The blockchain age has been grappling with identification issues. Hackers, spammers, and scammers have taking advantage of the hidden identity of individuals on the blockchain to cause havoc and fraud. Recently, many organizations have resorted to KYC in trying to gather information of who they are dealing with.
Worldwide too, there has been, and always will be the need for identity verification. In this era of online everything, data is the chief commodity of every transaction. The more reliable and secure the data, the more convenient and beneficial it will be for the parties in a transaction.
The present system of identification relies on humans having to share their private statistics and helping proof of counterparties with the intention to discover themselves and their source of wealth. Those counterparties maintain the shared information entirely, and the greater information a person stocks with those counterparties, the simpler it is to identify the man or woman and their source of wealth.
IDENTITY RISK NODE IDENTIFIED
All too often the counterparties/nodes do share the data partially or wholly with third parties, which in turn extends the initial star network, hence increasing the number of points of vulnerability in the former network. Technological innovation in encryption mostly work with regards to securing the transmission of data between two or more nodes in a network, however they do not address the issue of an increase in the number of nodes in a sensible data network. As the number of electronic transactions a person conducts increases in frequency, the number of nodes in their personal data network subsequently increases exponentially, consequently increasing the number of points of vulnerability.
THE IAME SOLUTION
The solution IAME is proposing is to change the way the identification process is conducted to the point that a person’s data is fragmented prior to confirmation by a series of independent third parties, who are not affiliated to any parties within the transaction. The third parties would be assigned the task of confirming fractured pieces of personal data, which by themselves are useless to malicious parties, however, the sum of which would constitute a valid identification to the transactional counterparty. As a result , this would bypass the need for any transactional counterparty from having to process or store non-essential data.
The above process would take place on the IAME Identification Network, a purpose-built system to service the fragmented identification process, fueled by the IAM cryptographic token. Functionality of the IAME Identification Network would principally serve Blockchain P2P transactions; however, usage would be extensible to merchant transactions and financial institutions in the provision of blockchain related services
IAM TOKEN BRIEF VIEW
The core instrument to carry out this task on the blockchain is the token. IAME is therefore developing the IAM token. It is the vehicle to drive the IAME identity verification ecosystem on the ethereum blockchain. It is an ERC20 compatible token. The IAM token will ‘operate as a validation token to initiate confirmation requests for validation packets on the IAME Identification Network. Parties would spend the token through the IAME Identification Network client and after deduction of equivalent blockchain hashing costs, the balance of IAM token would be paid out as reward to third-party validators who operate the validation processes on a for-profit basis.’
Here are some diagrammatic representations of the token processes.
CONCLUSION
We know that in this digital age, data is the ‘next oil’. For data to be valuable, its identity should be verifiable. Therefore a viable source of verification is a goldmine investment. IAME want to strategically position itself in the mainstream of identity verification through this project. Hence the launch of the IAM token.
MORE DETAILS
You can be a part of this movement either by investing in the ICO or by promoting the token through the bounty campaigns for a reward or both.
Read through the official website https://iame.io/ ,the whitepaper https://iame.io/res/180301-IAME-White-Paper-en.pdf , the bounty thread https://bitcointalk.org/index.php?topic=3218491.0 as well as follow IAME on twitter https://twitter.com/@iameidentity to get more information to shape your decision on this token.
Article by: MainIbem
BitcoinTalk: https://bitcointalk.org/index.php?topic=2430807.0
ETH: 0x723aa1680aaf31ada078155c878929c19b8f905b