The internet has changed the way businesses and unusual people communicate with each other providing each user with possibilities to transfer the data that have never been available before. However, new technologies bring forward new issues.
Online fraud and identity theft have become a sustainable problem as it harms consumers and leads to billions of dollars’ loss every year. It’s become dangerous to make any payments without knowing who you send your money to. You pay for an expert’s advice over the internet and you can never be sure that this person is really who he claims to be. Moreover, losing a medical ID may put serious obstacles in treating dangerous diseases.
Possibility to prove your digital identity may play an important role and help us solve many of these new problems.
TrigID is the first and the only service that allows real-world people show who they are without exposing their identities.
About the project: How TrigID will solve the problem.
TrigID helps its users verify their identity with real-world documents, such as phone numbers, addresses, driver’s licence numbers, SSN’s, etc., without giving away these identities.
This is a revolutionary “zero-knowledge” validator of identity information based on public blockchain which helps to avoid hacks and fakes. The platform keeps none of your actual information, so it cannot be stolen or compromised.
The project is inspired by geometric triangulation technology. It encrypts common identities, reduces the information content to 20 or fewer bits and encodes it into the public blockchain.
Here are just a few identity services that can be enabled by TrigID:
- Instant Know-Your-Customer (KYC)
- Anti-Money-Laundering (AML)
- Patient and health-record identification
- Safe peer-to-peer commerce
- Fraud-proof electronic voting.
- Financial inclusion for unbanked
- Decentralized social networks
The TrigID platform is fueled by ID tokens. Each of these tokens serves to connect facts in the blockchain database. Whenever someone transfers these tokens, the transaction ID it forged into the TrigID database and becomes publicly available. The reward is assigned to those holders who put their personal data into their tokens.
To maintain the integrity of the identity data, the service needs to be able to modify the data when any changes occur and to pass all the updates through a curation service. The ID tokens will be used by identity services for this purpose. These services will encourage individuals and organizations to make transactions with these tokens where possible instead of buying them again and again in the open market.
The image below can give more details of ID token lifecycle.
There are 14 experts working on the project. You can find the description of the key team members below.
Chief Architect and CTO
Stephen is the key person of the whole enterprise as he is the chief architect of the TrigID technology stack. Before starting this project, he has been working as CEO at FactNexus Pty Ltd for 9 years, where he’s been responsible for development and launch of the GraphBase Graph DBMS and the wik.me proof-of-concept web application.
For 2 decades, Abby has been working in different industries, including manufacturing, retail, media, finance and government. In TrigID, she works with the project’s partners and makes sure that the project meets its social and sustainability goals.
Having worked with large and diverse teams across many sites and places, Ritu has solid experience is finance sector administration. She is responsible for KYC/AML and for smooth FIAT and token transactions.
FactNexus Pty Ltd is the project’s development partner which provides a modified version of the GraphBase Graph DBMS. This technology lies in the background of the TrigID graph.
Advanced Cyber Security Engineering Research Center
Based in Newcastle, this company provides assessments and mathematical proofs to inform TrigID algorithms and architectures.
Social media analysis
*Note that the following details are as of 26/08/2018.
Facebook – 8 200 page likes, 8 800 follows
Twitter – 130 tweets, 9 900 followers
Telegram – 12 250 members
Medium – 6 posts, 2 300 followers
YouTube – 5 videos, 200 views
Reddit – 70 posts, karma 730
Instagram – 80 posts, 2000 followers
Pre-ICO Price: 20% discount for early purchasers. The Open Pre-Sale will continue until the Hard Cap has been reached or until the ID Tokens are generated.
ICO Price: there is no fixed price, the tokens are sold at the blind auction. Investors make their own bids and don’t see what other participants propose. The recommended bid varies between $1 and $50 per token.
KYC: Apart from the basic information like your name and contact details, you will need to provide such documents as your driver’s licence / passport, your selfie with the document and some other customary documents.
Minimum Investments: $5000 at the blind auction pre-sale, $500 at the open pre-sale, $50 at the ICO white list (coming soon).
Hard Cap: 30 000 000 USD
Initial token allocation:
- 31,000,000 – Token Sale (estimated)
- 5,500,000 – Advisors & Employment Incentives
- 1,500,000 – Other Community Bounty Programs
- 10,000,000 – Curated ID Bounty Program
- Team eligibility
- Token allocation
- Social media and community
Although the project’s goals seem to be too ambitious at the first glance, it still has a very good potential and may solve the outlined issues to some extent. It is backed by the project FactNexus that has been working in the market for many years and people who are real experts in this area.
The project has the solid social media support and an active community. Although its product is still at the idea stage, it is worth looking into.