powered by Coinlib

Sunday, March 11, 2018

ICOPASS - Easier In Conducting KYC Examination



Hello everyone here I will give a little review about Icopass that can be taken into consideration in observing the latest project and also currently running, has a unique and good concept because by contributing to good nature and create a better life again, and the following discussion :

You can participate in ICO pass, benefit from your initial investment.
For those of you interested in contributing to the initial coin offerings, ICO Pass offers mobile apps. This 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 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.

You who hold the token sale can benefit from the use of ICO Pass as well. No need to register Token Organizer can use website applications to manage all KYC data. ICO Pass also gives them the smartest contracts required to verify a person. ICO Pass uses two types of smart contracts. They are infrastructure contracts that handle attributes and verification of key holders, as well as verifier contracts used to consume information. With the use of ICO Pass, hopefully everyone involved will have an easier time doing KYC checks.

Smart contract

There are two types of ethereum programs within the ICO Pass scope:
  1. contract infrastructure to verify key holders, publishing signed attributes, lookup attributes, etc.
  2. Verifier contracts - smart contracts and libraries for consuming ICO Pass information.
Working back from this assumption, we have decided on several design goals:
payment from free - The eligible address must be refused at the smart contract rate. This will reduce the amount of work required later to return an unqualified contributor.

enable contributor verification should be simple - ideally with nothing more than just the solidity of the modifier function. This should reduce the audit constraints.In addition - the proxy contract can be used to forward only verified funds. However, since the audited crowdsale will have to audit the entire setup, then the proxy contract does not offer any significant advantages over the solidity of the modifier function.

To meet the constraints, KYC data needs to be queryable from Ethereum. In blockchain, ICO Pass consists of a contract suite, which facilitates:

proven ethereum address ownership verifier.
registry claims, where the subject address can be matched to the data (signed by a particular verifier).Initially ICO organizers who will adopt ICO Pass, must believe ICO pass key signature verification - because there will be no other gauges. However, in theory, the new gauge couldappear and send information about the ethereum address.

In addition, ICO Pass provides several non-blockchain services as well:
  1. mobile apps to collect information (including photo contributors) .a webservice to interact with mobile apps, and signing of KYC information gathered with ICO Pass mobile app.
  2. Mobile app will be open-source after ICO Pass crowdsale. It will not ask for the private key of the end user. Webservice, which verifies KYC and sends signed information to blockchain, will not be open source initially.
ICO Organizer validation


The same mechanisms used to link KYC information with the contributor's address can be used to link validation information with the organizer's address (crowdsale). Mobile clients recognize the specific claims signed by certain ICO Pass keys, and will display this information to the end user.

Payment transaction processing during Crowdsale (aka link address)
As payment transactions for ICO crowdsale contracts are made from different addresses of persons who have the attributes of ICO contributors published, the infrastructure and verifier contracts include a convenience method for creating, maintaining, and finding address links. Prior to participation in crowdsale, contributors are required to link the wallet address of payments to his or her identity speech, issued during the process of onboarding the ICO pass application. Linking is done by making a payment from a potential purse payee from an ICO contributor to the subject's identity address.

The amount transferred is not important because the funds will be returned to the sender, except gas. This transaction is required to prove that the same person who has control over the key identity of the app also has control over the address wallet, and this is done with the signing of a generic payment transaction. After the payment has been refunded ICO pass the application finds the incoming transaction and offers the contributor to connect the two addresses. Both addresses are stored on a blockchain with reference to the corresponding transaction proof.

During crowdsale the contributor is referenced by the payment wallet address and the ICO crowdsale contract helper function automatically handles finding the subject identity, which has the attributes of the ICO contributors issued. In case the contributor of payment of an address is not registered, the transaction will be refunded.

What about non-Ethereum funds?
Formally, ICO Pass only supports Ethereum addresses. However, cryptocurrencies that use the same elliptical curve for the user key must be verified as well. ICO Pass currently does not support smart contracts for verification of contributors to the Ethereum-free platform. It has not been tested with partners.

