Bounty Biometrids
Biometrids: Biometrics Powered by Blockchain
With identity theft rampant in our Digital Age, Biometrids aims to combat and eliminate the problem as much as possible by creating a decentralized platform on the blockchain, where IDs are immutably registered using a mobile device. By refining its technology and applying machine learning, Biometrids aims to create a system of unrivaled accuracy and trust.
By combating identity theft and fraud, Biometrids will allow businesses and consumers to transact with more confidence. Consumers will feel more confident about purchasing goods and services online, and businesses will be more confident about protective measures in place preventing fraud. The advanced biometrics technology employing the blockchain can thus stimulate more commerce and bring peace of mind for users. Over time, Biometrids will aim to create an app that will be compatible with popular commericial software to bring convenience to users.
Users will register with Biometrids by scanning their faces with a phone. If the same face is detected in the database, the user will be asked if he or she has a twin. If so, the twin will have to present a password and the system will rescan the twin to make more complicated measurements to distinguish the two faces. Initially, users will have an ID and password for verification as a security measure, but over time Biometrids will verify a person from a scan of the face alone.
Importantly, the blockchain will not store images or names of people, but will rather store values linked to an ID. Though faces may change over time, especially due to aging, certain measurements remain the same throughout a person’s life. Thus, while preventing identity theft and fraud, the mathematical values stored will provide anonymity to users. The anonymity provided to users will also prevent malicious actors from misusing the data on the platform.
The verification of IDs will foster more confidence in transactions by indicating if a counterparty to a transaction has a history of fraud. For businesses that engage in transactions with party whose history they do not know, this service is potentially very beneficial. Similarly, teams behind an investment project could be subject to verifying themselves with the platform, giving investors more confidence in the project in which they are contemplating investing.
The native token of the platform is IDS, an ERC20 compatible token that runs on top of the Ethereum blockchain. No more than 100,000,000 IDS will be minted. Each transaction will cost 0.1 IDS. To ensure the decentralization and security of the platform, nodes that verify the identity of users will be rewarded 90 percent of the fees of transactions. To function as nodes, users must have a minimum of 10,000 IDS and must meet certain hardware requirements. The remaining 10 percent will go to the Biometrids Foundation for continuous development and marketing.
The crowdsale for this fascinating project with potential to eliminate identity theft will take place from February 19, 2018 to March 19, 2018. Investors interested in supporting a project that can promote commerce and the social good will have the opportunity to do so with the Biometrids crowdsale. The IDS token may rise in value over time if the platform becomes widely adopted.
To learn more about Biometrids:
Website: https://biometrids.io/
https://bitcointalk.org/index.php?action=profile;u=1582803;sa=forumProfile
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