Using facial recognition software and blockchain technology, Biometrids aims to provide a means for users to authenticate their identity and its associated reputation. By means of this software that can be installed into mobile devices, identity theft will be prevented and businesses will be able to transact on the internet with more confidence.
With its static ID feature, users will be able to authenticate themselves in real-time when conducting a transaction, allowing the other party to see if they have ever been flagged for fraud. This feature not only serves to protect users from becoming victims of fraud, but also serves as a deterrent given that any fraudulent activity will remain as a permanent record. Users of the platform will remain anonymous, though their ID based on the facial recognition software will be recorded on the blockchain, which is transparent and immutable. Importantly, the photograph of the face will not be what is stored, but rather numerical values unique to the face based on a 3D image. Aiming to be as accurate as possible, the software will include a process to distinguish identical twins with very similar faces.
Globally, the problem of identity theft has cost individuals and businesses tens of billions of dollars. In the U.S., identity theft cost consumers about $16 billion in 2016, and in the UK identity theft has doubled from 2008 to 2016. The facial ID software of Biometrids will eliminate identity theft, making it a relic of the past, and thus save consumers time and money.
Among the best use-cases of Biometrids is in developing countries, where many births go unregistered due to families lacking the means to obtain proper identification through the government. In these countries, the problem of lacking ID documents can prevent individuals from obtaining needed goods and services, and conducting business. By allowing individuals to identify themselves without requiring central authorities, they will be empowered and can participate in transactions of which they were previously excluded.
Another important use-case for this technology is the delivery of packages. Delivery services often merely ask for the ID of the recipient, whereas with Biometrids the delivery of a product will require the same person who ordered producing their ID, allowing the seller to be certain that the person who ordered the package received it. This feature will lower or eliminate fraudulent claims of missing or non-delivered packages, and will save businesses time and money.
The native token of the platform, used for paying for services and fees, is IDS. IDS is an ERC20 token and runs on top of the Ethereum protocol. In total, no more than 100 million IDS will be minted. The fee for using the platform for scanning a face is 0.1 IDS. The platform will collect 10 percent of the fees to further develop and market the platform, given the rapid pace that technology evolves. Nodes that authenticate users, thus allowing the platform to be decentralized, are rewarded with the remainder of the fees. Nodes will be required to stake at least 10,000 IDS and will be required to have hardware that meets a standard, and will be randomly selected to secure the network and receive rewards.
About 2o percent of the tokens will be locked up for three years to prevent it from being dumped into the market, thus incentivizing the building of the platform according to the roadmap. The project will also initially put more focus on developing its technology than having its token accepted into exchanges, indicating that the project is focused on long-term success. As one of the first projects to combine biometrics with blockchain technology, this project has a promising future with great potential for early investors.
*I am receiving Biometrids tokens for the growth of the community.
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