IAME Identity: Fragmented Identification For Blockchain
While there have been several attempts at solving identification issues, three major problems have not been taken into consideration. Firstly, traditional KYC cannot guarantee that the sender in a cryptocurrency transaction is always the owner. Secondly, cryptocurrency accounts (public key/private key pairs) can be created anonymously at mass scale. Finally, data sharing between parties poses a security risk to both counterparties. In a nutshell, these are the problems that IAME seeks to resolve.
The Validation Process is the operation through which the client would have their information verified by third-party validators. Once a user attempts to fragment and verify their identity, the fragmented data components send a prompt to the validator platform. From there, the predetermined validators are ready to take on the task.
The Identification Process needs to be completed in order for a party to transact with a client. The data shared in these transactions is rendered worthless, given that it is first fragmented and then distributed among a series of independent third-parties. These third-parties are not affiliated with any parties operating as members of the transaction.
The primary application of IAME’s Network would be the facilitation of blockchain P2P transactions, such as online merchant transactions. Let us consider an online purchase, where a customer purchases a tangible good using Bitcoin. The amount of personal data that is communicated from the customer to the merchant can be split up into two categories: essential to the transaction and non-essential to the transaction. This ensures that the customer’s data stays secure by only providing the merchant with the essential information.
The IAM Token will operate as a validation token, in order to initiate confirmation requests for validation packets on the IAME Identification Network. Parties would spend the token through the IAME Identification Network client, and third-party validators who operate the validation processes will be paid in IAM tokens.
IAME has a broader vision and a concrete goal in comparison to other KYC / Identification Validation solutions. The company will not only provide a DApp targeted for individuals, but also plan to develop enterprise solutions. A few examples of such solutions are: cross validation of fragmented data with a centralised database, and single sign-on which is a property of access allowing control of multiple related, yet independent, software systems.
about Blockchain:
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data.By design, a blockchain is inherently resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management,[ transaction processing, documenting provenance, food traceability[ or voting.
Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
What is ICO ‘’ Initial coin offering’’ :
An initial coin offering (ICO) (derived form initial public offering) is a means of crowdfunding centered around cryptocurrency, which can be a source of capital for startup companies. In an ICO, a quantity of the crowdfunded cryptocurrency is sold to investors in the form of “tokens”, in exchange for legal tender or other cryptocurrencies such as bitcoin or ethereum. These tokens supposedly become functional units of currency if or when the ICO’s funding goal is met and the project launches.
ICOs provide a means by which startups avoid costs of regulatory compliance and intermediaries, such as venture capitalists, bank and stock exchanges, while increasing risk for investors. ICOs may fall outside existing regulations depending on the nature of the project, or are banned altogether in some jurisdictions, such as China and South Korea.
Token sale:
Token IAM
PreICO Price 1 ETH = 20,000 IAM
Price 1 ETH = 10,000 IAM
MVP/Prototype Available
Platform Ethereum
Soft cap 1,000,000 USD
Hard cap 25,000,000 USD
Country Mauritius
Whitelist/KYC KYC
Restricted areas USA
For more information about the ICO please visit the Following Links:
website: https://iame.io/
Twitter: https://twitter.com/@iameidentity
Facebook: https://www.facebook.com/IAMEIdentity/
telegram: https://t.me/iame_identity
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