Bridge Protocol - Secure , Digital identities on the blockchain (NEO)
Site: https://www.bridgeprotocol.io/
Token / Coin: Token (IAM) NEP-5 (NEO platform)
Supply: 1,000,000,000
Token distribution: 50% goes to crowd sale (500m)
ICO Breakdown: 55% blockchain & microservice dev, 5% Marketing, 20% operations and 20% R&D.
Hard cap: $25m = 0.05C per token / if they don’t reach they will burn tokens
Crowd sale date: KYC 5-20th FEB > 22-29th Feb (WHITELIST ONLY) (NO PRESALE)
Countries Excluded: None :D
Twitter: https://twitter.com/BridgeProtocol
Telegram: https://t.me/BRIDGEprotocol (1400 users)
Reddit: https://www.reddit.com/user/BRIDGEprotocol/
Whitepaper: https://storage.googleapis.com/bridge-assets/bridge-protocol-whitepaper-1_0.pdf
Intro Video:
What is Bridge Protocol?
Bridge Protocol is a private blockchain built on the NEO platform to provide a compliant, safe and legal know your customer (KYC)/Anti-money laundering service (AML) for businesses who require access to a person’s sensitive data such as for ICOs registering. Their aim is to reduce legal costs and improve an easier and smoother verification process to comply with various international regulations. This will also help the users and the businesses finalize what they need and not waste time on manual verification and human errors. With their service they could reduce the fees up to 90% due to legal groups can charge you anywhere from $125,000-$250,000 for corporate structuring and general counsel for ICOs. With your personal information it will be stored offline and can only be accessed with a public / private key.
If a company uses Bridge to get access to your KYC details you will provide them a special public key to allow them to match the basics of your account. Here is a sample from on their whitepaper:
Token use:
Businesses will require the IAM token to get access to their Platform to view your information . They will have a marketplace to get professional advice and help. The 3 Categories are listed below.
Identity Storefront:
This store will be the hub for issuance of certificates and KYC services for digital identities that are used in the marketplace.
Legal Storefront:
This store sells legal services and applications. The user will easily be able to customize products offered to fit their needs.
Developer Storefront:
This store provides the needed connection between coders, legal experts and users.
There will be more dAPPS to be released in future that will provide more services relating to Bridge’s blockchain service and goals.
The company storefront will offer a microservice for NEO which provides a 3 tier level system.
Tier 1–This tier includes information like name, address, date-of-birth, payment behavior, email.
Tier 2–These tiers will include all prior Tier 1 items but will require more sensitive information like social security number, driver license, passport or government issued identification. This will be the tier that most users will want to adhere to. This allows participation in ICOs and signing of legal agreements. bIMS will be able to process basic information about an identity, i.e. user over 18 years old, country of origin, etc. This is done to ensure sensitive information is never seen.
Tier 3–Special or accredited investor status. Participants that are purchasing offerings that only sell security tokens or using SAFT for accredited investors will want to receive this Tier. Our verifiers will process documents from attorneys and/or CPAsto certify accredited status.
Roadmap:
It looks like Q2-3 2018 will be focusing on making the project but Q4 will be the Mainnet rollout.
Team:
The team looks new in the blockchain space but have good experienced members that are legal advisors, tech advisers, government reps and developers. The CEO Steve Hyduchak runs the parent company ProjectICO which focuses on legal, tech and marketing for blockchain companies offering services through packages. Many of the team members in Bridge Protocol are listed as members in ProjectICO. ProjectICO has helped ICOs like INK, SpaceChain and Elastos for exchange listings.
Notes:
-CEO mentioned on an interview that it could cost up to $60 to KYC an accredited investor.
-Current cost to launch smart contract ICO 30-35k.
- Investor Town Hall Show interview with CEO
- NEO News Today
https://neonewstoday.com/general/projectico-announce-bridge-protocol-identity-solution/
-Exchanges – They mentioned they have good connections and will be on multiple in a short time. - Nasdaq article
http://www.nasdaq.com/press-release/bridge-protocol-to-launch-token-sale-whitelist-for-id-management-blockchain-20180125-00134
Comparison to other KYC dAPPS.
Partnerships:
“Our partnership will bring another trusted third party into the ICO process. Clearify.io is a blockchain solution for securing smart contract address for token sales. They allow the participant to use their site, app, or plugin before sending NEO, ETH, etc to make sure that it is actually the correct address.
This will prevent the common trend of hackers changing addresses on the backend of ICO sites. They would have to hack Clearify, which holds information on the blockchain with private keys so nearly impossible to do!”
Cons:
No working product yet.
Very big supply – however shouldn’t be a big factor.
Low hype – small community
Overall rating: 7 / 10
I think this ICO will attract a very tiny amount of hype. It would most likely come from people who participated in the ELASTOS ICO which I heard it was very smooth. The team and advisors are very suitable for the roles but I don’t see this being a big one unless a MVP comes in such as Da Hong Fei or COZ advisors etc.
Will I participate in the Whitelist? Yes there is still heaps of potential for them.
Allocation Ratio : 1/5
Thank you for your time. If you have any questions or feedback please let me know. :)
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Disclaimer:
Invest at your own risk. This is my opinion and is not financial advice. Always make sure you do your own research and invest what you can afford to lose.
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