The reason why ICO Pass beat the competition

Typical solution
  1. KYC checks manual process - long and open for human error.
  2. Inaccurate because it depends on some databases for verification.
  3. Like a black box - it is not possible in an easy way to determine why the result is like this.
  4. It is impossible to guarantee that the KYC process information has not been changed; the inability to rely on the process used.
  5. It will be necessary to include additional steps to comply with General Data Privacy Rules (GDPR) beginning in May 2018.
  6. Must place millions keeping information secure. Also not suitable for use case blockchain, which it is necessary to verify the address that can access the data.
ICO PASS
  1. The process is automatic and takes 7 minutes. There is no place for error.
  2. Can add and delete multiple databases for identity verification.
  3. Transparent about what database is Checked and how accurate it is - how many residents in a particular country covers.
  4. Blockchain technology guarantees that once verified, it will remain the same. The other party can depend on this and no need to start the process again.
  5. Information is encrypted and can only be identified people can gain access to it
  6. Blockchain technology provides higher security at lower cost. ICO Pass also verifies the Ethereum address that wants to access KYC data.
What is our ICOP token?
We do not issue tokens as key API services (token utilities), nor do we create new "evidence of something" concepts to keep our own blockchain. We are building our system on top of the Ethereum virtual machine. All transaction and payment fees will be at ETH.We decided to keep our ICO offer small and simple, so our ICOP is an equal part for ICO Pass service, or an existing 60,000,000 token equity overall. Our idea is to distribute the revenue generated by ICO Pass to ICOP all owners through Smart Contract (SC). ICOP holder will be able to query the current smart contract eTH allocated per ICOP online. There will be an initial 20,000,000 ICOPs on sales.

We will use the Ethereum smart contract to arrange the sale of the signs and future distribution of funds will be held through smart contracts as well, as this is the most convenient method in our brave new digital world. We are excited by the possibility that Ethereum virtual machines provide and have 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 kept quarterly and ICOP holders can claim their funds accordingly. See an example of income distribution from In-app purchasing Onfido's verification service below.

Roadmap

  • February 2017 - ICO launch. Product launch.
  • Mar 2018 - New database added for high accuracy.
  • April 2018 - Video identification with live agent added.
  • May 2018 - ICO organizer communication tool added to contact ICO contributor.
  • June 2018 - Integration with our country Revenue Service or bank automatically determines if an investor is accredited. First US based ICO.
  • November 2018 - Integration is completed with banks that in the EU provide their fire under PSD2 regulations. Automatically determine the person Whether an investor is accredited.
  • December 2018 - Interest payment function in app.
Use of funds raised


Once the company has completed its feature roadmap and has used funds from the Token for sale, it will rely purely on funds generated with the ICO Pass token opened. ICO Pass Token will be allocated as follows in the figure


  • 50% of tokens will be used to cover operations, supportand further product development. This token will not be sold.
  • 10% will be donated to the Ethereum Foundation for further support to the development of blockchain technology.
  • 20% will be allocated for marketing. These tokens will not be sold, but they may be provided to others to promote the service.
  • 20% will be allocated to the team. This token will have a 1 year period in which they can not be sold.
Token sales information
Sales are auction type sales, the token price is time-dependent (the token gets cheaper that goes on sale), and sales of the allocation duration is dependent (other signs are purchased, the initial sales deadline).

In total, ICO organizers will sell 20m signs of ERC20, called ICOP. After the organizer of the new problem pass the KYC token for the Bank (KYCP), ICOP holder will be able to get 5 KYCP tokens of each ICOP token they hold at no additional cost. KYCP token holder, on the other hand, will not be able to obtain tokens during ICOP.

Discount
There will be initial period bonus participation. Sales will start with an initial ETH 15% 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 ETH a day later. Both will receive the same number of ICOP signs. For each period in which 2 blocks are confirmed without new contributors, initial bonus participation will drop by 1 percent. After this 14th, or after 24 hours (whichever comes first), the initial contribution bonus will end.

Sales period
Crowdsale time should range from a little over a month (with no contribution) to 2 weeks (reach the desired measure of contribution).

Token allocation
Token will issue to the investor immediately after the end of the sale.

Allocation of income
The Token holder will be able to claim quarterly revenue sharing. Revenue will be available to claim 15 days after the end of the quarter.

Sample sales
The organizer creates a 20m token and starts token sales. Janis decides to participate and send 10 ETH to token address for sale while rate at 10 ETH = 1 ICOP. If it is not possible to sell all the signs at the time of the price, sales continue and lower the price as it happens on. Finally in ETH 0.1 = 1 ICOP, it's possible to sell all Tokens. The sale ends and Janis receives 1 ICOP receives 100. In other words, even if someone decides to buy an initial token, the lowest price applies to all buyers.

Exchange where token is registered
Initially the Token exchange will be possible directly between users who use his name Decentralised exchanges such as Radar Relays.

To find more information about Icopass at this time, please visit some important Links below:


The bitcointalk name: Icaica22

No comments:

Post a Comment

Popular Posts