Biometrids – Facial Recognition IDO ICO Blockchain Identity?
Biometrids is a platform that promises to solve identity problems using blockchain technology. Here’s our review.
What Is Biometrids?
Biometrids, found online at Biometrids.io, allows people to identify themselves to others using face recognition services that are already built into their phones. Identifying data is recorded onto an immutable distributed ledger (i.e. a blockchain), with every person in the chain having a unique ID. One face is linked to one ID, and every ID is unique. If you are recorded in the chain once, then you’ll never be able to manipulate that ID again or copy the ID.
Basically, it’s facial recognition technology built using blockchain and smart contracts. The token sale for Biometrids is underway today, although main development on the project isn’t scheduled to begin until 2018.
How Does Biometrids Work?
Biometrids uses machine learning for facial recognition. That machine learning ensures that even if your face changes over time, the contours of your face will not change significantly, and Biometrids will always be able to recognize you.
Let’s say a company or user needs to identify you. That individual or company can send a request for your Biometrids wallet. A request will pop up on the screen, and you can simply scan your face. This validates your identity to that company or user.
Your face recognition – through your phone – is matched with the Biometrids blockchain ID linked to that face. If everything matches, then your ID is verified and you’re good to go.
Biometrids plans to release an API that will make it easy to link their platform with other platforms. That API will be catered towards wallets, banks, companies, real estate partners, and more. A wallet app might request a scan of your face to confirm a purchase, for example.
Biometrids also envisions a future where their platform can be used by public services:
“The same process will be used for public services. If you get stopped by the police, then simply scan your face and they can read your driver’s license on their device.”
Here’s the basic process that will be used when processing facial ID with Biometrids:
Step 1) Face detection. This includes 3D face model creation.
Step 2) Face pre-processing, segmentation, and splitting.
Step 3) Data transactions to smart contracts. The nodes in the Biometrids network determine which piece or feature of the face should be sent to a smart contract. Some of the smart contracts are classifiers, while others will have machine learning modules.
Step 4) Data processing. During this phase, all processed data is collected from smart contracts.
What Problems Does Biometrids Seek To Solve?
Biometrids sees a major problem with modern authentication services used by companies. Today, companies around the world suffer serious data breaches because of centralized systems with poor user authentication. Companies have lost combined billions of dollars due to unauthorized access into their systems.
As the Biometrids whitepaper explains, “many issues exist with identity systems”, and these issues occur because of centralized systems operating as a silo between several service providers. “The silo approach causes limitations to the security necessary for protecting passwords and issued identification records, as it provides a central place to breach, giving high returns for hackers.”
The whitepaper goes on to mention costly data leaks by Yahoo, eBay, Blue Cross, Equifax, JPMorgan Chase, and others.
One of the problems with today’s identity verification is that verification info is stored off the blockchain. This makes the data easy to manipulate.
The Biometrids Token Sale
Biometrids uses tokens called IDS. There will be a total of 100,000,000 IDS tokens, with 5% sold in the pre-ICO, 5% for bounties and advisors, 70% sold during the crowdsale, 10% for the team, and 10% for the foundation.
The pre-ICO will run for one week at a price of 1 ETH = 1330 IDS. The main crowdsale will run for four weeks with prices of 1 ETH = 1,000 IDS (week 1), 1 ETH = 850 IDS (week 2), 1 ETH = 700 IDS (week 3), and 1 ETH = 600 IDS (week 4).
Any tokens unsold during the ICO will be locked for five years. After five years, they will be sold back to early investors in a private fundraising campaign, and they will not be sold on exchanges.
The pre-sale is underway from November 25 to December 1, 2017, with an ICO from December 16 to January 13.
Who’s Behind Biometrids?
Biometrids is led by founder and CEO Morten Nielsen. Nielsen is described on the official Biometrids website as “a crypto enthusiast with a deep insight into blockchain technology.”
The idea for Biometrids began in 2016, with discussion and market study taking place throughout early 2017. By Q1 2018, Biometrids aims to setup the foundation and begin hiring people, with a beta version scheduled for release by Q3 2018.
Biometrids has split its development into four stages. Stage 1 is the groundwork for the platform, including facial recognition and the ability to setup IDs and passwords. This stage will be completed before the end of 2018. Stage 2 will be the development of the API, stage 3 will be evolving the platform to use nodes, and stage 4 will be improving the API and other aspects of the platform. By stage 5, the company hopes to remove all passwords, allowing people to access their account using only their faces.
Biometrids is a facial ID verification platform that aims to provide decentralized, anonymous ID verification on the blockchain. You can add your facial data to the database, where it can be verified by smart contracts. Individuals or organizations can use Biometrids to verify your facial data. Biometrids also plans to release an API that allows their platform to be integrated with wallets, banks, and other online services.
To learn more about Biometrids and their ongoing ICO, visit online today at Biometrids.io.