Wed, 14 Nov 2018

ICO Pass Token Sale

ICO Pass Token Sale

Easiest Way to do KYC Checks

Review Project

While legally KYC checks are increasingly more important, there are many ICO organizers that choose the path of the least resistance (and don’t gather KYC information at all). So one of the end goals of ICO Pass is to enable KYC verification as easily as possible for the ICO organizers.

Additionally, KYC verification does not guarantee that the ICO organizer will be able to get in touch with the contributor. Should a bank, or a regulatory agency ask for more information regarding a specific contributor, ICO Pass aims to have a way to allow ICO organizers to get in touch with the contributor.

Even with contact information and KYC information available, there is the matter of tooling.There are no KYC management systems that can interact with blockchain-based data.Also, different ICOs use different smart contracts to manage their crowdsale. Often crowdsale contracts are audited, and may not be easily changed.

The problem

The average amount that a company raises per ICO is 2.4m EUR (2.9m USD), so it is a significant amount of money that is frozen. Typical tools for doing a KYC check are too expensive – starting from 230 EUR (280 USD) per identification – or are too innacurate,every country has different legislation, identifiable person data is scattered across several databases and access to those databases is difficult.

The ICO Pass team proposes an automated and highly accurate tool for the KYC check.In just a few minutes, ICO organizers receive an identity check that is AML (Anti Money Laundering) compliant and are able to determine that the users are not from ICO-restricted countries.

KYC tool pricing is set at 6.99 EUR (8.52 USD) per identification.According to calculations by the ICO Pass team, the KYC solution would bring in revenue of 48m EUR (58m USD) a year. Breakdown of the projections is in the Business Opportunity section.

ICO Pass consists of three parts

— an app that allows securely and conveniently to carry out a KYC check, pay for the service, link identity to an ethereum wallet and re-use the already verified an identity
— identity verification such as ID document check, e-mail verification and sanction list, PEP, country check, etc. (initially will use third service providers such as Onfido but later on will add more providers for higher accuracy);
— automated risk profiling and escalation (will be added at a later stage).

ICO Pass will aim towards opening up information about what databases are checked, what are the probabilities of the check succeeding and what are the costs if you add/remove some of them. This will be achieved through negotiation with services that provide identity document verification and watchlist screening, or by integrating directly with those databases.Additionally ICO Pass will integrate with banks in order to determine if the person meets accredited investor status.

A full check will consist of: e-mail verification, phone number verification (optionally),address verification (optionally), ID document verification, face similarity scan from a live photo (optionally), PEP, Sanction list check, UBO (Ultimate Beneficial Owner) and permission to represent the organization (will be added later), adverse media check (optionally),determining accredited investor status (will be added later).

Token Sale

Crowdsale Opening Date

28-02-2018

259 days ago

Crowdsale Closing Date

25-03-2018

234 days ago

Allocations

Team

Written By

Isuk
0x237706bfE11D4C4E148b4764c8f7Da37743657d4