According to research by Markets and Markets, the identity and access management market will continue to grow: by 2021, it will nearly double to $14.82 billion, compared to from $8.09 billion in 2016. The primary driving factors of such growth are increased attention to security among organizations and demand for mobile solutions. For example, the mobile finance market by itself is expected to grow from $21.15 billion in 2016 to $112.29 billion by 2021. Currently, only a few projects offer remote verification services.
The Verifier team is developing solutions, that cover covering a whole range of needs, from technical promotion on mobile devices, and the use of mobile financial services for enterprises to solving issues with authenticating users on cryptocurrency exchanges.(плохое предложение – слишком много аргументов, надо простоще от одного к другому) from technical promotion on mobile devices to solving issues with authenticating users
The only verification mechanism that currently exists is self authentication, the process which is performed by the individual himself. Can this be considered as a reliable method of confirming identity? It would be more logical to assume that the authentication of a specific person can only be done via a third, independent party, the verifying agent.
However, even this kind of identification is not ruled out by the Verifier project team. In fact, it will be offered for free in the app.
Verifier Goes Further
All current data verification projects are aimed at solving issues using certain tools, whether those be identification stations, agent visits, or collection and registration of biometric data.
The Verifier team is looking at the issues more broadly and solving it by confirming any occurring event or its completion, any asset, presence, or identity. So far, there is no solution for all the categories, listed above, on the market.
The Time Has Come
The financial sector has long been pulled in two directions at once: on one hand, there are unlimited possibilities for access to customers across national boundaries and for massive growth, but on the other hand, there are strict regulatory requirements and the need to fight fraud and prevent money-laundering schemes (AML).
“Regulators demand the impossible: individual client verification (KYC), even though most exchanges do not have branches around the world. And the paradox is that it would be impossible to make an exchange service accessible without expensive commissions to cover the expenses for a large number of employees and offices around the world,” comments Verifier project founder Dmitry Nazarov. “We are offering a revolutionary approach: to use trained verifier agents around the world, sending them an assignment to meet the client in a specified location and verify their identity and documents before opening an account.”
The blockchain service Verifier is based on the secure transfer of data within the system, using a chain of linked transaction blocks. The token issuance is intended to fund the launch and subsequent scaling of the verification service. Verifier Tokens (VRF) are Ethereum-based smart contracts.
The crowdsale will take place in several phases. The Presale phase has already been launched, and only a limited number of VRF will be offered during it, with a discount for early investors. Then comes the Pre-ICO. Finally, the majority of the tokens will be offered in April of this year, as part of the main selling phase, the ICO.
The funds raised will be directed toward developing the Verifier system, as well as marketing to increase the project’s reach. To raise funds, Verifier has issued Verifier Tokens (VRF), consisting of smart contracts based on the Ethereum platform.
Verifier Tokens are the internal currency of the Verifier ecosystem. Their circulation and liquidity are supported by the operation of the entire system. Verifier Tokens do not give rights to a share of the company’s profits. Demand for Verifier Tokens is ensured by increasing the number of users in the system and the popularity of the system itself.
Benefits to Token Holders
VRF tokens are designed to be used as a payment method in the closed ecosystem on the Verifier platform. Holders can pay for services within the system, sell tokens to other system participants, and exchange them for other cryptocurrencies. All transactions with tokens on the platform are recorded on the blockchain through smart contracts.
The base price for the token is equal to the minimum price for the service, which is $10 or 1 VRF. Demand for VRF tokens is will grow through increased numbers of transactions to buy tokens in the system and will constantly increase proportionally to the growth of the number of system users. The minimum cost of the service (fixed portion) will remain at its original level.