The ICO Pass project
We are accustomed to technology and innovation, to the fact that dozens of ICO appear and go on a daily basis in the world, blocking is used in new areas and areas, and for goods and services it is possible to pay with crypto currency. All this is certainly good, this is an excellent background for technological growth, intellectual development, even more - mental improvement. But all good has a dark side, with the improvement of technology, methods of fraud are being improved. In order to somehow secure themselves, the projects that go to the ICO should be carefully checked by the members of the crowdsdale (at present very many people neglect this rule).
Most often, the KYC mechanism is used to identify the person (we will discuss it in more detail later), but it can be substantially improved, improved and simplified than with the own speaking and the Latvian ICO Pass project was started. That's how smoothly and unobtrusively we approached his presentation.
What and who might be interested in the ICO Pass project?
The main target audience of the ICO Pass are the organizers of the crowdsails using the Ethereum blockbuster, start-ups and projects that attract investments through any form of crowd-framing. That is a fairly large community.
The main target audience of the ICO Pass are the organizers of the crowdsails using the Ethereum blockbuster, start-ups and projects that attract investments through any form of crowd-framing. That is a fairly large community.
ICO Pass will provide its clients with tools for collecting, checking and identifying individuals, that is, for carrying out KYC. Each participant-investor of krauseyl will require such information:
full name;
Date of Birth;
E-mail address;
number of personal mobile phone;
country and address of residence;
citizenship;
a photo;
photo documents of identity.
The information about the person will be checked by the provider within several minutes, then it is encrypted with a special key - the principles of confidentiality above all. At the disposal of the ICO organizers there will be special "smart" contracts allowing them to check the addresses of the members of the crowdsdale received during their verification by KYC, while they will make payments through web applications. In this case, no personal or secret information about the person will not be distributed.
Date of Birth;
E-mail address;
number of personal mobile phone;
country and address of residence;
citizenship;
a photo;
photo documents of identity.
The information about the person will be checked by the provider within several minutes, then it is encrypted with a special key - the principles of confidentiality above all. At the disposal of the ICO organizers there will be special "smart" contracts allowing them to check the addresses of the members of the crowdsdale received during their verification by KYC, while they will make payments through web applications. In this case, no personal or secret information about the person will not be distributed.
For clients participating in the ICO Pass project, it is planned to develop a mobile application that facilitates the collection of information for KYC.
Advantages of identification using ICO Pass:
Fast. ICO Pass checks the authenticity of documents within a few minutes, compares them with biometric data (a photograph of a person), monitors sanctions and restrictions that may have been imposed on a particular person. The country of origin and actual residence is also checked.
Fast. ICO Pass checks the authenticity of documents within a few minutes, compares them with biometric data (a photograph of a person), monitors sanctions and restrictions that may have been imposed on a particular person. The country of origin and actual residence is also checked.
Security. All personal and confidential data is securely protected and encrypted with secret keys, without the permission of a person to access his personal information is impossible.
Efficiency. The verification algorithm proposed by ICO Pass is accurate and automatic, it allows to reduce the identification costs of individuals that existed before. In addition, after identification, a person can use its results in several projects, for example, to participate in various ICOs.
What is KYC?
The whole essence of the ICO Pass project is to provide tools and information to verify KYC. But what is this? KYC is an abbreviation for the phrase "Know Your Client", which in Russian translation is a stable expression: "Know your customer". Although it is more correct to designate KYC as a set of rules that help to correctly select and identify users and investors. Its essence lies in the fact that a potential client of a financial or banking organization (in our case, an ICO participant) is obliged to provide a package of documents confirming his identity.
The whole essence of the ICO Pass project is to provide tools and information to verify KYC. But what is this? KYC is an abbreviation for the phrase "Know Your Client", which in Russian translation is a stable expression: "Know your customer". Although it is more correct to designate KYC as a set of rules that help to correctly select and identify users and investors. Its essence lies in the fact that a potential client of a financial or banking organization (in our case, an ICO participant) is obliged to provide a package of documents confirming his identity.
True and regulated information KYC on hand not only the structure that verifies their customers, but also by him. After having an idea of their users, projects, organizations or start-ups will better understand their capabilities and needs, and therefore better to meet them.
Earlier, KYC standards were applied mainly in the financial sphere: banking, insurance, audit, accounting. But taking into account the reform of the financial industry, for the conduct of crypto-currency settlements and the organization of ICO, qualitative identification of customers is no less important.
