iTrue; An Authentication System Powered By Blockchain.

smalltalk (58)in #blockchain • 6 years ago

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About Project

iTrue is an authentication system powered by blockchain technology which would make it possible for companies and app developers to authenticate their users. iTrue plans to change the way we build decentralized apps by placing extra focus on the privacy of users. The users will be given full control of their data, sharing it whenever and however they choose to. This is important due to the recent data breaches and hackings that have been happening.

By using blockchain technology, iTrue is able to securely encrypt and store user data in decentralized servers. This is expected to greatly reduce the incidences of data loss as a result of the loss of user devices. With iTrue, user data will no longer be stored on their devices or on centralized servers.

Existing projects like Civic and Datum already provide services similar to what iTrue has set out to accomplish but iTrue has decided to stand out in a number of ways. For one, iTrue seems to be the only project that doesn’t store data on any user’s device. Of the two already existing projects, only Civic makes it possible for the development of dApps while Datum doesn’t. Civic, however, does not allow for the monetization of user data, unlike Datum and iTrue. Neither Civic nor Datum are currently GDPR compliant whereas iTrue is GDPR compliant.

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Uniqueness

Geo-dependent Blockchain Network

In this type of blockchain network, companies no longer need to worry about complying with data regulations in different parts of the world. The blockchain automatically makes this data available to regulating bodies or public organizations. Users will be aware of the transfer of data but will be unable to stop such transfer as it will be done in compliance with the regulations of the specific region. This means that companies that intend to service those regions only need to plug into the iTrue network and not have to worry anymore about compliance.

Account Types

iTrue provides services to 3 different types of users; the individual, business, and developers. The individual account gives the user the ability to earn by sharing their data, gain access to any assets that require authentication. The businesss account allows for the acquisition of user data using the iTrue token (ITU), and it can also be used to purchase applications from developers. The developer account allows developers to build decentralized applications and they earn when users use these applications or when businesses purchase applications from developers.

Identity Verification

iTrue’s Identity Verification system could very much reduce the expenses on the now popular KYC process. This would come in handy for financial institutions like banks, P2P lending services, ICO projects, insurance companies, and many others.

Token and ICO Details

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The iTrue token (ITU) is an ERC-20 token built on the Ethereum network with a total of 8 billion tokens. The nominal price for 1 ITU is $0.01 but discounts will be available at various stages of the token sale. The hardcap has been set to $40 million while the softcap is at $7.5 million. Tokens that were not sold during the token sale will be burnt after the sale has ended.

The presale is currently ongoing with a total of 900 million ITU up for sale. Presale is scheduled to end in 17 days after which the first phase of the ICO will begin. This will run for 3 weeks while the second period will last for 4 weeks.

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The majority of the funds from the token sale will be spent on research and development, as well as marketing and business development. This should be a good sign as it shows that the team is focused on building out this project and not just spending the funds on irrelevancies.