VerifyUnion is a digital identity verification system built on Ethereum. Find out how it works today in our review.
What Is VerifyUnion?
VerifyUnion, found online at VerifyUnion.io, is a trust validation and user authentication system built on the Ethereum blockchain. The ICO is taking place throughout October and November.
VerifyUnion aims to disrupt the identity verification industry. The platform brings together people who can verify identities – called “Evaluators” – while also rewarding users for contributing identification information to the platform. User’s ID is secured by a private key. Companies and users can make a secure transaction to share their verified identities.
The VerifyUnion ICO is taking place throughout October and November. The development team behind VerifyUnion is headquartered in Singapore.
How Does VerifyUnion Work?
Basically, VerifyUnion makes it easier for users to verify their identities over a decentralized platform. That platform has a social scoring engine, and it encourages users to verify their identity using tokens called UC Coins.
The entire system is built on the Ethereum blockchain and smart contracts.
A key feature of VerifyUnion’s system is called “True Value”. True Value comprises the combined values derived from verifying digital identification, social and public profiles, and financial details linked to the user’s unique profile. The platform allows users to provide essential information for required verification to be completed. Then, they can increase the “True Value” rating of their portfolio by providing additional information.
The user’s identity and information is verified by an “Evaluator”.
There are three main parties involved in the VerifyUnion platform:
- Users: Users send proof of identity to the VerifyUnion blockchain and receive a hash key in return.
- Evaluators: Evaluators verify data that gets sent to the VerifyUnion platform and get paid in UC coins in return.
- Inquirers: Inquirers request data to be verified, then provide access to the data that needs to be verified.
These three parties interact with the VerifyUnion platform. The VerifyUnion blockchain returns the hash key, anchors itself to the blockchain, verifies data ownership, and validates the authenticity of data.
Uses For VerifyUnion
Some of the proposed uses for VerifyUnion include all of the following:
- Digital Identity Management
- E-Signature Attestation
- Security & Privacy Protection
- Cyber Fraud & Theft Detection
- Social Media Authentication
- Medical Records Storage
- Documentation Vault
- KYC & AML Solution
VerifyUnion emphasizes all of the following features:
- Users get total control of data being shared for personal, trust, and social identification
- Users can use reward tokens (UC Coins) for future verification processes
- Evaluators benefit by validating the identity of a user and getting rewarded with UC tokens
- Evaluators use the system to update the price of validation
- Individuals, governments, and corporations can access the system by buying UC coins for verification services
Overall, these features plan to reduce the costs of verification by a significant amount.
The VerifyUnion Token Sale
The VerifyUnion ecosystem revolves around UC Coin tokens. UC Coin is the mode of payment in the VerifyUnion platform. It’s used in the reward program to pay Evaluators and users. The rewards are controlled by smart contracts that are defined and agreed upon by both users and the Evaluator.
There’s a total supply of 500 million UC tokens (UCN). 30% of the tokens are sold in the token sale; 29% are allocated for the incentive program; 40% are retained by VerifyUnion; and 1% are used to cover the costs of the pre-sale.
During the token sale, 1 UCN = $0.1948 USD (1 ETH = 1540 UCN, approximately). A bonus of 35% is available during the pre-sale.
There’s a maximum cap of $30 million USD during the token sale, or 100,000 ETH.
The ICO is underway throughout October, with a week 1 bonus (25%) ending on October 10.
Who’s Behind VerifyUnion?
VerifyUnion is led by CEO AJ Smith, CTO and Blockchain Engineer Seung Hyun Myung, and CFO Kerry Friend.
Smith is a business strategist and serial entrepreneur who has founded 20+ successful businesses in his lifetime. He’s the co-founder of New Zealand-based tech companies Imperial Digital and Entisy.
VerifyUnion is headquartered in Singapore.
VerifyUnion wants to disrupt the identity verification industry by creating a decentralized marketplace where “Evaluators” can verify identities, users can receive rewards for their verification, and companies can purchase verification services.
To learn more about the VerifyUnion platform and the ICO, visit online today at VerifyUnion.io.