Modern economic circumstances along with blockchain technology development have revealed new challenges related to methods of personal identity and data verification. Among these challenges I would like to enumerate the most relevant which are as follows:
📌 Online security and privacy regulations;
📌 Revealing the whole scope of personal information to third parties thus disclosing sensitive data;
📌 The inconsistency of procedures for identity validation and verification;
📌 No standardized and efficient approach to online identity verification;
📌 Relying more on people than on the system mechanisms;
📌 Too frequent verifying and re-verifying your identity;
📌 Frauds due to difficulties in regulation and selection of third parties;
The above-stated problems create friction and efficiency gaps in the process of online identity verification and require actionable plan leading to more security for businesses and individuals. Good results in solving the stated inefficiencies of the identification systems have been achieved by IAME project team which has undertaken a deep analysis of the inherent problems and developed a universal decentralized solution based on fragmenting the process of identification.
WEBSITE: https://iame.io/
WHITEPAPER: https://iame.io/res/180301-IAME-White-Paper-en.pdf
Let us look into details of this undertaking and related investment opportunities.
Key Concept of the IAME Approach
IAME is in the process of creating a unique identification system on the base of encryption algorithms enabling data fragmentation in the process of verification. The involvement of such method will allow reducing the human factor in the identification process by eliminating sharing personal data with a single third-party entity but giving only fragments of the sensitive information to a series of independent third parties. The process of identification will be occurring within a purpose-designed system IAME Identification Network.
IAME Identification Network Details
There will be 5 interacting components included into IAME Identification Network:
👉 Client;
👉 Allocation server;
👉 Validation server;
👉 Writeable blockchain;
👉 Identity server;
These components are aimed at maintaining the functionality of the identification system that can be conventionally split into two core processes:
- VALIDATION PROCESS;
- IDENTIFICATION PROCESS.
The validation process will take place through a network of third-party validators thus providing more security and reducing the risk of frauds if to compare with validation by the single institution when they obtain the whole mass of sensitive information which might be used at their own discretion. High-level of information protection is achievable when the randomly allocated third parties obtain only pieces of personal data (fragmented at the client level) which don’t make any sense by themselves.
The validation may be considered as completed after evaluation of the process by the validation server and hashing numeric confirmations on a designated writeable blockchain.
As far as identification process is concerned, it is based on the specific requirements of the counterparty and serves for transactions between counterparty and client.
If to examine properly the diagram of the identification process, It is noticeable that a party can self-identify the statements for transactional counterparties but the sensitive data is retained by the owner of the data only. The result of the identification process will be hashed onto a designated blockchain as a unique identification data and made accessible on a public ledger just in case if any dispute occurs.
Find out more details on the validation and identification processes offered by IAME on their official blog: https://blog.iame.io/
It must be emphasized that the use of validation and identification processes within the IAME Identification Network can be extended for e-commerce services and financial institutions so that to satisfy the needs of merchants in terms of providing blockchain related operations.
IAM Token and ICO Terms
IAM is a cryptocurrency for internal use that will be issued in the form of validation tokens in order to provide utility within the IAME Identification Network and initiate confirmation requests for validation packets by means of fast and automatic settlements within a smart contract. IAM tokens will facilitate the identification process and be paid out to third-party validators as a reward.
At this moment ICO is in progress - a new way of fundraising campaign based on issuing the underlying crypto tokens of the project (IAM). IAME innovative approach of identity verification can really attract a lot of institutional investors and private individuals and I think that this undertaking is worth investigating in more details.
ICO and IAM token details:
According to the business plan, the IAME token sale has started on the 18th of April 2018 and will end on the 24th of August 2018.
The token sale is divided into three stages: a Private Sale, a Presale and an Initial Coin Offering. The details for each stage as well as token price are depicted in the given below diagram:
Other token sale details:
▶️ TOKEN SYMBOL: IAM
▶️ TOKEN STANDARD: ERC20
▶️ SOFT CAP: 1,000,000 USD
▶️ HARD CAP: 25,000,000 USD
▶️ PURCHASE METHOD: ETH
▶️ TOKEN PRICE and MINIMUM INVESTMENT: depending on the IAME token sale (see the given above diagram);
▶️ TOKEN ALLOCATION for ICO INVESTORS: 50% of all IAM tokens.
IAM tokens distribution will take place according to the following scheme:
IAME Project Team
IAME project team is quite numerous and all members have good experience in the related fields: blockchain technology, software engineering and architecture, personal identity verification, data science, community management, finances, and marketing. The large and well-structured team is reinforced with professional advisors that may be viewed as a proof for serious intentions of the founders. Therefore I don`t have a doubt that such team must lead the project to the scheduled financial results in due time. The list of the team members/advisors and their details can be found on the official website of IAME project: https://iame.io/team
Conclusions
IAME project is very promising both for businesses and individuals in terms of high return on investments. The concept of the project and its implementation will give the possibility to resolve a lot of issues related to personal identity verification and sharing personal data with counterparties. All parties, which are involved in the identification process, will be able to take benefits from managing the fragments of personal identities in the controlled and smart way by using IAM tokens. The non-invasive identification system for decentralized blockchain technology will attract big corporations and private individuals. High ROI is expected.
PROJECT CONTACT DETAILS:
Website: https://iame.io/
Whitepaper: https://iame.io/res/180301-IAME-White-Paper-en.pdf
Telegram: https://t.me/IAME_identity
Twitter: https://twitter.com/@iameidentity
Facebook: https://www.facebook.com/IAMEIdentity/
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3218507.0
The author of the article (on Bitcointalk):
https://bitcointalk.org/index.php?action=profile;u=1144629
Any feedback on IAME project would be appreciated.
Thank you!