How does the KYC system work:
it confirms the identity of a particular client;
it enables the service responsible for project safety to assess the riskiness of this client and his possible involvement in illegal activities;
it allows for the purposes of anti-risk activities to set limits or filters that regulate the number and type of transactions for a particular user;
it provides an opportunity to track suspicious or unusual operations, and, if necessary, initiate their investigation.
Neglect of the requirements of KYC can not only lead to losses due to the implementation of fraudulent schemes, but also to sanctions from the controlling bodies. All this is not very good for the reputation of projects and start-ups.
it confirms the identity of a particular client;
it enables the service responsible for project safety to assess the riskiness of this client and his possible involvement in illegal activities;
it allows for the purposes of anti-risk activities to set limits or filters that regulate the number and type of transactions for a particular user;
it provides an opportunity to track suspicious or unusual operations, and, if necessary, initiate their investigation.
Neglect of the requirements of KYC can not only lead to losses due to the implementation of fraudulent schemes, but also to sanctions from the controlling bodies. All this is not very good for the reputation of projects and start-ups.
7 Reasons to believe in the idea of ICO Pass
Apparently, the developers of the ICO Pass project believe in the magic of numbers, because much of their startup revolves around the number seven. For example, it was announced that the ICO Pass test will take about 7 minutes and cost only 7 euros, while at the moment the full identification of KYC costs about 230 euros. In addition, there are seven reasons on the official website, qualitatively different from the ICO Pass approach from the traditional one, which exists at the moment.
Apparently, the developers of the ICO Pass project believe in the magic of numbers, because much of their startup revolves around the number seven. For example, it was announced that the ICO Pass test will take about 7 minutes and cost only 7 euros, while at the moment the full identification of KYC costs about 230 euros. In addition, there are seven reasons on the official website, qualitatively different from the ICO Pass approach from the traditional one, which exists at the moment.
ICO Pass automates the process of identification, makes it error-free and spends for 7 minutes. What we have now: the KYC test is carried out manually, it takes a lot of time and does not guarantee 100% reliability - the human factor and possible errors have not been canceled.
To verify the information provided by clients, ICO Pass will use different databases, the relevance of which is constantly monitored.
ICO Pass guarantees transparency regarding which databases were used for verification and how accurate they are. This is fundamentally different from the existing approach, when it is difficult to understand why the KYC manual verification data is exactly that, and from which sources they were taken.
Information after verification is encrypted and reliably "sealed" in the locker, which ensures its safety, as well as the fact that no one can influence or modify it. Whether it is possible to rely on the fact that the existing approach to KYC also leaves the data unchanged is incomprehensible.
Access to encrypted information is received only by the person it is concerned with and by the party to which he, on his own initiative, wants to provide this access.
The ICO Pass approach based on blocking technology allows to save significantly on the safety and security of personal information. At the moment, we have to invest tremendous resources in ensuring the security systems of banks or other financial structures.
Savings on the price of the service (7 euros against 230).
Project team
As we already mentioned, the ICO Pass project team is based in Latvia, the start-up is considered one of the most promising in its country. The team is professional and working, earlier it worked on creating a specialized digital identifier for banks such as UBS and Credit Suisse. In addition, she worked on the creation of a single identity structure for Latvia with a digital signature function. It is not superfluous to get to know the team closer.
As we already mentioned, the ICO Pass project team is based in Latvia, the start-up is considered one of the most promising in its country. The team is professional and working, earlier it worked on creating a specialized digital identifier for banks such as UBS and Credit Suisse. In addition, she worked on the creation of a single identity structure for Latvia with a digital signature function. It is not superfluous to get to know the team closer.
Янис Кирстейнс - the founder and the general director.
Gints Kirsteins is the COO.
Janis Graubins is a co-founder.
Ingemars Asmanis - Development Director.
Magnus Karklins and Ainars Kumpiny - developers of the project.
More information about each member of the team is available on the official website.
Roadmap of the project
On the official website of the project you can find a plan for the development of the project for the next year, further the creators of ICO Pass apparently do not think. And that's what they see as 2018:
On the official website of the project you can find a plan for the development of the project for the next year, further the creators of ICO Pass apparently do not think. And that's what they see as 2018:
February 2018 - company registration;
end of February 2018 - the beginning of a public sale of tokens, which will be possible only for those who have been identified by KYC;
end of March 2018 - product update, implying the introduction of new verification databases for greater accuracy. At the same time, it is expected that the first projects will appear that want to test the mechanisms of KYC from ICO Pass;
end of April - product update: adding video identification;
end of May - adding tools for communication between the organizers and participants of the ICO;
end of June - integration with state tax and banking services to check investors in automatic mode;
end of 2018 - adding the interest payment function in the ICO Pass application.
