AuthenticID – ATHAU ICO Smart Identity Wallet & Trust Blockchain?
AuthenticID aims to create a fast, easy, and reliable way to verify real-world identities online. Find out how it works today in our review.
What is AuthenticID?
AuthenticID, found online at AuthenticID.co, is a smart identity platform that makes it easy to verify someone’s real world identity over the internet – and over the blockchain.
The platform not only confirms someone’s identity, but it will also determine if that person is present for a particular transaction or interaction. AuthenticID uses machine learning algorithms to compare a person’s ID against a global library of government-issued ID documents from 192 countries, including over 3,400 identity document types.
AuthenticID claims they can conduct an identity authentication in 10 seconds or fewer using their platform.
Ultimately, identity verification is one of the biggest challenges in the world today. A number of companies are attempting to create ID verification systems built on the blockchain. These platforms need to balance privacy with security while offering an easy user experience for all sides.
The token sale for AuthenticID starts on November 28, 2017.
Let’s take a closer look at how AuthenticID’s Smart Identity Platform works.
How Does AuthenticID Work?
AuthenticID’s verification system is called the Smart Identity Platform.
That platform consists of a blockchain containing encrypted data for all members in the network. When ID verification takes place, AuthenticID’s machine learning algorithms compare a person’s presented ID against a global library of government-issued ID documents from 192 countries. AuthenticID supports 3,400 document types – including everything from passports to firearms licenses.
In 10 seconds or fewer, the platform can complete an identity authentication using this three step process:
Step 1) Detect If An ID Is Legit
Detect if an ID document is genuine or if it has been tampered with. Fraudsters can’t just grab an ID off the internet, swap headshot photos, and pretend to be someone else. AuthenticID can detect paper substitutes or digital images captured on a monitor. “For us, the actual physical ID document must be used to pass an identity authentication,” explains the official website.
Step 2) Biometrics & “Device-Related Factors”
Use biometrics and “device-related factors” to determine if the person whose picture is on the ID document is actually present. Some of those biometrics and device-related factors include facial recognition, liveness detection, and other smart sensor technology.
Step 3) Identity Trust Score
These factors are combined to generate an Identity Trust Score to compare with business logic.
That score automatically executes as a smart contract to ensure cryptographic compliance. A user’s Identity Trust Score is displayed during the transaction, and the business or merchant can decide whether or not to complete the transaction based on that trust score.
The platform revolves around the use of AuthenticID ATHAU tokens, which are blockchain agnostic. They can be used on any blockchain – as long as there is a smart contract-like mechanism in place for applying logic to the blocks.
AuthenticID’s Smart Identity Platform comes with all of the following features:
This is the first component of the platform, also called the “first mile”. This component is about identity proofing who you are. The platform uses the CatfishAIR Identity Platform, but this process can also be done manually or with automated/semi-automated know your customer (KYC) systems. The layer is authoritatively bound to AuthenticID’s Identity Authenticator component, which maintains the core principles of trust, self-sovereign control, and anonymity on the blockchain.
Smart Identity Wallet:
The AuthenticID Smart Identity Wallet technology manages the identity-related interactions for each authenticated user, but doesn’t reveal the identity to the requesting sites or parties to the transaction. This turns the user’s mobile device into an Identity Indicator. The Smart Identity Wallet comes in the form of a mobile wallet, and users can use this wallet for a variety of authentication activities. “Imagine being able to link authenticated identity to certified life experiences for a next generation blockchain-enabled resume,” explains the AuthenticID whitepaper – so clearly, this platform can be used for more than just blockchain-based identification.
Identity Trust Score:
AuthenticID’s Identity Trust Score provides dynamic, real-time insights and identity intelligence reflected in a dynamic trust level scoring system. The end result is a user’s “Identity Trust Score”. Businesses and individuals can check this score, then decide whether or not to complete the transaction. The score consists of data from a variety of authorized sources.
AuthenticID’s Smart Oracle integrates off-chain, third party data verification services that represent a broad ecosystem of third-party data that can be integrated as decisioning outputs into the system, helping to determine a user’s identity.
Identity Consent Engine:
AuthenticID’s Identity Consent refers to use of an external secure device connected to an authenticated identity. That device can be used to authenticate a user’s acceptance or denial of a transaction – say, a fingerprint sensor or PIN entry.
Human in the Loop Identity Consent Model:
AuthenticID provides a mechanism via the Smart Identity Wallet technology to create a human authentication loop allowing individual identities to accept or deny blockchain transactions, or to provide consent to use of their personally identifiable information.
The AuthenticID Token Sale
AuthenticID’s token sale begins on November 28, 2017 at 12:00pm UTC, and lasts for 26 days.
AuthenticID’s ATHAU tokens will be used to interact with the platform. Anyone can use ATHAU tokens to authenticate identities on the blockchain. Each token functions as a 20% discount coupon when converting it to AuthenticID service credits.
There’s a total supply of 10,000,000,000 (10 billion) tokens including all bounties. There’s a total supply of 2.5 billion tokens ($25 million token value) available during the ICO. Any unsold tokens will be burned.
Of the total supply, 25% is going to the public sale, 35% is retained by AuthenticID, 35% is reserved for adoption rewards, and 5% is reserved for bounties and token sale costs. The tokens are ERC20 tokens.
Who’s Behind AuthenticID?
AuthenticID is based in Manchester, New Hampshire, USA. Key members of the team include pioneers of the identity authentication and biometrics industries, including R. Bruce Reeves (Executive Chairman), Blair Cohen (Chief Evangelist and President), Jeff S. Jani (EVP and COO), Richard A. Huber Jr. (EVP and CTO), Todd Reeves (VP of Finance and Administration), and Jon Busey (InfoSec Director).
Phase one of the project (the Smart Identity Developer Program) is expected to launch in January 2018, with phase two (the Smart Identity Wallet) launching in April 2018. By September 2018, AuthenticID will have launched its oracle service and its Identity Consent Engine.
AuthenticID is a blockchain-based identity verification platform. The blockchain agnostic platform collects data from government-verified sources, then uses biometric data to verify someone’s identity during a transaction.
The token sale for ATHAU tokens begins on November 28. Learn more about the platform by visiting online today at AuthenticID.co.