response.body);\n    var responseData = jsonResponse.data;\n    idAddrToken[‘name’] = responseData.name;\n    idAddrToken[‘profileLocation’] = responseData.profile_location;\n    idAddrToken[‘email’] = responseData.email;\n    idAddrToken[‘timeZone’] = responseData.time_zone;\n    idAddrToken[‘nativeCurrency’] = responseData.native_currency;\n    idAddrToken[‘countryCode’] = responseData.country.code;\n    idAddrToken[‘countryName’] = responseData.country.name;\n    revokeAccess(_accessToken);\n  });\n };\n\nRevoke Access Token\nOnce all of the previous functions have successfully executed and we have obtained the necessary information for a basic KYC validation, we revoke the Coinbase Apps access token. Meaning that we cannot ping the user’s account anymore.\nfunction revokeAccess(_accessToken){\n options.url = urls.revoke_access;\n header.Authorization = 'Bearer ' + _accessToken;\n options.headers = header;\n options.method = 'POST';\n options.data = 'token='+ _accessToken;\nrequest(options, function (error, response, body) {\n   console.log('Revoked access');\n });\n};\nPros:\n-Fast to implement\n-No cost\n-Well known exchange\nCons:\n-Not real KYC\n-Provably has no real legal stand point\n\nThe whole purpose of this POC is to create a basic KYC model for Blockchain companies, but should not be used for the primary KYC model. Overall, this was an enjoyable exploration that could potentially aid companies and even ourselves to some extent.\n\nResources Used:\ncoinbase App\nweb3\najax\nmongodb\nExample Git Repo — Contains fully functional localhost web pack when using developer access tokens. If you wish to integrate this fully you need to apply to Coinbase for higher App limits, as 0.001 Eth is above the maximum allowed to send before granted higher limits. It is a bit backwards since you are allowed to send $1 of value, but $1 of Eth is below the minimum amount of Eth that coinbase allows to send.\nConnor Howe, Blockchain Engineer @ Mybit\n\nFollow us on our socials too! \nhttps://twitter.com/MyBit_DApp?lang=en\nhttps://www.facebook.com/MyBitDApp/\nhttps://t.me/mybitio\nhttps://medium.com/mybit-dapp",
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}