Using maching learning software and blockchain technology, Biometrids aims to eliminate identity theft of all types. Biometrids will create an app that will allow users to identify themselves when conducting transactions by scanning their faces with a mobile device, with IDs and verification recorded on the blockchain.
The primary use-case of Biometrids will be the storing of IDs associated with numerical values on the blockchain. Importantly, images and personal information will not be recorded, thus giving users anonymity. Once users scan their faces with a mobile device and verify themselves, counterparties to a transaction can be certain that users are who they say they are and can verify if they have ever been flagged due to a fraudulent transaction. Because of the immutable nature of the blockchain, there will be a strong disincentive to commit fraud while using this platform, given that the ID will be permanently flagged.
Another important use-case is preventing the theft of package deliveries. Shipping companies will be able to scan the face of the person receiving a package to ensure the person receiving it is the same person who ordered it. If there is not a match, the package is non-delivered. This technology thus has the potential to eliminate disputes regarding non-delivered packages.
The process of verifying a person’s ID has two parts: Requesting an ID and verifying the ID. A party will send another party a request to verify ID, and the other party will in turn scan their face for verification. Each of these transactions will be paid for with IDS, the native token of the platform. These transactions will cost 0.1 IDS, 90 percent of which will reward nodes that authenticate faces and the remainder will go to the Biometrids foundation, to support further development of the platform.
Nodes will be randomly selected to verify IDS, and they will be required to stake at least 10,000 IDS and to have sufficient hardware. The nodes throughout the network will ensure the platform remains decentralized. By using nodes to secure the network and ensure it remains decentralized, the network will be resistant to outside interference from third parties such as hackers or governments.
Among the greatest challenges for facial scanning software is twins, which the platform solves. When registering, users will be asked if they have a twin who is already registered, and if they do, the other twin will have to provide a password and both will be able to scan their faces for more complex calculations that allow the system to differentiate between the two.
In total, no more than 100,000,000 IDS will be created, thus allowing its value to rise as demand for the token rises due to increased use of the platform. As an ERC20 compatible token, IDS can be stored in popular Ethereum wallets such as Mist and MyEtherWallet and traded at exchanges. The ICO for Biometrids, during which IDs can be bought with bonuses available depending on the phase, is taking place from February 19, 2018 to March 19, 2018.
Emphasizing long-term growth rather than a short-term hype cycle, all unsold tokens during the ICO will be locked for five years and available to be purchased afterwards by early investors. 20 percent of the tokens dedicated to the team and foundation will be locked for a period of three years. Investors interested in a project employing cutting-edge biometric technology that can potentially eliminate fraud and that focuses on long-term growth and survival should consider this fascinating opportunity.
*I am receiving Biometrids tokens for the growth of the community.
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