KYC inspection is increasingly important, there are many ICO providers who choose the least resistant path (and do not collect any KYC information at all). So one of ICO Pass's ultimate goals is to enable KYC verification as easy as possible for ICO providers.
ICO Pass tries to make KYC verification through a simple and easy task. They develop a set of tools for collecting, verifying, and exchanging information. There is a strong demand increase for this type of service. The main customer of the ICO Pass is someone who will invest in token sales. Person's identity information such as name, phone number, address, photo id, and email were first collected. Then this information is checked with some providers. Once it's signed with a key and encrypted.
The ICO exploded in popularity, passing the classical Venture Capital fund. However, without proper KYC (Know Your Customer) inspection, ICO had difficulty in swapping cryptocurrency for fiat currencies - EUR, USD, and others. Because ICO is getting organized, it makes sense to start thinking about KYC.
The main concern of ICO organizers today is to attract investors and not AML's compliance. This creates a major problem for organizers because about 50% of ICO funds can not be exchanged for fiat currencies - banks reject them.
ICO PASS structure
features
Documents are divided into sections. The first section explains how the major ICO Pass components mobile clients, verification web services, KYC providers and smart contracts used to store and retrieve information about ethereum addresses. The second part describes the mechanics of token sales.
Finally, at the end of the document, there are many attachments. This includes a more detailed explanation, as well as the complete source code of the Ethereum smart contract at the time of publishing this document.
Smart Contract
There are two types of ethereum programs within the ICO Pass scope:
infrastructure contracts to verify key holders, issue signed attributes, search attributes, etc.
contract verifier - contract and intelligent library to consume ICO Pass information.
Mobile client
The mobile serves as a tool to collect information about customers.
• Allows the user to take a picture or video recording.
• Allows you to take pictures of documents and give feedback on quality.
• Give the telephone authorization number to confirm.
In addition, the contributor also offers an easy way to give his opinion.
• When KYC checks are performed,
• When more information is needed,
• Performs a reliability assessment of the ICO indicating that the ICO is not registered.
prove ownership of ethereum address to verifier.
a registry claim, where the subject address can be matched to the data (signed by a given verifier).
Initially ICO organizers who will adopt ICO Pass, must trust ICO Pass verification key signature - because there will be no other gauges. However, in theory, new gauges can appear and send information about the ethereum address. In addition, ICO Pass also provides some non-blockchain services:
mobile apps to collect information (including photo contributors). Webservice to interact with mobile applications, and sign KYC information collected with the ICO Mobile Pass application.
The mobile application will open-source after the ICO Pass crowd.However, it asks the private key of the end user.Webservice, which verifies KYC and sends signed information to blockchain, will not be made open source at first.
For people interested in contributing to the initial coin offerings, ICO Pass offers mobile apps. It can be used to take photos, verify phone numbers, and load documents. ICO Pass is designed to work with token offerings that use the ethereum blockade. After providing identification information, a series of small ethereil transactions are established to prove ownership of the address. This is very similar to the way traditional banks conduct small transactions to verify accounts to allow ACH transfers. Funds for these small transactions will be refunded including network cost charges.
ICO Pass searches for the authenticity of the person's identity documents, imitates face, checks sanction lists, country and residence. Once the identity information is verified, the block chain (blockchain) is written and the identity-bearing data can be shared with as many services as desired. ICO Pass tries to make KYC verification an easy task. It is developing services to collect, verify and exchange information. For this reason, the first identity information such as the name, phone number, photo ID and e-mail of the person is collected, and then this information is checked by more than one provider. It is then encrypted with a key.
What is our ICOP token?
We did not issue tokens as service API keys (utility tokens), nor did we create a new "proof of something" concept to keep our own blockchain. We are building our system on top of Ethereal virtual machine. All transaction fees and payments will be in ETH.
We decided to keep our ICO offerings small and easy, so our ICOP is equivalent to shares for ICO Pass services, or to a total equity token of 60,000,000. Our idea is to distribute the revenue generated by ICO Pass to all ICOP owners via Smart Contract (SC). The ICOP holder will be able to perform intelligent contract queries for ETH per ICOP currently allocated online.
There will be an initial 20,000,000 ICOP sold. We will use the Ethereum smart contract to arrange token sales and the distribution of future funds will be organized through smart contracts as well, as this is the easiest method to do in our brave new digital world. . We are very pleased with the possibility that the Ethereum virtual machine provides and has made the decision to support the community by donating 10% of our net revenue (received through smart contracts) to the ETH Foundation. On average, about 21% of total revenue will be deposited quarterly holders and ICOP will be able to claim their funds accordingly. See an example of the following income distribution from in-app purchases from the Onfido verification service.
QUICKLY - Within a few minutes ICO Pass will collect person's identity documents, face match, check residence.
SAFE - All data is password protected, access is not possible without someone's request.
Sales are auction type sales, whose token prices are time-dependent (token is getting cheaper the longer the sale goes), and the duration of sales depends on the allocation (the more tokens are purchased, the higher the sales deadline). Overall, the ICO Organizer will sell the 20C ERC20 token, called ICOP. Once the organizers issue a new KYC Pass for Bank (KYCP) card, ICOP holders will be able to get 5 KYCP marks for each ICOP sign they hold at no additional cost. The KYCP token holder, on the other hand, will not be able to get tokens for ICOP.
Discount
There will be an initial participation bonus period. Sales will begin with an initial 15% ETH bonus for the first hour. For example, a person spends 100 ETH in the first hour (and this event is included in blockchain), while others spend 115 days later. Both will receive the same ICOP number. For each period in which 2 blocks are confirmed without a new contributor, the initial participation bonus will fall by 1 percentage point. After this 14 events, or after 24 hours (whichever comes first), the initial contribution bonus will be over.
The sales period The crowdsale time should range from a little over a month (without contribution) to 2 weeks (reaching the desired contribution size).
Token allocation tokens will be issued to investors immediately after the end of the sale.
The allocation holder of the Token allocation will be able to claim the quarterly revenue share. Revenue will be available to claim 15 days after the end of the quarter.
Exchange where the token is registered Initially the token exchange will be possible directly between users using Decentralized Exchanges such as Radar Relay.
Roadmap
February 2017 - Launch of ICO. Product launch.Mar 2018 - New database added for higher accuracy.April 2018 - Video identification with live agent added.May 2018 - ICO organizer communication tool added to contact ICO contributor.June 2018 - Integration with US State Revenue Service or Banks automatically determine whether the first US-based ICO accredited investor.November 2018 - Integration is completed with EU Banks providing their APIs under PSD2 rules. Automatically determine whether the person is accredited by investors.December 2018 - Interest payment function in app.
To Get More Information And Join The Current PASS ICO Project Please Visit Some of The Next Links / Sites:
WEBSITE: http://bit.ly/2rOFrhj
WHITEPAPER: http://bit.ly/2nkGfoE
TWITTER: http://bit.ly/2DHowys
FACEBOOK: http://bit.ly/2DWfAJe
ANN THREAD: http://bit.ly/2Fy3djF
Author : doy17
Profile : https://bitcointalk.org/index.php?action=profile;u=1701501
Eth : 0xB17500134c9cECBE14353a5ecb2d860fc840DF24
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