The messaging application and service Telegram surprised everyone by launching a new cryptocurrency feature known as Telegram Passport. The New feature announced on Thursday works as a unified authorization method for services that require personal identification.
In just a few words, this is a KYC (Know Your Customer) process specifically designed for Initial Coin Offerings (ICOs). The platform founded by Pavel Durov is one of the most used by crypto enthusiasts and is used by several blockchain-related projects to communicate their respective communities.
Introducing Telegram Passport, a unified authorization method for services that require real-world ID https://t.co/2wSfPJcRwA
— Telegram Messenger (@telegram) July 26, 2018
Telegram Passport For the Crypto Community
Telegram Passport will be used by those users that want to have a fast registering procedure during ICOs that require important information to start the funding process. The data uploaded to Telegram Passport will be secured by end-to-end encryption and protected against hacks or any other malicious attacks.
The press release uploaded by the company reads as follows:
“Your identity documents and personal data will be stored in the Telegram cloud using End-to-End Encryption. It is encrypted with a password that only you know, so Telegram has no access to the data you store in your Telegram passport. When you share data, it goes directly to the recipient.”
The services offered are related to those projects that Civic and Thekey are already trying to build. This is just one of the several projects that the network has in plans. In the future, it will be possible to send and receive virtual currencies through Telegram. The platform may also launch other crypto-related services for token holders and investors.
At the moment, Telegram Passport works with the ePayments.com system, an electronic service that supports registration and verification with Telegram Passport.
The company has also invited developers to integrate Telegram Passport into their applications and services free of charge.
In the future, Telegram wants to release a third-party verification for Telegram Passports. In this way, some services will not request the data itself but they will rely on the fact that Telegram has approved the account of that person and that the information provided is real.