AML Token pre-announced by Transcendence blockchain

ARES Computer is building an ecosystem that offers on-demand access to KYC services. ARES also intends to introduce the AML Token that participates in the ecosystem and will be used to transact in identification processes and related services.

Besides identification processes, AML Token owners can also actively sell their personal data anonymously or with names to companies for research market research purposes. Your DATA your MONEY!

AML5.0 start

Since January the 1st 2020. the AML5.0 became active in European countries. KYC has become mandatory for services like Crypto-Exchanges and Custodians. This leads to an increased demand for low-cost KYC solution. This is where Project Identity comes into action. We provide one KYC4all solution. Users benefit as they need to do KYC only once instead of multiple times on every exchange or service they like to use. Service providers who benefit as „lazy” users will be more eager to use a service in which they don’t need to go again through a complicated KYC process.

Benefit for service providers

Also, Service Providers benefit from paying less for KYC of their potential customers as well as getting a cashback when the same USER registers on more connected services. This is called Fee-balancing. Users, on the other hand, can participate in the DATA Marketplace and offer personal information for sale. Monetize your DATA!

The Cost of Data Acquisition Due to the differences in requirements in different countries it is impossible to determine a fixed price. On average you can expect costs of 15–20$ per identification process for institutions like Banks. In our case, the users cover the costs once if you like and Service-providers repay with AML tokens. This motivates users to register on services.

Alternatively, the service provider covers the cost using AML tokens and get refunded when the same user registers on other services. KYC was never this simple and cost-effective.

AML ecosystem

• Incentivizes only trustworthy Identity Verification providers, for example, banks, utility companies, among many others.
• These will be able to verify the attributes of the identity of an individual or business and attest to those attributes on a blockchain.
• Through the use of smart contracts, Validators will be able to price their identity verifications and offer them to other participants, resulting in a robust and decentralized identity verification ecosystem.
• Identities (Users) can also offer their personal data like shopping interests and more to earn AML Tokens.
• Project Identity will provide a Web-browser called HIVE for this which secures your identity or collects and offer shopping and personal interest if the user wants to monetize his data on the Project Identity Marketplace automatically.
• If users paid for the verification once, they can easily register to connected partners without the need to redo a KYC process again. As an Incentive to register to partner pages, the USER can collect AML Tokens as rewards.
• More incentives like getting paid for writing reviews and/or watching websites will be available via APP, in the Hive Web-browser and Project Identity Portal.

AML TOKEN

(AML)Validators receive AML when others use the attestations to prove identities Users receive AML tokens for providing their data more securely through the ecosystem. Users can receive optional AML by selling collected data to market research partners. KYC was never this simple and cost-effective for all involved parties.

TOKENOMY

-Maximum Cap on Crowdsale €33 million
-Total Token Supply 1 billion (1 000 000 000) AML, of which:

• 33% sold in Tokensale
• 33% retained by ARES Computer
• 33% allocated to incentive participation in the ECOSYSTEM
• 1% to cover Tokensale costs

-Bitcoin Subsidium based Token
-Purchase Methods accepted: XBTX and TELOS

Announcement 2nd of January 2020
Crowdsale starts 14th of February 2020
Crowdsale ends 21st of February 2020
Ecosystem Development begins 1st of March 2020
Requirements to participate in Crowdsale: KYC, XBTX and TELOS Wallets are mandatory

Whitepaper and other info can be found on https://identity.faith/

Sources: https://cryptoacid.com/aml-token-pre-announced-by-transcendence-blockchain/