ICO PASS

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The ICO Pass project is an easy way to test KYC

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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 cryptocurrency. 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 crowd scale (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 crowd sale using the Ethereum blockbuster, start-ups and projects that attract investments through any form of crowd-framing. That is a fairly large community.Each participant-investor will require such information:

Full name;
Date of Birth;
E-mail address;
Number of personal mobile phone;
Country and address of residence;
Citizenship;
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 crowd scale 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.

Advantages of ICO Pass identification:

Rapidity: 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.
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:

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 ICO Pass idea

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).

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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:

Official website - .