June 14, 2018
Blockpass, the blockchain-based identity application which gives users total control over their own personal data, just announced the launch of its Initial Token Distribution Event (“TDE”) through the sale of their groundbreaking tokens (“PASS tokens”) which are available for purchase from official distributors from May 31st 2018 through November 30th 2018. PASS facilitates the fantastic Blockpass Know-Your-Customer (“KYC”) services for its users while functioning as discount vouchers for Blockpass services
Through the use of blockchain technology and smart contracts, Blockpass is an identity application Regtech platform offering shared regulatory and compliance services for humans, companies, objects and devices. Blockpass gives people control over their data and eliminates the annoying process of repeatedly submitting Know Your Customer (“KYC”) data for every financial service or retailer they sign up for. As a self-sovereign identity platform, users can establish, verify, store and manage their identities, maintaining full control over all data involved.
For business solutions, the Bockpass KYC platform provides a pool of pre-verified users that is safely and privately stored for instant verification by subscribed businesses, thus reducing the cost and time of verification of new customers. The service also provides for a reliable and cost effective Anti Money Laundering (“AML”) Regtech solution for regulated industries, blockchain merchants and service providers. Such Regtech solutions provides companies with the regulatory compliance needed to stay competitive without worrying about legal implications.
The purpose of the token is to expand the network of users of Blockpass and facilitate the use of Blockpass. The utility of the token is to obtain a discount on verification services provided by Blockpass as well as “identity mining” which rewards users and enterprises providing services for identity verification. When a user receives the token they will need to download the app and conduct a KYC process with the Blockpass Foundation before they are able to transfer the token. This is referred to as “Sender KYC.”
The PASS token is an ERC20-based token. Blockpass will issue a finite number of one billion PASS tokens of which 250 million PASS tokens will be available for purchase during the Initial TDE from authorized distributors from May 31st 2018 through November 30th, 2018. If there are unsold PASS tokens, the remainder rolls into the Second Distribution Event in 2019 with a hard cap of 100 million tokens. The PASS tokens available at the Initial TDE will be priced at 0.10 Euro per PASS token. Information on purchasing PASS tokens can be found here.
You can also purchase PASS tokens by downloading the Blockpass app on iOS and Android. Simply create your identity and complete the verification process. The app is consumer-oriented and will enable users to create a new account with a few easy steps. Users simply submit documents for verification, supply their digital identity to service providers to pass KYC, log in to Blockpass-enabled services, sign crypto-asset transactions, and access third-party decentralized applications (“Dapps”).
The goal of Blockpass is global realization of identity for the Internet of Everything. As this identity system supports verification of humans (KYC), objects (KYO) and connected devices (KYD), it will enable the development of new applications that rely on a trusted connection between human and device identities.
Infinity Blockchain Labs (IBL) is a visionary R&D company committed to advancing society with next-generation solutions. We are currently the blockchain ecosystem leader in Vietnam with a global reach. Our mission is to be the R&D engine that transforms future technology into practical applications for business and everyday life. Named one of the top ten blockchain technology solution providers in 2018 by APAC CIO Outlook, our 200+ employees at IBL aspire to empower Vietnam to become the global leader in blockchain research and development.
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(1) Information about Blockpass Pass token https://medium.com/@blockpass/blockpass-launches-token-distribution-event-a88a5470a916
(2) Information about the IDE event here: https://medium.com/@blockpass/important-information-about-the-blockpass-token-distribution-event-e7d9e3aaac42