Identity theft is a catch-all term that defines any means or methods by which an individual steals and uses someone else’s personal information, usually for fraudulent purposes.
It ranges from fake IDs for petty financial gain, to high-level political stakes involving espionage, political interference, and major fraud.
A person’s identity is a valuable asset, after all, and finding out whether someone really is who they say they are is a perilous and costly game.
ICO Pass is a brand new ICO that offers blockchain-based services for identity verification.
ICO Pass: fast and affordable Know-Your-Customer checks (KYC) through the blockchain
ICO Pass offers a unique ID checking service that verifies someone’s details, quickly and cheaply (“7 minutes – 7 euro“, according to its site) using face-matching technology, checks against Sanction lists, and other verifiable items.
https://twitter.com/icopassid/status/959748696433922049
ICO Pass’s value proposition includes three components:
- A secure app that enables KYC checks, service payments, identity links to an Ethereum wallet, and re-use of the verified identity
- Identity verification methods, such as ID document check, e-mail verification, sanction list, PEP, country check, etc.
- Automated risk profiling and escalation services (to be added at a later date).
ICO Pass in figures & quick facts
- Token name – ICO Pass token (ICOP)
- Total amount of tokens issued – 20m
- ICO start date – February 28th 2018
- ICO end date – March 2nd 2018
It is worth highlighting that the sale will run similarly to an auction, so the tokens will get cheaper the longer the sale goes on for.
The ICO Pass token
https://twitter.com/icopassid/status/963813928634634245
The company will issue the ICO Pass token (ICOP), which is based on the Ethereum ERC-20 Standard.
Once created, the tokens will be allocated as follows:
- Operations & Support – 50%
- Marketing – 20%
- Team – 20%
- ETH Foundation – 10%
Bonus plan
ICO Pass offers a bonus scheme for early token purchasers.
- 15% ETH bonus during first hour of ICO going live.
- Subsequently, for every period where 2 blocks are confirmed to have attracted no new contributors, the early participation bonus will drop by 1 percentage point. The bonus scheme will be terminated after the fourteenth iteration of this event, or after 24 hours, whichever comes first.
The team
https://twitter.com/icopassid/status/964529798809780231
This ICO’s site lists six people as the core team, plus three advisers.
Notably, two of the founders were previously involved in the development of national identity cards in Latvia. This familiarity with the issue of identity should underpin the team’s efforts and provide a solid starting base.
Competition
Identity verification is a rather popular subject for ICO.
There’s currently no fewer than thirty ICOs offering identity verification services, which means that ICO Pass is entering crowded waters indeed. This will make success that little bit more difficult to achieve.
Social media presence and digital footprint
Here are the numbers for ICO Pass at the time of writing (mid-February 2018).
- Twitter – 3,220 followers
- Facebook – 2,827 followers
- Telegram – 3,264 followers
- YouTube – 9 followers
- LinkedIn – n/a
This ICO’s social media reach is not particularly remarkable, but this is normally the case with start-ups.
ICO Pass does have a YouTube channel, which should make publicizing its offering easier.
White paper
ICO Pass offers three documents, a One-Pager, a White Paper, and a Prospectus.
Consult these documents for more information about the platform, additional features and services, etc.
Additional information
Conclusion
ICO Pass offers a useful and practical service which will be required by pretty much any financial, insurance, or government body that uses identity verification. This implies huge potential for this ICO.
There are many other ICOs out there offering the same thing, the challenge is to show investors this ICO is the best one for the job.
https://twitter.com/icopassid/status/964521213606465538
We will revisit ICO Pass’s progress in due course.
