ICO Pass vs Blockpass - Battle For KYC Blockchain Market
In September, 2017, Equifax, a consumer credit reporting agency in the US, was hacked. The company lost personal information 144 million US citizens. That's about half the American population. How could such an awesome event happen in the 21st century?
The emergence of new technologies, ie blockchains, or distributed ledgers, can be the key to saving, securing and verifying future human identification (and devices) and preventing identity theft of such destruction. Technology, despite its drawbacks, remains here. It keeps encrypted data in an unchanging and damage-free way, providing developers, financial and government institutions that are free and unreliable (meaning that everything is written on blockchain, mutual trust between two parties to be irrelevant) environments to create applications, or Dapps (decentralized apps), for essential Know-Your-Customer (KYC) procedures. This procedure is required for hosting and participating in ICO,
According to an online article (see reference below), ICO has collected nearly $ 0.5 billion in the first month of 2018. Do they all follow due diligence and complete their KYC examinations? How does it work for them? Slow? Uncomfortable? What about ICO participants? Do they enjoy the applied KYC procedure? Or is it a nuisance?
In this article I will compare two companies that are trying to create a reliable, fast and reliable way to perform KYC checks. They each build an application (and platform) to streamline processes, both for host and ICO participants. The first is ...
Blockpass - Blockchain Identity Protocol for Everything Internet
Blockpass, a Hong Kong-based company, previously working with machine identities, is now trying to create a holistic platform for identity verification between people and between humans and machines. Their phrases are "sovereign identity", decentralized centralized identity platforms as opposed to silenced identities like Google and Facebook that store identity information and sell it to companies that can then create targeted ads. For example, if someone has a receipt from an airline in their email, it is not often targeted with flight advertising. It's confusing and something that hopefully will not exist in the future. Why should a large company have all your data, including email data, and use it as you wish? YOU should have YOUR data. Not Google. Not Facebook.
Blockpass develops apps for Android and iOS, which will serve as a verification tool between users and services, such as banks, government websites, exchanges or ICO. The protocol will compare two hashes and if identical, identification is verified. Blockpass will have a utility token in the system, which rewards users and services. This app, according to their CMO Hans Lombardo, should be available for use in March-April 2018. However, not much information about this app can be found. What exactly will be done and how?
While the idea of ID identification protocol includes all is noble, I am personally concerned about this, perhaps an overly ambitious goal. Maybe Blockpass should first get a working app, for example, ICO KYC verification and then discuss future plans. What's more, what exactly does the utility token do? Why is it needed? Go to their website, https://blockpass.org/, no LinkedIN or other links to their team. However, Google search reports that CEO, Adam Vaziri, is director or Diacle, a UK-based company that helps blockchain & fintech projects with compliance. Maybe this team can provide, but have more transparency will be accepted. Furthermore, I do not see any whitepapers or even project roadmaps. What has been developed so far? Where is it? how long will it take? What are the future goals? How will Blockpass get there? There is no such information on their website, and it's ringing alarm bells in my head. Many investors will never give a gratuity to anything that does not provide them with a white book. The lack of transparency here makes me worry. Next let's close ...
ICO Pass
I have previously written an introductory article about ICO Pass and Notakey, a Latvian startup behind the project. Please refer to my previous work for an overview of the project. Below I will briefly explain the main points of my post. According to Notakey ...
ICO Pass is a set of tools for collecting, verifying, and exchanging your know-your-customer (KYC) information. The target audience is the organizer of tokensale on the Ethereum blockchain.
For each contributor, ICO Pass collects:
- full name
- Date of birth
- phone number
- citizenship and country of residence
- address
- photo document identity
- private photo.
ICO Pass will be a Ethereum blockchain based application that verifies the identity of both the participants and the host of ICO. This will do it quickly (about 7 minutes), cheap (about 7 Euros) and fully automatic. No third party agents are required. KYC data will be reusable in the future ICO, if the ICO host decides so. In addition, as said above, it will also check the identificaton of the ICO host, thereby increasing the transparency and trust between tokens buyers and token publishers.
There will be no utility tokens, but the ERC-20 security token, with ICOP ticker. This security token will provide 7% of revenue generated by ICO Pass, returning to the token holder - quarterly. No functionality is created for a utility token but a token that will result in a refund.
Notakey will be releasing their app within a few days and will be using their own app at the upcoming ICO. Only 60 million tokens will be produced, of which 20 million will be sold on ICO. ICO will begin in early March. There will be a soft hat of € 0.5 million and a hard hat of € 5 million. If you are interested in token prices: their ICO will be held as a Dutch auction, which means that the price is not known until all tokens are sold or until the ICO expires. But the maximum price is 0.25 € per token because a higher price will yield more than € 5m.
Conclusion
I personally believe that while Blockpass has a noble purpose for becoming a universal KYC protocol, ICO Pass has an advantage here because they are currently concentrating only on ICO KYC inspections and are not trying to solve them all at once. For example, banking institutions today do not even use blockchain (although it may be in the future), so offering them an Ethereum blockchain app does not make sense. However, the Latvian team (which, by the way, won the Kickstart Accelerator in Switzerland in 2016 and established partnerships with banking giants like UBS and Credit Suisse) will develop products directly targeted to banks later. In addition, if you hold any ICOP when they release this new product for the bank, you will also automatically get a snippet of the token.
Overall, with the latest information available, I have a much higher trust in ICO Pass than I do on Blockpass. Both have a strong team, but there seems to be more transparency with ICO Pass. Just compare their website and try to find detailed information - with ICO Pass it all looks a lot more transparent. But the future is unknown and anything can happen, but at this point it seems ICO Pass is closer to the finish line in the war knowing your customer, and your host, in the initial coin offer.
Reference
Blockpass - Passport for
The ICOs of the connected world Have Appointed Nearly Half a Billion
ICO January Pass - The easiest way to perform a KYC check
ICO Pass - The future of KYC
AUTHOR: dean andhika
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