The IAME Decentralised Identification System

The IAME Identification Network is a Decentralised Identification System purpose built for the Blockchain Ecosystem. IAME relies on its proprietary fragmented identification algorithm whereby identity documents are fragmented into thousands of unintelligible pieces, and the validation process is crowdsourced to hundred of thousands of people. With IAME, cost of identification is lowered to a fraction and fallout from security breaches are reduced to nothing.

The result of the identification process would be hashed onto a designated blockchain and made accessible on a public repository such that the identification status and source of the cryptocurrencies associated with specific blockchain addresses can be consulted, without compromising the unique identification data.

The IAM Token

ICO RATE: 1 ETH = 10,000 IAM
Ethereum RaisedTBA
Minimum Cap1,000,000 USD
Maximum Cap25,000,000 USD

► When does the private sale start?
We launch on the 18th of April when we will be in the London Blockchain Conference. If you are visiting us, don’t hesitate to drop by booth 105 for some really cool swag!
► When does the private sale end?
It ends on the 20th of May. Once this date is reached, the smart contract will not be accepting anymore contribution.
► What is the minimum contribution for the private sale and what rates am I looking at?
The minimum contribution will be set to 1 ethereum. Please make sure you don’t contribute less than this amount during the private sale. The rate will be set to 20,000 IAM for 1 ethereum.
► When will I receive my IAM tokens?
The tokens will be allocated at the end of the ICO which will start on the 4th of July and end on the 24th of August 2018.
► How do I contribute to the private sale?
First you need to register your email on www.iame.io/participate and we will email you the contract address when the private sale starts.
► Do I need to be whitelisted and do I need to send my passport?

We do not whitelist contributors. We also do not save your passport. However you need to make sure that you are allowed to participate from the country you reside.

To operate the IAME Identification Network, a functional token will be issued, known as the IAM Token, which would operate as a validation token to initiate confirmation requests for validation packets on the IAME Identification Network. Parties would spend the token through the IAME Identification Network client and after deduction of equivalent blockchain hashing costs, the balance of IAM token would be paid out as reward to third-party validators who operate the validation processes on a for-profit basis.

This would attribute not a store of value to the token but a market value based on natural demand and supply for identification processes. The value of the IAM Token would be, in essence, determined by 2 factors:
1. The cost of validation, which would be proportional to the financial cost of hashing the requested amount of data on the designated blockchain, setting a price floor for the token
2. Market demand, which would be proportional to the demand for blockchain identification based on the IAME Identification Network

Because of the the ephemeral aspect of data validation in the field of identification, market demand would remain recurring and would only increase with an increased adoption of the IAME Identification Network.

Token Economics

The IAM Tokens that will be offered in the IAME initial coin offering will be created under a minting system: IAM Tokens will be created as and when Ethereum is contributed to the ICO Contract. This will ensure that that token creation reflects market demand. For every IAM Token minted for contributors another IAM Token will be minted under a reserve system and allocated to various pools.

Validation with the IAME

+ How does validation function with IAME’s system?
Since we announced our project of developing a decentralised fragmented identification system, there has been much interest in what the technology is all about. We’ve been asked questions about how the tech would work and look to all parties engaging in the transaction. We are happy to announce that we have two prototypes up and running – one for identity validation and one for identification. You can personally engage them and see how both function by visiting the identification prototype and the validation prototype

+ What is DFI in the context of identity validation?
In our previous blogs, we’ve already spoken about how decentralised fragmented identification is the method that IAME’s identification system leverages to reinvent the entire blockchain identification process. With DFI, the data shared in these transactions is rendered worthless, given that it is first fragmented and then distributed among a series of independent third-parties – These third-parties are not affiliated to any parties operating as members of the transaction.
It’s important to point out that this network of third-party validators was built on the notion and rationale that an identification validation conducted by a network of third-party validators is far more dependable and less susceptible to the risk of fraud than an identification validation conducted by a single institution or party.
Once a user attempts to fragment and verify their identity, this fragmented data components result in a prompt being sent to the validator platform where predetermined validators are ready to take on the task. The system encompasses a for-profit approach, which means that validators are rewarded for their contributions. Many people we spoke to had questions about validators potentially manipulating the system to for their financial benefit – don’t worry! The IAME team has a fix for this.
To counteract the risk of third-party validators attempting to “game the system”, given that it runs on a for-profit basis where third-parties are paid to validate information, the IAME identification network deploys a symmetric game model that uses a method of “tribunal validation”, where consensus determines validation – secondary tribunals come into play in the event that a consensus is not initially reached and an appeal is required. No single party, therefore, has control over the identity validation process. Therefore, you can rest assured knowing that the unaffiliated validators of your identity are not only motivated but checked by our intelligent validation model.

