Verifier aims to create a global, blockchain-based standard for trust and verification. Find out how it works today in our review.
What Is Verifier?
Verifier, found online at Verifier.org, is a verification platform built using blockchain. The platform is able to verify data quickly, accurately, and securely. Verifier proposes itself as a platform to verify personal identity information, event tickets, online deal codes, and any other kind of data.
The platform revolves around the use of VRF tokens. The pre-sale for VRF tokens is underway throughout February 2018, with an ICO taking place between March and April 2018. The Verifier platform is scheduled to launch worldwide by June 2018.
How Does Verifier Work?
Verifier can be accessed by apps for your table or smartphone. There will also be a web-based version.
Verifier works similar to Uber, which means it directly connects clients and service providers. when certain identity or credentials need verification, the system randomly picks responsible agents who are ready to go to the client’s location and provide proof of service in the form of photos, videos, and other types of materials.
Through this system, users can determine whether or not an action has been taken. That “action” could include the delivery of a product with an appropriate level of quality, a request to open a bank account, or checking the existence of an ocean view room at a hotel.
“Almost any fact can be checked with the help of Verifier,” explains the official website, “Since it utilizes the most important decentralized asset – people.”
Verifier will encrypt all materials collected by agents before sending those materials to the requesting side. The data is protected using cryptographic keys. This encrypted data is sent as hash codes over blockchain. This guarantees the security and immutability of the data: once it’s on the blockchain, it’s a verified, unalterable source of information.
Using these systems, Verifier aims to solve crucial problems in the verification industry. Verifier refers to the “verification industry” as a broad range of applications. When you rent a car, for example, the rental agency needs to verify your driver’s license. When you use a dating app, the app might require you to verify your identity. Registering for financial services or a bank account requires KYC verification. These are some of the applications that Verifier seeks to target.
Basically, Verifier will “democratize” the world of verification, incentivizing ordinary people – like you and me – to go out and verify data on behalf of companies – like banks, rental car agencies, or event organizers.
Use Cases For Verifier
Verifier can be used to verify information across virtually anything. The Verifier whitepaper, however, identifies two specific target audiences:
B2B (Niche and Corporate Market): Verifier mentions financial sector companies who need to comply with KYC procedures as one of its target markets. This includes banks, brokers, exchanges, insurance companies, and other groups. Financial customers could also use Verifier to verify assets, bonds, and other financial corporate services.
P2P (Mass Market): Anyone can use Verifier. All you need to do is download the app or visit web.verifier.org. Every internet user in the world can gain access to the infinite capabilities of the platform.
What Problems Does Verifier Seek to Solve?
Verifier’s whitepaper mentions all of the following problems that exist in today’s market:
Inability to Personally Check Facts, Issue a Signature, or Confirm a Request:
Verifier’s whitepaper explains that “there are myriad of things that can happen in the modern world which may hinder you from quickly accessing and using vital services,” including car breakdowns, illness, and family problems.
In more straightforward terms, the company is referring to the fact that a single person cannot independently verify all data in the world. Sometimes, you need to pay someone else to verify a certain fact.
Costly and Time Consuming:
It costs too much money and takes too much time to remotely verify information.
Verifying a task can require someone with special knowledge and/or authority.
Verifier aims to offer all of the following benefits:
- Lower costs, including 90% lower fees when verifying data for financial services
- Reduced risk because there’s a lower chance of misinformation in the market
- Better accessibility and user experience, because any person with a smart device or a computer can become a customer or an agent of Verifier; all they need to do is register with the web version or download the iOS or Android app
- Better trust because Verifier verifies the credentials of both businesses and consumers, leading to a safer and more efficient transaction
The Verifier VRF ICO
Verifier tokens (VRF) are the internal currency in the Verifier ecosystem. The tokens do not carry any rights to collect profits from the company. As the number of Verifier users rises, the value of the tokens is expected to rise.
Of the total supply of tokens, 77% is going to the token sale. The remaining tokens are allocated to the team and founders (20%) and bounties and operational expenses (3%).
There’s a total supply of 6,910,000 VRF tokens. the value of 1 token is equal to the minimal verification request price in the Verifier ecosystem, which means 1 VRF = $10 USD.
The pre-ICO will see the release of 143,000 VRF at a price of $10 apiece. A further 5,177,700 VRF tokens will be sold during the main ICO. There’s an overall hard cap of $38 million USD.
The pre-ICO began in December 2017 and continues until March 2018. The main ICO is scheduled for March to April 2018. The whitepaper and website do not give any more specific dates than that.
Who’s Behind Verifier VRF?
The Verifier team was formed in June 2017. A closed test of the platform took place in December 2017. By August 2018, the company seeks to enter its platform into the Russian and US markets, with entry into China and the EU before the end of 2018.
Key members of the team include Dmitry Nazarov (Founder), who previously served as founder of the EKF Group and has 16+ years of experience as a businessperson and an investor. There’s also Alexander Dmitriev (CEO), who has 15 years of experience in multinational companies, including time as the head of a Rosneft refinery. Rosneft is Russia’s national oil company.
Alexander Dmitriev is a real individual. You can view his LinkedIn page here. He has a Ph.D. in economic theory along with an MBA and an MSc. His LinkedIn profile makes no mention of his work with Verifier. He’s still listed as the Deputy CEO of a Rosneft refinery.
Verifier’s founder, Dmitry Nazarov, does mention Verifier on his LinkedIn profile. However, there’s little other information or experience listed.
The company is based in Moscow, Russia.
Verifier VRF ICO Conclusion
Verifier seeks to create a more efficient verification platform, including cheaper and faster ways to verify identity, financial data, and service-related information.
The platform is scheduled to be released worldwide before the end of 2018. A closed test took place in December 2017. Despite the lack of a publicly available platform, the company is holding an ICO until April 2018.
To learn more about the verification platform, visit online today at Verifier.org.