The popularity of ICOs has attracted regulators across the globe to set Knowing Your Customer (KYC) as a mandatory action in any ICO procedures. However, the process required some complicated steps. Some countries like UK, Russia, and Hong Kong even limit the use of ICOs due to the lack of federal securities law the cover ICO investment. Without legal regulations, ICO investment is prone to increasing fraud statistics. This problem can be prevented if the ICOs do digital KYC checks on their investors and contributors. ICO Pass is a prominent business verification services that can reduce ICO scams significantly.
[infobox style=”alert-success”]What is ICO Pass?[/infobox]
ICO Pass is a new platform largely intended for ICO organizers who offer ICO sales. The main goal of this platform is to make identifying and verifying ICO clients’ identity easy for ICO organizers. In addition, ICO Pass is trying to build an interconnection between ICO organizers and investors. To sum up, ICO Pass team is developing and improving the current KYC system that is still prone to problems related to safety. This platform ensures that the crowdsale participants’ data are safe and reliable.
ICO Pass provides smart contracts that evaluate all payments made in the network so only the eligible ones have proceeded. Only proven funds can be transferred based on a proxy server contract. More importantly, the process of verifying data is very simple. In short, there are three words to describe ICO Pass: fast, secure, and efficient.
[infobox style=”alert-success”]How does ICO Pass Work?[/infobox]
Blockchain technology is used to support ICO Pass platform. The technology enables the platform to verify participants’ data safely. A special key is to encrypt any vital participants’ data. Using smart contracts, ICO organizer can check the crowdsale participants’ data. The data are private. There won’t be a data leak because nobody can access the private data. In order to simplify the KYC process, ICO Pass is creating a user-friendly mobile app with some useful features.
The platform allows ICO organizers to proceed KYC check in less than 10 minutes. Compared to the traditional method that takes much time, ICO Pass can do it much faster. Using the platform, some multiple databases can either added or removed to make the data richer and more reliable.
[infobox style=”alert-success”]ICO Sale Period[/infobox]
The crowdsale period will range from 2 weeks to a month. It depends on the hard cap that is reached. If in 2 weeks the desired contribution size is already achieved, the sale will be ended. However, if there are still no contribution it will continue to a bit more than one month. Right after the sale finishes, the tokens will be issued to investors and in 15 days after that, token holders can claim the revenue.
What are the funds for? Half of the funds earned from ICOP sale will be used for further development of the platform including paying for all operating cost. Therefore, these tokens will not be put on sale later. 10 percent of the funds will be allocated for ETH foundation as ICO Pass is supported by this foundation. Meanwhile, 20 percent of the funds will be allocated for ICO Pass team and the rest will cover the promotion costs.
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