ICO Pass – Easiest way to do KYC checks

ICO market is nowadays pretty similar to the Wild West during the gold rush period. It is possible to earn money very quickly, sometimes even good money, but you have to find a perfect spot, or in this case, a good project to invest. Common thing to the Wild West? No guaranties and almost no law. It is pretty easy to find bad cowboys which are going to promise you golden mountains to steal your last piece of bread. So in all this mess, if you want to find your gold nugget, you can trust just your own brain composites.

So did I and during my research I found the project in which I really put my faith: ICO Pass. Very likely you haven’t heard about them, project is made by a  team from Latvia, with  great names in. Nevertheless, guys have an advantage, many other teams does not: already existing product made on a very perspective field. But these are not all pluses I found in this project. Below you can read the analyze  and decide on your own, do you want to send some pennies to the pot. The analyze I will present consists of 13 parts, and each of them shows this project from different angle. I will judge the website, project, team, hype, whitepaper, token distribution and many more. So, let’s go!

What is ICO PASS and KYC

In our everyday life as a cryptonians, we always see the word KYC. KYC means it is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering
regulations which governs these activities. As we see lots of new ICO are pumping up like bubbles from nowhere. That’s why regulators froms accross the globe have been taking eyes on new Crypto ICO’s and their legitimacy. Most of ICO’s has no clear national legislation as a result, regulators calls for Know-Your-Customer (KYC), so an emerging and innovative concept in global finance has beed created and it is now call ICO Pass. By the help of KYC, crypto investors can now identify the right ICO to invest in by knowing the very vital information about on what they are trying to invest and thus staying away from projects meant for illegal activities or doesn’t have KYC information.  The idea of ICO Pass is to make a Platform that focuses on providing identity services, which will collect information related to information and knowledge exchange related to customers or called KYC, based on Block-chain technology. The rule of ICO Pass is to collect every detail of identity that customers have, such as complete name, phone number, address, email and etc. After the identity of the customer is verified it is written in Block-chain and the identity holder can share this data with as many services  that he/she wants. The platform is incorporated into the block-chain and block-chain technology uses a system, where as every transaction is being recorded to it will never be changed forever because block-chain is inherently resistant to the modification of the data involved, so transactions can be maintained and reduce the possibility of data fraud.  So one of the main goals of ICO Pass is to enable KYC verification as easily as possible for the ICO organizers and regulators. According to Janis Graubins (Chief Commercial Officer at ICO Pass) that ICO Pass cost 33x times cheaper compare to the manual traditional solutions per ICO, that an ICO would save roughly 89, 000 EUR(108, 000 USD) with the use of ICO Pass.

 

 With rapid popularity growth of cryptocurrency. Lots of company and small developer engage on ICO’s without considering the proper Know Your Customer (KYC) as a result. ICO’s have a trouble on exchanging cryptocurrency for fiat currency – USD, EURO, PESO and etc.

Video Presentation

You can subscribe and watch more about  ICO Pass on youtube.
Youtube Channel:  https://goo.gl/1Ndj9T

WEBSITE

In comparison to some other ICO project websites ICO Pass page looks rather modest, it doesn’t have much catchy graphics but contains all needed information. The team made even six videos with project explanation, team introduction and CEO interview. watch it here:  https://goo.gl/1Ndj9T

ICO PASS PLATFORM

To gather KYC information of contributors. ICO Pass will use a mobile application for gathering information (including contributor photos). The web-service, which performs KYC verification and submits signed information to the blockchain, will not be made open-source initiallydue to security reason. Since storing data in the blockchain is expensive, most of the data would have to be stored elsewhere. The blockchain-based registry will store only a value, which can be:

  •  Nationality index as an integer value
  • Short text strings for public entity identification
  • URLs to encrypted content of personal information
  • additional Ethereum addresses, e.g. for address linking:

 Here is the Overview on how ICO Pass information gathering flows from end users to saving informations to ICO Pass webservers.

 

 

 

 

 

 

 

 

ICO Pass will use this mobile client  as a device for gathering information:

  •  it allows taking a photo or video recording of the user
  • it allows taking photos of documents, and immediately giving feedback about the quality
  •  it allows verifying the phone number
    It also offers a way to give easy feedback to the contributor:
  •  when the KYC checks are done
  •  if more information is required
  • perform ICO address trustworthiness evaluation by indicating that candidate ICO
    has not been registered

ICO’s being verified by ICO Pass will look like this on end users mobile clients.  They can check if the ICO is being verified by ICO Pass by just entering the ICO’s Contract Address.

 


ICOP  TOKEN

In total, ICO organizers will sell 20m ERC20 tokens, called ICOP. Once organizers issue a
new token – KYC Pass for banks (KYCP), ICOP holders will be able to get 5 KYCP tokens
for every ICOP token they hold at no extra cost. KYCP token holders, on the other hand,
will not be able to get tokens for ICOP.

WHITEPAPER

In general whitepaper made by the ICO Pass team answered all questions I had and I could have. It is well made, with a illustrative graphic, and clear structure. See it here: https://goo.gl/tyTSqF

 

DISTRIBUTION OF FUND USAGE from ICO Pass

These numbers (just 20% for founders) shows more or less, that the team is keen to receive money on project development, and most likely will not run away to Disneyland with pockets full of cash. All together, 80% of  funds will be use for Operation & Supports, Marketing and ETH Foundation.

Of course if hard cap will not be reached, these numbers might looks like totally different. But to be honest, I do not believe in such a scenario. With no purchase limit, with a good PR and marketing campaign tokens will be sold in ICO first stages, if not even during the preICO. Soft cap for this project is 500 000 EURO.

 

ROADMAP AND DEVELOPMENT PERSPECTIVE:

Above you can see the roadmap — how the team sees their nearest and long-term future in accordance to their past experience.

THE TEAM BEHIND ICO PASS

 


CEO & Founder Janis Kirstiens
LinkedIN

COO & Founder Gints Kirsteins
LinkedIN

CCO & Founder Janis Graubins
LinkedIN

Head of Developent Ingemars Asmanis
LinkedIN

Developer Magnuss Karklins
LinkedIN

Developer Ainars Kumpins

Advisor Ernest Jenavs
LinkedIN

Advisor Dimitrios Psarrakis
LinkedIN

Advisor Simon Cocking
LinkedIN

Team seems to be the strongest part of this project. It consists of 6 experts including the CEO(Mr.Dmitry Danilov) and 3 advisors. Of course I cannot complain if we talk about their professional level, guys indeed are experts on their field. I like the way they presented themselves. As well as picking up couple known in a crypto world names could significantly increase their popularity.

REVIEWS

Beside it is a great project visually it also received high reviews.

ICOBENCH TRACKICO
ICO Pass ICO rating
ICO Pass TrackICO rating

 

WHY INVESTS?

If I would judge the project just basing on the team photo, I would risk even a broken penny. These guys on pictures really gain trust.Nevertheless, what I really appreciate about the team, is to consist of quick learners. Each team member has own profile on Linked In. That is a very good sign for a project.

 

ICO Pass Contacts
 Website
 Blog
 Whitepaper
 Facebook
 Twitter
 Telegram chat
 Gatehub
 Youtube
Bitcointalk

In case you’d like to read more about ICO Pass project you can their Whitepaper.

Thank you for reading this ICO Review and feel free to share your thoughts in the comment section below.

Author Info:

Bitcointalk Username: howlong358

Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1373482

 

Author Info:
Bitcointalk Username: howlong358
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1373482
ETH Address: 0x8a6c8959642a0cb2823eacdfbe81788e69ad6f04

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