Blockchain startup Civic has developed a decentralized system of verification — a mechanism called ID Codes. Hilo platform — a social network for experienced cryptocurrency traders and «newcomers», have already started implementing it. After you start Hilo will provide information about cryptocurrency tokens and their cost.
According to the statement of Civic, ID Codes provides users and companies the independent way of authenticating his identity for social networking, profiles, organizations, etc. After users are authenticated, sending your photo, copy of drivers license and passport, the company provides them with a unique link and verified profile, which is then encoded in a network of Civic.
CEO Vinny Lingham (Vinny Lingham) stated that Civic is trying to refute the widespread notion that anonymity is a good thing.
«It is not always necessary. And in fact it is dangerous for people because they lose money,» he said.
The first concept appeared more than a year ago, and the technology development has been accelerated by the proliferation of scams in the cryptocurrency industry, in particular, among the primary placements of the tokens. One of the objectives pursued by the Civic – to make it impossible to specify the top industry experts as managers and advisers of the projects without their knowledge, often make the ICO scammers. He Lingam came across this not so long ago, scammers were trying to pass it off as one of the leaders of the project.
Against the trolls
This precedent, in part, prompted the Hilo to introduce the technology.
«We are so interested in the ID Codes Civic, because it primarily allows us to authenticate our team members, investors and advisers on our website,» said founder and President of Hilo Monica Puchner (Monica Puchner). «It is through our website cryptologist establish the first contact with the company. Therefore, the authentication capability of our investors and advisers are extremely important for us – it will increase the trust of users.»
Despite the fact that the currently available beta version of the mechanism, Hilo will use the technology to verify the identity of its users. This procedure will not be mandatory for all customers. However, those who it will be, will be able to leave comments on the site and earn rewards. According to Puchner, this will reduce problems with bots and trolls faced such social platforms as Twitter.
«We believe that the presence of such a level of transparency and user authentication when logging in to the system it is very important to minimize the impact of trolls and inadequate users, which are affecting all these platforms,» she said.
Plans for the future
Lingam, said that Civic plans to deploy of ID Codes in the third quarter of this year. The technology will be free for users, but companies will have to pay for using the service. In the short term, the company will provide to companies over 100,000 tokens issued through the ICO, which has collected $ 30 million in 2017.
«It subsidizes the operating costs of the network, because these tokens to pay costs which are usually borne by the company,» he said Lingam.
He believes that rapid development is the key to success in the industry, so he was anxious to find other partners. According to Lingam, approximately 60-70 companies have already agreed to use the ID Codes. Moreover, it expects that firms for which it acts as adviser, also introduced the technology.