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
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.
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.
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
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.
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/
- 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)
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.
The ICO Pass team has lots of experience in identity solutions such as the National ID architecture of Latvia & E-signature solutions.
If you wish to learn more about each team member or their advisors, you can find them on their website: https://www.icopass.id
A video explaining their vision and why the industry needs their product has been prepared by the ICO Pass team
On their youtube channel, they regularly post updates to the community regarding the project.
If you find this project interesting and wish to learn more about it or their token sale, you can visit their website: https://www.icopass.id/ or read their whitepaper here: https://drive.google.com/file/d/1hs-RWInvpc_p7UpjIvUU1xNuqIvUi4Rn/view
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