The Bridge Protocol aims to place secure digital identities on the blockchain. Find out everything you need to know about the platform today in our review.
What is the Bridge Protocol?
Bridge Protocol is building new tools and standards for businesses, KYC, and ICOs. The platform interacts with the NEO blockchain to allow users to manage their data more securely.
Using the protocol, companies and users can create a better whitelisting system. Bridge Protocol creates a new standard for whitelists, allowing users to verify themselves once and then participate in multiple ICOs.
The platform revolves around the use of Bridge Certificates, which build trust so users can make transactions with confidence.
How Does the Bridge Protocol Work?
Bridge Protocol consists of three core components, including:
The Bridge Identity Management System manages issuance, revocation, and verification of identities on the blockchain. Bridge has created a unique “Bring Your Own Key” system that allows users to only share the data they want to share. You can selectively choose when, how, and with whom to share your data.
Bridge Certificates are issued on pre-set classifications. Users are granted permissions to participate through their public address. Tier functionality allows access to contracts through easy integration of code for all ICOs and marketplace agreements.
You can buy and sell products in services in the Bridge marketplace in exchange for IAM tokens. These tokens allow access to products and services like legal agreements, ICO templates, verification systems, development opportunities, and micro-services. Since the marketplace is community-driven, it drives the costs down.
There will be three specific “storefronts” in this marketplace, including an Identity Storefront (for the issuance of certificates and KYC services), the Legal Storefront (for legal services and applications), and the Developer Storefront (which connects coders, legal experts, and users).
Bridge uses the NEO blockchain, but not quite in the ways you expect: transactions are run on the private chain. Then, Bridge uses the NEO blockchain for any ICO contracts and operational tasks.
Some of the core uses for Bridge include the digitalization and automation of legal agreements. Bridge Protocol can make these agreements easier to deploy, providing seamless integration into blockchain operations.
When users share their identity with companies, they’ll have the opportunity to share tier 1, tier 2, or tier 3 information with users. Tier 1 includes information like your name, address, date of birth, and email address, while tier 3 includes information that can be used to accredit investors – like certified documents from attorneys and CPAs.
The end result of this system is cheaper KYC and legal vetting between parties without the hassle. Bridge’s digital certificates keep user identity information off the chain and secure, so the user and business have instant points of trust.
In terms of a roadmap, Bridge’s first step is to launch the token sale and test and tweak their system. in Q2 2018, they’ll add their identity management system to the NEO testnet. By the end of the year, they plan to deploy their identity management system, launch Bridge Certificates, and complete their compliance framework before rolling out to the NEO mainnet by the end of Q4 2018.
What Problems Does Bridge Seek to Solve?
Bridge Protocol aims to reduce legal costs and improve verification services in the blockchain and crypto space.
Today, companies spend a lot of resources developing similar things: companies might need to hire an outside law firm to create an ICO agreement, for example. Other companies might hire a service to perform KYC verification. With Bridge, neither of these things are necessary: you can buy trusted, standardized services from the Bridge marketplace.
The Bridge Protocol IAM ICO Token Sale
The Bridge ICO for IAM tokens is taking place in early 2018. A date for the token sale has not yet been announced. However, the whitelist opens on February 5, 2018.
The company will mint 1 billion IAM tokens as NEP-5 tokens via NEO smart contract. These tokens will be divided into two portions. The first 500 million tokens are distributed to supporters during crowdfunding. The next 500 million will be managed by the Bridge Corporation to support development, operations, and maintenance. At the end of the token sale, 480 million of the Bridge Corporation portion will be locked for 6 months.
20 million tokens will be unlocked immediately for bounty programs. The remaining tokens will be used to motivate developers, attorneys, and auditors to participate in the ecosystem (200 million), to cross-invest in other projects and create new microservices (200 million), and to be retained as a contingency (80 million).
Who’s Behind Bridge Protocol IAM?
Bridge Protocol is led by Stephen Hyduchak (CEO), best known for previously founding ProjectICO. Stephen worked with other companies to help launch their ICOs. He saw inefficiencies in the process and started Bridge Protocol to resolve those inefficiencies.
Other key members of the team include Andrew Hyduchak (Chief Technology Officer), Sten Tamberg (Chief Systems Architect), Fritz Lehman (Chief Customer Officer), and Justin Fiocca (Chief Marketing Officer).
The company was founded in January, 2018. The team is based in Raleigh, North Carolina.
Bridge Protocol IAM ICO Conclusion
Bridge aims to solve crucial problems related to ICOs: companies are spending way too much money on legal services and independent verification services. Bridge Protocol aims to solve that problem by allowing users to store their data, then selectively share it with companies for the purpose of ICOs. The platform also has a marketplace where users can exchange IAM tokens for legal services – like SAFT agreements and other documentation. Market competition will keep prices low.
To learn more about Bridge Protocol and how it works, visit online today at BridgeProtocol.io. The token sale is taking place in Q1 2018, with development of the platform continuing throughout 2018.