When a person enters into business with some other person, he/she goes for an in-depth verification process before cracking the deal. But, in the process both the parties try to avoid their personal sensitive information. Similar is the case in a banking system. When two parties enter into transaction with each other, they have to disclose each and every personal detail with each other which is not liked by most of the customers. No one likes to reveal the sensitive personal information. There should be certain level of privacy that should be maintained while doing transactions. To rectify this problem IAME has come with a unique solution for people doing blockchain transactions. It will benefit both the parties mutually as no data or personal information will be required for successful completion of the transaction.
Introduction
IAME is a decentralized platform for carrying out transactions of cryptocurrencies with the help of blockchain technology. The advantage of this platform is that parties involved in transactions do not have to disclose their sensitive and personal information with each other. Transaction will be made successful sans these unnecessary processes. On top of that, you trade in any cryptocurrency whatsoever, you do not need to reveal the source from where that cryptocurrency has been generated. So, the question arises how would the identification be done then? It will be carried out by independent and autonomous third-party validators. Information will be gathered and verified in bits and then joined together later on to complete the process. In this way original information will not be disclosed to validators all at once but in bits. The result of the identification process would be made available on designated blockchain but without any compromise with the tampering of data.
Current Problems
In order to identify the identity and source of wealth, counterparties have to share their personal information and supporting evidence with each other. This is something which not preferred by most of the people. More data a person shares with counterparties, easier is to identify the person and his/her source of wealth. So, it increases the vulnerability of being traced out. Irrespective of the security measures, greater the amount of data shared or surrendered to other parties, the riskier is the fallout from any potential security breach. As the frequency of electronic transaction increases, it increases the number of nodes in their personal data exponentially, thus increasing the number of points of vulnerability.
Solution
IAME proposes to change the way the process of identification is done. It will ensure that a person's data is fragmented before the confirmation by a series of independent third parties, who are not associated with any parties within transaction. These third parties would do the task of confirming the divided pieces of personal data, the totality of which would form a valid identification to the transactional counter play. Consequently, this would eliminate the need for any transactional counterparty from having to process or accumulate non-essential data. The entire process would run on the IAME identification network which is fuelled by IAM cryptographic token. This would fundamentally serve P2P transactions, but its applications can be extended to merchant transactions and financial institutions.
Token details
For the operation of IAME identification network, a functional token has been issued called as IAM token. It operates on Ethereum ERC-20 platform backed by blockchain technology. It will operate as a validation token to start the confirmation process for validation packets on IAME networks. Third-party validators will be given reward in the form of tokens after deduction of equivalent blockchain hashing costs. The token sale will begin from April 18, 2018 and end on May 20, 2018. The Pre-ICO price is 1 ETH = 20,000 IAM. The ICO price is 1 ETH = 10,000 IAM. Soft cap value is 1,000,000 USD and hard cap value is 25,000,000 USD.
Conclusion
IAME aims to rectify and resolve the problems that people face while doing transactions on blockchain platform. It is removing the need for identification and disclosing of sensitive personal information. In this way anonymity will be maintained and vulnerability will be reduced. It will act as a bridge to join blockchain technology to the regulated world. Investors can invest this unique platform as it is bound to generate huge returns. It is going to be the future of blockchain enabled platform for identity free transactions. So, it is time to invest wisely and earn profit.
Website: https://iame.io/
Whitepaper: https://iame.io/res/180301-IAME-White-Paper-en.pdf
Blog by yalsik.s
Profile: https://bitcointalk.org/index.php?action=profile;u=1943321