Have you ever heard of the Parity Initial Coin Offerding Passport Service (PICOPS)? If you didn’t, you have come to the right place. Check our review for more information about it.
What Is PICOPS?
PICOPS is a service designed for the identification of users of the Ethereum blockchain who want to invest in Initial Coin Offerings (ICOs). You can use the PICOPS for the validation of an Ethereum wallet. It will make a background check on the user and see if this user is not a restricted user (like someone from the United States, which has banned ICOs or an individual in an official watchlist).
These background checks are made by a third party company called Onfido. You can know more about Onfindo here if you are curious about this company and what it does (it is an ID verification engine). Basically, the company has set a smart contract system based on the Ethereum blockchain that whitelists the Ethereum wallet which is owned by users who are allowed to invest.
This can be a very important measure for your company if you do not want to depend too much on Know Your Customer procedures. Also, it is quick because the user will be already on the blockchain, so you will know if he is eligible for an ICO or not.
How Does PICOPS Parity ICO Passport Service Work?
Basically, PICOPS uses the verification process of Onfindo to know if the person that is whitelisting the Ethereum wallet is eligible for ICOs or not. The goal is to facilitate the transactions and ICOs by creating a product which can make sure that you are who you say you are without the company having to design its own measures to identify you.
It is important to know that, if you want to be certified, you must use a valid ID issued by the government of your own country, not be an American citizen, do not be named in any official international sanction watchlist and have not been certified using a different Ethereum wallet.
The process starts with a background check smart contract made on the Ethereum blockchain, then a verification signing relay, a background check on the web and finally the Onfido third-party software is used to identify your documents.
The system, while not flawless, is trustworthy enough if you believe the company. As it uses more than one verification, but four, it will be very good for the verification.
How To Use PICOPS Ethereum Network Support?
It is very simple to use PICOPS is you want to verify your wallet. All that you have to do is to visit the company’s site and register your Ethereum wallet there. If you follow the steps, you will be quickly verified and you will be able to participate in any kind of verification process which uses PICOPS. You have to enter your full name, your picture, an ID document and follow the general rules of the site.
You also have to pay a small fee for using the service. There are reasons that might make you eligible for a refund, so you should check the rules and contact the company.
If you are a company and you want to use this system, just contact the company.
Is PICOPS a good system to use in your company? Yes. If you are concerned about who is buying your tokens, using a service like PICOS can be an excellent idea for you because it has most of what is needed if you want to verify the identity of people who might not be good investors for your ICOs. The company looks very solid and the verification process also looks to be very secure and without a big chance of failing.
If you are an investor, it can also be a good idea to use PICOPS. Even if you have to pay a fee, it will probably save you a lot of time in the future because you will not have to keep continually proving that you are you to many different companies which will want this information. Using PICOPS as soon as possible is a very good idea if you are an investor which invests a lot in ICOs.
Finally, our verdict about this company is that PICOPS is very interesting and it has the potential to be a major company in the future. At the moment, PICOPS do not have any ICO or something alike planned, but it would be a great idea to invest in this company if it ever launches an ICO because this really looks like it could be a major player in the cryptocurrency market in the future.