A good place to start is: what is Polkastarter? (We’ll give you the brief version). Polkastarter is a platform that connects young projects with early community members through initial decentralized offerings or IDOs. During an IDO, a project will distribute tokens to community members (IDO participants) for funding. Thus, projects raise capital and grow the community, and participants get in (very) early to high-upside potential tokens. A happy marriage!

Each ticket equals 1000 POLS. For every 1000 more POLS you own, you’ll receive 1 more ticket. So, if you have 750 POLS in your wallet, you’ll have 3 tickets to your “name” for when you submit for an allowlist. Allowlists choose addresses at random, so if your address has more than 1 ticket in the submission, your chances of being chosen are higher. It’s important to note that you are not spending your POLS when you apply for an allowlist; your POLS holding translates to the number of tickets submitted to the Allowlist in your name.

Time to dive deeper into the practical reality of what goes into conducting KYC for IDOs on Polkastarter and give you a brief on how some of our projects approach KYC.