[ANN][TokenSale] ICO Pass - Easiest way to do KYC checks

[ICOPass]

How many total is planned to release ICO Pass tokens?
How much will it cost for 1 token?

In total there will be 60m tokens. 20m tokens are for sale.

Price will be determined in Dutch auction: https://medium.com/icopass/notakey-ico-approach-icop-becea0a6ff1d

[Phash2k]

sounds very interesting.
The 7.5USD per check is then paid through token, or how is money made in this system?
This is payed by the user? Currently the one who wants to know his clients pays, but since the client has the token, has he to pay?

[ICOPass]

sounds very interesting.
The 7.5USD per check is then paid through token, or how is money made in this system?
This is payed by the user? Currently the one who wants to know his clients pays, but since the client has the token, has he to pay?

Thank you. In order to make it as simple as possible we went with payments via in-app purchase. In this case the persons that wants to be identified pays and also holds their identity data with themselves. In case where a company decides to pay, persons will not need to pay for the service themselves.

Token in our solution is used as a revenue sharing token - meaning as long as you will hold our tokens, you will be eligible to receive part of revenue that is generated with our solution. Revenue collection and distribution is happening automatically without our involvement - we use smart-contract for that.

[Phash2k]

sounds very interesting.
The 7.5USD per check is then paid through token, or how is money made in this system?
This is payed by the user? Currently the one who wants to know his clients pays, but since the client has the token, has he to pay?

Thank you. In order to make it as simple as possible we went with payments via in-app purchase. In this case the persons that wants to be identified pays and also holds their identity data with themselves. In case where a company decides to pay, persons will not need to pay for the service themselves.

Token in our solution is used as a revenue sharing token - meaning as long as you will hold our tokens, you will be eligible to receive part of revenue that is generated with our solution. Revenue collection and distribution is happening automatically without our involvement - we use smart-contract for that.

thank you for answering!

[bestpikka]

I see this project has a large allocation and much profit in on this project. Hopefully increased participation of participants who would like to join in this project and a lot of investors who are interested in this project. and who join in this project get the results in accordance with our hard work and performance.

[a d i m u l]

One of the biggest use cases for platforms is that people can make sure they are the person and deal with who they say they are. It brings the world into an entirely new opportunity for the cripto world.

[ICOPass]

One of the biggest use cases for platforms is that people can make sure they are the person and deal with who they say they are. It brings the world into an entirely new opportunity for the cripto world.

Totally agree with this. Just imagine how many new interesting use cases will arise because of that. I believe that finally we will be able to have secure and convenient user experience for all.

[ICOPass]

At ICO Pass we are all about user experience and security. Our co-founder Janis Kirsteins writes about making Ethereum wallet for fun: https://medium.com/icopass/writing-an-ethereum-wallet-for-fun-e82a05322ae2 #Ethereum

[angjosh]

I love this project and the experienced team behind it. All the best

[babedota]

A very useful project for the future. making KYC verification easier and less cost required is also not much. projects like this are very interesting to follow because with this project many projects have no difficulty in terms of verification. hopefully the project can run smoothly.

[AllCoinHunter]

Making KYC verification does not take much time and good security for investors is a very impressive and indispensable thing for the present and future.

[ICOPass]

I love this project and the experienced team behind it. All the best

Thank you. We are getting a lot of questions recently that we should publish our Advisors. Do you think it is necessary or do you think that it is not as the team is very experienced already in all the fields?

Thank you,

Janis

[ICOPass]

A very useful project for the future. making KYC verification easier and less cost required is also not much. projects like this are very interesting to follow because with this project many projects have no difficulty in terms of verification. hopefully the project can run smoothly.

In our experience UX is one of the biggest challenges for KYC and digital identity in particular.

Before launching ICO Pass our team has worked on Latvian Government ID architecture and e-signature solution. At that time the only allowed way for government institution to login and sign electronic documents was using ID card and a special purpose reader. Due to the cumbersome experience only 1% of the Latvian population was using it. Therefore we developed a new web based solution for signing legally binding documents that increased the number of active users significantly. At that time this was the first solution in Europe that allowed to sign electronic documents without ID card. The reason why I am writing is that at our company we know how important is security, however if it gets too cumbersome for users, nobody will use it. That is why at ICO Pass as well we have come up with several ways how to make the user experience great:

- payment for the service can be done through in-app purchase, removing friction what happens when a person has to manually type in credit card data.
- input from the person is reduced to minimum - persons takes photo of their identity document and themselves via the phone. Then all the identity verification and checking Sanction lists is happening automatically. If it cannot identify a person by one method it uses another one until there is a high confidence that the person is not involved in illicit activities.
- even such a thing as a linking wallet with identity address is made super simple.

And while we try to make everything as automated as possible, we are also able to reduce costs.

[ICOPass]

A very useful project for the future. making KYC verification easier and less cost required is also not much. projects like this are very interesting to follow because with this project many projects have no difficulty in terms of verification. hopefully the project can run smoothly.

In our experience UX is one of the biggest challenges for KYC and digital identity in particular.

Before launching ICO Pass our team has worked on Latvian Government ID architecture and e-signature solution. At that time the only allowed way for government institution to login and sign electronic documents was using ID card and a special purpose reader. Due to the cumbersome experience only 1% of the Latvian population was using it. Therefore we developed a new web based solution for signing legally binding documents that increased the number of active users significantly. At that time this was the first solution in Europe that allowed to sign electronic documents without ID card. The reason why I am writing is that at our company we know how important is security, however if it gets too cumbersome for users, nobody will use it. That is why at ICO Pass as well we have come up with several ways how to make the user experience great:

- payment for the service can be done through in-app purchase, removing friction what happens when a person has to manually type in credit card data.
- input from the person is reduced to minimum - persons takes photo of their identity document and themselves via the phone. Then all the identity verification and checking Sanction lists is happening automatically. If it cannot identify a person by one method it uses another one until there is a high confidence that the person is not involved in illicit activities.
- even such a thing as a linking wallet with identity address is made super simple.

