Hi guys , today i would like to show you a project that was born to solve the huge problem of Crypto world . If you are a crypto currency investor , you must face to this problem many times . Bridge Protocol was borned to solve identity and ICO problems. I will show you right now , Why it was borned and What can it do.
Why Bridge Protocol was borned ?
Private businesses and legal groups are aiming to create standards of procedure for an Initial Coin Offering, defining the “right” way to transact between participants and token issuers.
The Bridge Team and their consulting experience with ProjectICO have noted concepts that would benefit from having a token sale, but are prevented due to financial obstacles and lack of knowledge. The existing legal groups possessing expertise in this space charge $125,000 to $250,000 for corporate structuring and general counsel for upcoming token sales. Though these firms are aiming to create a higher standard, Bridge believes it has done the opposite and created unnecessary cost barriers, restricted many entrepreneurs, and lined attorneys’ pockets.
The creation of the Simple Agreement for Future Tokens (SAFT) was modeled off prior securities agreements as a precautionary measure, but doesn’t solve some the underlying problems which revolve around Know-Your-Customer (KYC) identity verification and cost.
Traditional KYC has cost clients from $30,000 — $50,000 to verify basic identities, which then need to be re-verified in each individual ICO. Data exchange in this manner is cumbersome and raises the risk of consumer data being compromised. Many ICO teams are using in-house computer systems to store a participant’s confidential data, while providing limited or no protections whatsoever.
In addition, these processes are still using traditional business models, systems and fees. Until now, companies in this space have failed to utilize the blockchain to protect their customers and reduce fees.
Why Bridge Protocol can be solution ?
The Bridge Protocol is an open, distributed network of trusted machines and users promoting behaviors, standards and enforcement mechanisms to provide real-world value and application. The system facilitates an ability for users to deploy business processes that comply to existing standards and regulations.
Their private blockchain will provide secure processing of assets, with an aim to guarantee trusted execution using smart contracts, eventually backed by real-world regulatory compliance in the nation which they occur. The system will be comprised of trusted virtual machines, providing user accessible functions for enterprise-grade business operations.
The Bridge Protocol Corporation will begin issuing digital identities to permit individuals and businesses to engage securely and freely, while building extensive real-world trust networks. Early identities will be centrally issued and managed by the company to promote a trusted and stable foundation to the Protocol. For wider adaptation and versatility, this management system will allow self-sovereign identities to be recognized and managed. The first service offered on the Protocol is a Tier flagging of these identities, which coupled with contract logic developed by the Bridge Protocol Corporation, will allow for an Initial Coin Offering (ICO) to have auditable KnowYour-Customer (KYC) information to ensure regulatory compliance.
What is IAM token used for ?
Bridge IAM tokens fuel the storefronts that offer identity services, Know-Your-Customer (KYC) solutions and access legal services providers on the blockchain.
And 3 main function of IAM token are :
It is something used for market access
It will used as a fees for Bridge Protocol project services
It is also used for microservices
Own this IAM token as fast as possible because this will be the future of KYC of ICOs project one days. Thanks for reading, hope you guy enjoy my article , do not forget to claps and follow me to read more about ICOs project review .
Some links related to Bridge Protocol project you will need :D
Website : https://www.bridgeprotocol.io/
Telegram: https://t.me/BRIDGEprotocol
Twitter : https://twitter.com/BridgeProtocol
Facebook : https://www.facebook.com/BridgeProtocol/
Reddit: https://www.reddit.com/user/BRIDGEprotocol/
SOURCE : Bridge protocol White Paper