Hi friends, let me let me on an incredible news.. It’s ICO PASS!
ICO Pass is a suite of tools for gathering, verification and exchange of know-your-customer (KYC) information. The >target audience are tokensale organizers on the Ethereum blockchain. 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.
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
- 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.
Importance of KYC:
It becomes important to get necessary information and identify users. The idea is to avoid getting into illicit activities and criminal activities unknowingly. That is almost the single big enough reason for governments to not let their guard down against cryptocurrencies. Knowing your customers must be more like mandatory than optional. When you fail to do it, it raises rad flag instantly. Many companies and services offer to do KYC checks. They offer it as a service and it’s costly. It can cost up to $200 or more per person. The costs make it non-feasible for companies to pay for the services.
Seed Round ICO:
The new digital era demands faster and cheaper verification options. Considering the increase in number of users and the inflow, it becomes necessary. ICO pass is a company that does the verification services economically and more efficiently. Once you are verified, you can use your identity in multiple ICOs. To demonstrate their confidence in their technology, they are doing a seed round ICO in range of $500,000. In the ICO, their own products will be used to gather KYC information of contributors. It helps their stage to prove how easier it will be to deal with banks with your crypto identity.
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.
Sale started the 28th of February
Sale ends the 9th of March (Approx, depends on amount of contributions)
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.
- 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)
Be a part of this incredible project. Download the whitepaper for the full scoop. Do not hesitate to invest.
Till next time…
For more information, please visit:
My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1326035
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.