Details of krausejla and bounty-campaigns
On the official website of the project there is a reverse report of when the registration for those wishing to join krauseylu will open, it will happen on February 20, 2018. The exact price of the token (ticker ICOP, type - ERC20) is not yet announced, most likely it will be floating, non-fixed. In addition to the ICOP tokens, it is planned to release another kind of coins - KYCP, intended for tax or banking structures.
end of February 2018 - the beginning of a public sale of tokens, which will be possible only for those who have been identified by KYC;
end of March 2018 - product update, implying the introduction of new verification databases for greater accuracy. At the same time, it is expected that the first projects will appear that want to test the mechanisms of KYC from ICO Pass;
end of April - product update: adding video identification;
end of May - adding tools for communication between the organizers and participants of the ICO;
end of June - integration with state tax and banking services to check investors in automatic mode;
end of 2018 - adding the interest payment function in the ICO Pass application.
Details of krausejla and bounty-campaigns
On the official website of the project there is a reverse report of when the registration for those wishing to join krauseylu will open, it will happen on February 20, 2018. The exact price of the token (ticker ICOP, type - ERC20) is not yet announced, most likely it will be floating, non-fixed. In addition to the ICOP tokens, it is planned to release another kind of coins - KYCP, intended for tax or banking structures.
Token Sale assumes bonuses for early participation, the maximum bonus size is 15%. During the Crowdsdal ICO Pass plans to sell 20,000,000 tokens, which guarantees the project an annual profit of 7%. Provided that the sale price of the token is 0.1 euro, in five years it will give a profit increase of + 750% - such figures were announced by the project team.
There is information on how the attracted funds will be distributed:
42% - development of ICO Pass algorithms and service mechanisms;
14% - R & D (scientific and engineering developments);
14% - business development;
14% - risky and operational activities;
6% - conferences;
6% - legal support;
4% - costs for PR.
We are sure that many will be interested in the details of the bounty campaign of the ICO Pass project. It will operate until the end of the public sale of the tokens. Settlements with entrants to it are planned to be made within 30 days after the end of Token Sale. When collecting less than 500 thousand euros, a bounty campaign is considered invalid, and all funds are returned to investors. If the organizers of ICO for any other reason prematurely suspend Token Sale, the amount allocated to the bounty is adjusted taking into account the amount of collected funds.
14% - R & D (scientific and engineering developments);
14% - business development;
14% - risky and operational activities;
6% - conferences;
6% - legal support;
4% - costs for PR.
We are sure that many will be interested in the details of the bounty campaign of the ICO Pass project. It will operate until the end of the public sale of the tokens. Settlements with entrants to it are planned to be made within 30 days after the end of Token Sale. When collecting less than 500 thousand euros, a bounty campaign is considered invalid, and all funds are returned to investors. If the organizers of ICO for any other reason prematurely suspend Token Sale, the amount allocated to the bounty is adjusted taking into account the amount of collected funds.
How will the funds allocated for the needs of the bounty campaign be distributed:
content creation - 40%;
translation and content moderation - 15%;
Subscriptions - 30%;
on Twitter, Telegram and Facebook - 5% per each social network.
Details and options for participation in the bounty campaign, as well as forms for filling in, are on a separate BitcoinTalk branch - https://bitcointalk.org/index.php?topic=2854293.0 .
translation and content moderation - 15%;
Subscriptions - 30%;
on Twitter, Telegram and Facebook - 5% per each social network.
Details and options for participation in the bounty campaign, as well as forms for filling in, are on a separate BitcoinTalk branch - https://bitcointalk.org/index.php?topic=2854293.0 .
Conclusion: Given the opportunities, impartiality and transparency of the block and its smart contracts, it can be assumed that identification with the use of the functionality of these technologies will become really more convenient, and more importantly - more honestly. ICO, as a way to raise capital, is now on the wave, but without proper verification by KYC, many crowd-hosting campaigns can face serious problems. And if at least part of the projects going to the crowdsdale will use the ICO Pass algorithms to identify the participants of their ICO, the project in question is waiting for success and relevance.
More information about the project:
Author by: Naomikatarina
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