The aim of the ICO Pass
project is to create a superior identity verification service using
blockchain technology. This will be done by storing encrypted
verification data on the Ethereum blockchain, that then later can be
accessed if the person verified, allows someone to unlock it. By being
verified on the blockchain, individuals don’t have to go through KYC
(know your customer) verification every time they participate in a new
ERC20 ICO, or perhaps later also when they sign up for new exchanges. A
bunch of companies are now raising funds through ICOs and a
recurring problem for them is converting cryptocurrencies into fiat
money. To avoid involvement in criminal activities etc, banks require
companies to identify all the people who sent them cryptocurrency during
their ICO, which can be expensive for the companies, as they have to
hire a third party KYC-processing service. This is where ICO Pass comes
in, a cheaper, more secure and easier soluting for both customer and
company. Because of blockchain technology every part can be sure that
data is not manipulated or changed or time, as it is stored on the
public ledger. To prove how confident ICO Pass is in their KYC
technology, they actually use it for their very own ICO. An overview of
how it works appears in their whitepaper
Features
The biggest problem concerning KYCs for companies, is the amount of
money they have to pay for the service. ICO Pass is changing all of
this, they offer a very competitive price of only 7 Euros per check,
compared to other KYC solutions that can cost upwards of 230 Euros per
check. Traditionally, every single time a new project needs to do KYC,
every single applicant is checked manually, which is not only time
consuming, but also very expensive. After the initial ICO Pass KYC check
of an individual is established on the blockchain, a manual process
isn’t required anymore, so companies can enjoy a fast and automated KYC
service. The ICO Pass KYC technology covers a plethora of personal
information, ensuring companies know who their customer is, these
include:
- Full Name
- Date Of Birth
- Mobile Phone Number
- Nationality
- Country Of Residence
- Address Of Residence
- Photo Of ID Document
- Photo Of Individual
Users of ICO Pass can use this information which will be encrypted on
the Ethereum blockchain, to verify themselves when participating in
other Ethereum based ICOs. Their mobile client enables users to fill out
this information, take a photo of themselves, the required documents,
verify their mobile phone number and give updates regarding a particular
KYC check.
Source: https://www.icopass.id/
Industry
Initial Coin Offerings has been an evergrowing form of crowdfunding
ever since they came about back in 2013. The growth rate of ICOs and the
amount they raise did, however, explode at an alarming rate throughout
2017 where about 5.6 billion dollars were raised through ICOs. Today
there are hundreds of ICOs popping up all the time, as new startups seek
to utilize this new crowdfunding opportunity, often to create a product
based on blockchain technology. This is great news for a project like
ICO Pass, as KYC checks are mandatory for ICOs in most countries, and
will likely be worldwide once more clear regulation surrounding
cryptocurrencies come about. Companies will then use the most efficient,
safest and cheapest service do these KYC checks, which is excactly what
ICO Pass aims to be.
Token sale
To fund their project, ICO Pass is raising funds through an initial
coin offering (ICO), selling their ERC20 token ICOP. This token will
allow holders of this token to receive a percentage of the revenue
generated by the ICO Pass KYC checking product. Revenue is paid
quarterly in Ethereum to the addresses holding the token. The amount of
Ethereum received depends on how many tokens you have and how much
revenue their product generates. For more info on this check out their
FAQ here: https://www.icopass.id/#faq_2/faq
When
Sale started the 28th of February
Sale ends the 9th of March (Approx, depends on amount of contributions)
Price
The price of ICOP tokens is to be determined by the market. This
means a so-called Dutch Auction will be performed, where the price of
ICOP tokens gets cheaper as time passes. This means you could
potentially get the tokens cheaper by waiting, but you risk the Hard Cap
being reached so no more tokens can be purchased. This format is used
to encourage the people to decide what the price of ICOP should be.
It is highly recommended that you read about this process in their whitepaper here: https://drive.google.com/file/d/1hs-RWInvpc_p7UpjIvUU1xNuqIvUi4Rn/view and on their website: https://www.icopass.id/
Supply
- The total supply is 60.000.000 ICOP tokens
- A maximum 20.000.000 ICOP will be available for purchase during the token sale
- Soft cap is 500.000 Euro (in ETH)
- Hard cap is 5.000.000 Euro (in ETH)
Roadmap
The company behind ICO Pass was established back in May of 2016 where
they started working on identity solutions. Today they have a clear
goal of what they need to accomplish in regards to their ICO Pass
project.
Source: https://www.icopass.id/
Team
The ICO Pass team has lots of experience in identity solutions such
as the National ID architecture of Latvia & E-signature solutions.
Source: https://www.icopass.id/
If you wish to learn more about each team member or their advisors, you can find them on their website: https://www.icopass.id
Details Information :
Website: https://icopass.id
Medium: https://medium.com/icopass
Notakey: https://www.notakey.com/
Github: https://github.com/icopass
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