And while we try to make everything as automated as possible, we are also able to reduce costs.

I forgot to mention. It is not only important for end-users to have a smooth user experience. It also applies to ICO organizers that are doing KYC. For them what we have done is:

- ICO organizer has a dashboard with the information about their contributors and what is the status with their verification. In case where it is not possible to determine the identity of a person or for some reason person shows up in any of the Sanction lists, ICO organizer can contact the person in order to clear the doubts (during identity verification we also collect contact information of the person);
- As the identity is linked to the wallet, we can see that a sum that is transferred to an ICO organizer's comes from an un-verified wallet. In that case the funds are returned automatically to the sender.

These are just few of the things that we tried to make as simple as possible. We truly believe that doing as much automation as possible is the best scenario. It is not only convenient for all parties but can reduce costs for the service. And that is also something what European Securities Authorities are encouraging for user identification.

[ICOPass]

Making KYC verification does not take much time and good security for investors is a very impressive and indispensable thing for the present and future.

Definitely. Security cannot be taken lightly. It is not only fines that a company has to worry when data is leaked but also the reputation. Can somebody trust a company that has leaked their user data? Just take the Sentinel for an example. It will be interesting to follow how much their token price will drop because of this: https://thenextweb.com/hardfork/2018/02/07/sentinel-chain-ico-leak-passport/

What we have seen is that valuation of the company drops around 10% as it was in the case of Yahoo hack: http://money.cnn.com/2017/02/21/technology/yahoo-verizon-deal/index.html

[zckeles]

what is ico price?

[Devrialemci]

It should absolutely be actualized, I am fed up with making kyc for each ico, there will be a sole central system and all icos will be integrated to the ones that made validation, we have the absence of this.

[ICOPass]

what is ico price?

The price will be determined in Dutch Auction. In a Nutshell it works like this: the price starts high and then lowers until all tokens are sold.

This is not a uncommon way to do it. The U.S. Treasury uses a Dutch auction to sell its securities. To help finance the USA’s debt, the US Treasury holds regular auctions to sell Treasury bills (T-bills), notes (T-notes), and bonds (T-bonds), collectively known as Treasuries. Prospective investors submit bids electronically through TreasuryDirect or the Treasury Automated Auction Processing System (TAAPS) which accepts bids up to 30 days in advance of the auction.

Google opted for a Dutch auction to earn a fair price on its public offering. Prospective buyers submitted bids based on the number of desired shares and what they were willing to pay for them. After the auction ended, underwriters sifted through bids to determine the minimum price they would accept and landed on an IPO of $85 per share.

To our mind, the Dutch auction is a straightforward way to establish the true fair market price for an ICOP, ensuring participants are aware of what they are getting in return.

Having looked into smart contracts used in Dutch auctions, we found the type used for Polkadot’s ICO to be the most suitable. It is tried and tested and the result speaks for itself, with a lower level of risk involved for us and potential contributors. As we are going to use smart contract, there is no need to wait for everyone to submit their offer. Bidders can see the price upfront. The sale will start with an initial 15% ETH bonus for the first hour. For example, a 100 ETH purchase in the first hour will cost 115 ETH a day later for the same number of ICOP tokens. For every period where 2 blocks are confirmed without new contributors, the early participation bonus will drop by 1 percentage point. After the 14th drop or 24 hours elapsed (whichever comes first), the early contribution bonus will end. The auction will start with a very high ICOP price and decrease, quickly at first and then more slowly. The initial price will be so high as to make it impossible for anyone to force the sale’s end by buying all the ICOPs immediately.

If bidders feel that the reached price is reasonable and they are ready to commit, they will send ETH to the bidding address, guaranteeing their tokens at the reached price or lower. If done during the bonus period, the smart contract will treat the amount as though it is up to 15% higher than the actual price and allocate ICOPs accordingly.

On each bid the smart contract checks if the total amount bid is enough to buy all ICOPs at the current price. The price will gradually go down from there, and the calculation redone for each bid.

When all ICOPs have sold or the time expires, the auction will end. The ICOP price will be the final price at this point. If all ICOPs were sold or the auction time expires, ICOP price will be calculated by dividing all ETHs transferred with total number of ICOPs available (20 million).

You can find more information with examples on the post we wrote: https://medium.com/icopass/notakey-ico-approach-icop-becea0a6ff1d

[brokens]

ICO is who very brillian, I do not know whether the ICO is successful in the future or not but it depends on the team that manages this project well.

hopefully the target can be achieved and success for your project.

[ICOPass]

It should absolutely be actualized, I am fed up with making kyc for each ico, there will be a sole central system and all icos will be integrated to the ones that made validation, we have the absence of this.

Totally agree with this. I could talk for hours how ineffective are the existing solutions. Just take Friendz ICO. Imagine, their Founders were going through every KYC application manually: https://twitter.com/Friendz_ICO/status/962351586336034816

Then of course there is also a question how secure are the solutions. Just take Sentinel data leak as an example: https://thenextweb.com/hardfork/2018/02/07/sentinel-chain-ico-leak-passport/

We definitely can do things better then that. And this is exactly what we will solve with ICO Pass.