ICO Pass is trying to make passing a KYC verification a simple and easy task. They are developing a set of tools to gather, verify, and exchange information. There is a strong increase in demand for this type of service. The main customer that ICO Pass is targeting is someone who is going to be investing in a token sale. A person’s identity information such as name, phone number, address, photo id, and email is first gathered. Then this information is checked with multiple providers. Afterwards it is signed with a key and encrypted.
For people who are interested in contributing to initial coin offerings, ICO Pass offers a mobile application. This can be used for taking photos, verifying phone numbers, and loading documents. ICO Pass is designed to work with token offerings that are using the ethereum blockchain. After providing identifying information, a series of small ethereum transactions are made to prove ownership of the address. This is very similar to the way traditional banks perform small transactions in order to verify accounts to allow for ACH transfers. Funds for these small transactions will be refunded excluding the cost of the network fees.
The people who are holding the token sales can benefit from using ICO Pass as well. There is no sign up required. Token organizers can use a website application to manage all of the KYC data. ICO Pass also gives them the smart contracts needed to verify a person. ICO Pass uses two types of smart contracts. They are infrastructure contracts that handle attributes and verifying key holders, and also verifier contracts that are used for consuming information. With the use of ICO Pass, hopefully everyone involved will have an easier time of performing KYC checks. To find out more about how ICO Pass works, you can visit their website at the link below.
Whitepaper: https://drive.google.com/file/d/1hs-RWInvpc_p7UpjIvUU1xNuqIvUi4Rn/view
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