I've always been a fan of identity on the blockchain, I think it's a very good use case for it. And that's exactly what Bridge Protocol, another ICO on the NEO blockchain, is about to do. Bridge is seeking to bring a safer, legal and more elegant KYC/AML procedure to comply with all the various international regulations. Bridge will allow users to create a digital identity tied to the blockchain that can be used (and re-used) for future ICOs and be used as digital fingerprint and pen.
💡 Basic idea: Identify verification & legal services / agreements
💎 Blockhain: NEO
🌎 Team from: USA
💸 Presale/private sale: No, no discounts
💰 Crowdsale hard cap: 25M USD
⏰ Tokens: 1B, 500M (50%) for sale, unsold tokens will be burned
✨ Token usage: Pay for transactional costs & purchases within the network
📦 Individual cap: min 1 NEO, max 5000 NEO
📅 Crowdsale date: 22 - 29th of February
💳 Token price: $ 0.05 for everyone, no discounts
🚫 Excluded countries: Not clear, assuming none
📋 Whitelist required: Yes, opening on 5th of February
🔗 Website: https://bridgeprotocol.io/
📃 Whitepaper: https://storage.googleapis.com/bridge-assets/bridge-protocol-whitepaper-1_0.pdf
Bridge Protocol comes out of the already existing ProjectICO, a company providing tools and specialized in helping others with the KYC for token sales. ProjectICO learned from experience that these KYC processes can be very expensive and cost the projects between 100 - 250K USD. Besides the high costs, you're also trusting a centralized 3rd party system with highly personal information by submitting it for a whitelist and what not.
Through Bridge, ProjectICO will help streamline these identification processes at just a fraction of the high costs that come with it, while maintaining high standards legal groups have been setting in the past. When participating in a KYC process you're now just providing the 3rd party with your public key. The token sale hoster will use this public key to verify the investor's identity matches basic information that was provided earlier. Then the investor will sign a participation document using his private key creating a trusted and legally binding agreement.
The digital identities will be placed into a three tier system. Tier one including the most basic information such as a name, birthday, address, email etc. Tier two including more personal information such as a government issued id, drivers license, .. And tier three being reserved for SAFT accredited investors containing other documents from lawyers and more.
The Bridge Protocol is the first step in ensuring compliance on the blockchain. By addressing immediate business use cases with tangible digital solutions, Bridge Corporation will offer trusted token sale (ICO) templates and better KYC processes for participants. Our microservices will reduce regulatory scrutiny and reduce compliance costs, while offering high assurance products through storefronts that will be designed to serve communities needs.
More than just ICOs, marketplaces & solutions for all kinds of legal services
There will be a marketplaces created providing all kinds of new legal services. Think about agreements for token sales, employment agreements, wills and much more. The persons providing legal services will be rewarded with the IAM token for their services. Besides the legal services marketplace there will also be an identity marketplace that will be used for issuing identity certificates and a developer marketplace that connects developers, legal experts and users.
The IAM token is a NEP-5 token and will be used within the Bridge network to pay for transactional costs and to purchase services from the marketplaces. Making it an absolute utility token by definition and not a security. This is also stated very clearly in the whitepaper (which also makes it attractive for exchange listings since it's not a security).
There will be one time 1 billion tokens get created and split up in 2 halves. The first halve, 500M will be sold in the crowdsale to the public. The other half will be held by the foundation and allocated in smaller sub groups for specific purposes. There's 20M (2%) for a bounty program, 200M (20%) for developers, lawyers & auditors to participate in the ecosystem, 200M (20%) to cross-invest in other projects and to create new micro-services to enhance the ecosystem and an 8% contingency fund.
The team behind Bridge Protocol is are the same people behind ProjectICO. They have been helping ICOs in the past and are trying to create a one stop for upcoming token sales by providing a cost-effective, transparent identity verification process through Bridge Protocol. The U.S. based company and team exists out of legal & tech advisors, government representatives and developers. The company offers their services in a few tiers that can be paid with Bitcoin or USD.
If you enjoyed this post, feel free to send me a token of appreciation (see what I did there 😏)!
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