Identification with the IAME

+ How does identification function with IAME’s system?
Since we announced our project of developing a decentralised fragmented identification system, there has been much interest in what the technology is all about. We’ve been asked questions about how the tech would work and look to all parties engaging in the transaction. We are happy to announce that we built two prototypes – one for identification and one for validation. You can personally engage them and see how both function by visiting the identification prototype and the validation prototype.

+ What is DFI?

Decentralised fragmented is the method that IAME’s system leverages to reinvent the entire blockchain identification process. With DFI, the data shared in these transactions is rendered worthless, given that it is first fragmented and then distributed among a series of independent third-parties – we discuss the validation aspect of our system in our next blog titled, “Validation with the IAME prototype”. These third-parties are not affiliated with any parties operating as members of the transaction.
For now, it’s worth mentioning that this network of third-party validators is assigned the task of confirming and verifying the validity of each of these fractured pieces of personal data, which by themselves are useless to malicious parties. The compilation of these fragments would constitute a valid identification to the transactional counterparty, thereby verifying the identity of initiating party.

A Decentralised Approach to Identity Verification

What is the challenge of identity verification via blockchain technology?

There are three central focuses of the contemporary data security debate that regulators are particularly interested in – both centered on identity protection and the security of personal information shared by consumers, who are often the core target of data breaches.

The first focus is on making sure businesses employ approaches that do everything they can to ensure data security and are compliant to the extent that even if a data breach does occur, consumers are notified as soon as possible – many businesses who suffered breaches have failed to do so in the past.
The second focus is enforced by recent regulations, like the European General Data Protection Regulation (GDPR), which stipulate, among other things, that consumers should have the right to request for their information to be deleted and/or not to be shared in certain instances and locations.

Finally, the third focus – one geared specifically to the blockchain realm – is on providing greater visibility into who these transactional parties are and where their cryptocurrency originates from – an effort that is oriented towards picking out the involvement of parties engaging in illegal activities.

While the initial focus is relatively easy to adhere to, the problem with the second focus is that most blockchain transactions, especially those that are public, are accessible to any individual and are immutable in nature. In other words, data on the blockchain cannot simply be deleted. Additionally, the third focus comes into direct conflict with the whole principle of anonymity that blockchain participants look for.

Therefore, it is clear that the implementation of such regulations that impact the identity verification of parties and information shared on blockchain transactions will be inherently incompatible with the realm’s underlying ideas of decentralisation. Additionally, blockchain parties’ apprehension towards non-anonymity conflicts directly with the requirements and AML/KYC goals of regulators. A compromise needs to be reached between the technology and the regulators that enables a symbiotic existence between the two sides – this is essential if blockchain technology is to survive and be integrated further.

So, how can identity verification take place with minimal to no impact of data breaches, while staying in line with the various regulatory pressures? While many businesses attempt to deploy impenetrable or “hack-proof” systems/networks, the reality is that nothing is ever hack-proof. Breachers will always find the technology and the means to get in and steal data. The perfect solution, therefore, is to make the data “hack-worthless”. How can this be achieved? Decentralised fragmented identification.

The IAME way – decentralised fragmented identification
Decentralised fragmented identification is essentially a method that reinvents the entire identification process. By shifting the identification process from wholly to fragmented systems, transactional parties can now validate their blockchain address without having to trust the other transactional parties with their non-essential sensitive information.

With DFI, the data shared in these transactions is rendered worthless, given that it is first fragmented and then distributed among a series of independent third-parties, who are not affiliated to any parties operating as members of the transaction. This network of third-party validators are assigned the task of confirming and verifying the validity of each of these fractured pieces of personal data, which by themselves are useless to malicious parties. The compilation of these fragments would constitute a valid identification to the transactional counterparty, thereby verifying the identity of initiating party. Given this process of fragmentation and validation by third-parties, the entire need for transactional parties having to process or store non-essential information would be eradicated.

Given the need for a non-invasive identification system for decentralised blockchain technology, the IAME Identification Network’s utilisation of decentralised fragmented identification technology will be the bridge that links blockchain technology to the regulated world.

A Platform for Financial Institutions

As the regulatory classification of Cryptocurrencies converges towards currencies, securities, and/or software, there will be a need for some form of anti-money laundering procedures to be applied, which can trace the source of the Cryptocurrencies - up to a level that can ascertain that they are not from the proceeds of criminal activities. The use of public ledgers, though being able to create an electronic trail up to the mining/creation of Cryptocurrencies, does not identify the transitory wallets through which the Cryptocurrencies have been.

As an extension of the IAME Network and its public repository, the identification system would be used in the construction of identified topological spaces that would provide financial institutions with the tools to identify, to the nth degree, the origin of the Cryptocurrencies they are handling.

The creation of a partially meshed system would provide financial institutions handling Cryptocurrencies a level of comfort, to the nth level, on the source of Cryptocurrencies, which would still constitute a more efficient anti-money laundering tool than current procedures for Cryptocurrencies.