IAME: AN EXPERT SYSTEM FOR BLOCKCHAIN IDENTITY VERIFICATION
WHAT IS IAME ALL ABOUT?
IAME is a system which is decentralized and allows the parties that perform blockchain transactions to verify, on a primary level, the identity of each other without having to disclose non-essential sensitive personal information to the counterparties: and on a secondary level, the source of the Cryptocurrencies in the transaction. The Identifications would be conducted by a multitude of independent third party validators, each verifying fragments of information that would constitute a complete verification together, such that only the original owner of the sensitive personal information retains his/her data in a wholesome and useful way. The result of the identification process would be hashed onto a designated blockchain and made accessible on a public repository such that the identification status and source of the cryptocurrencies associated with the specific blockchain addresses can be consulted, without compromising the unique identification data.
The IAME Identification Network is a purpose-built system which is used to service the fragmented identification process, fueled by the IAM cryptographic token. The Functionality of the IAME Identification Network would principally serve Blockchain P2P transactions, however, usage would be extensible to merchant transactions and financial institutions in the provision of blockchain related services.
This IAME Identification Network consists mainly of:
1.) A Client
2.) An Allocation Server
3.) A Validation Server
4.) A Writable Blockchain
5.) An Identity Server
Each of the components would carry out specific functions that can b demonstrated in two processes which include:
A validation Process
An Identification Process
The IAME Identification Network would not be a bypass for data being shared between transactional counterparties but it will would serve to segregate the distribution and validation of non-essential sensitive an information which is personal.
THE IAM TOKEN
Before operating the IAME identification Network, a functional token has to be issued, which is known as the IAM token. This token would operate as a validation token to initiate confirmation requests for validation packets on the IAME Identification Network. Parties would spend the token through the IAME Identification Network client and after the deduction of equivalent blockchain hashing costs, the balance of IAM tokens would be paid out as reward to third-party validators who operate the validation processes on a for-profit basis. This will not only store value to the token, but it will also store the market value of the IAM tokens based on demand and supply for identification processes.
An Identification System For Blockchain P2P Transaction
As the IAME Identification Network is functioning, the primary application would be the facilitation of blockchain P2P transaction, such as online merchant transactions. Taking into consideration a simple online purchase or sale where a customer purchases a physical good from an online merchant with Cryptocurrencies, the amount of personal data that is communicated from the customer to the merchant can be segregated into two categories which are: essential to the transaction and non-essential to the transaction. This is further explained below:
Essential information would be a name and an address without which the transaction and the delivery of the good cannot occur
Non-essential information would include, for example, an identity document to prove the name of the customer, a utility bill to prove that the address belongs to the customer, and the specific date of birth of the customer.
The IAME can be used as a platform for Financial institutions. With the creation of a partially meshed system, it would provide financial institutions handling cryptocurrencies a level of comfort, to the nth or infinite level, on the source of cryptocurrencies which would still constitute a more efficient anti-money laundering tool than current procedures for the cryptocurrencies.
There is need for a practical imperative and a commercial non-invasive identification system for decentralized blockchain technology and the team believes that the IAME identification Network will be the bridge that will link blockchain technology to the world that is regulated.
FOR MORE DETAILED INFORMATION ABOUT THE IAME IDENTIFICATION NETWORK, PLEASE VISIT THE FOLLOWING:
WEBSITE: https://iame.io/
WHITEPAPER :https://iame.io/res/180301-IAME-White-Paper-en.pdf
FACEBOOK : https://facebook.com/IAMEidentity
TWITTER: https://twitter.com/@iameidentity
MEDIUM: https://medium.com/@IAMEIdentity
Authored by fireman2001: 0xe47742958dA9175AD9088d76cD0d44e4d98E9A2B