The ushering in of the digital age has brought with it unprecedented problems that weren’t experienced before. Hacking and identity theft which have resulted into loss of billions for both companies and countries is one such problem.
Indeed, personal identifiable information (PII) has never been at risk more than now. That is where Xenchain, a company dedicated to bolstering the identity verification process using the blockchain technology comes in.
What Is Xenchain?
Xenchain is a blockchain based platform that utilizes the e-KYC (Know Your Customer) technology to provide its users with a fast, secure and transparent means of storing and sharing their personal data. The platform incorporates smart contract technology that gathers, stores, and distributes information in real time – with approval from the data owners.
Payment will be done on the decentralized blockchain through use of XenCoins known as XEN.
The company uses modern technology such as digital ID scanners, facial recognition tech and digital text identifiers to accurately gather and assess data. The digitization eliminates the setbacks often associated with paper identification such as time wastage, unnecessary paper expense and high risk of data leakage.
Types Of Xenchain Users
A user can either take on one or multiple roles at a time depending on their needs.
- XenDataConsumer – It could either be an individual or corporate body that needs to access and verify an identity from the Xenchain network.
- XenAsset/XenUser – It could either be an asset or a person who has their data securely stored within the Xenchain Blockchain network along with its unique access permission codes. The users are further interconnected with each other for enhanced security and validation.
- XenValidator – An entity or individual who acts as a referee to another XenUser or who poses personal questions to validates one identity.
Users are assigned XenScore which increases the more times they’re verified and interconnect with other users on the Xenchain platform.
Xenchain Blockchain Facial Identity Verification Business Model
Verified identity that can be securely accessed will significantly improve global business. That is precisely what Xenchain intends to do by enabling XenDataConsumers to access XenData with user consent in a secure, transparent Blockchain cloud.
Below is an example of how a Xenchain workflow operates:
- A new XenUser (User 1) joins the Xenchain application
- A XenValidator, which is usually an entity with credible data source, validates User 1. The XenValidator receives XEN for his validation role.
- A User 2 confirms the identity of User 1. The platform awards both User 1 and User 2 with XEN.
- Let’s say User 1 wants to open a bank account, the bank will request for User 1’s identity. The bank, acting as a XenDataConsumer, will request for it through Xenchain API.
- User 1 will receive an identity test to prove their identity and takes the test to verify.
- The Bank receives their confirmed identity and pays XEN.
Xenchain Target Market
Xenchain’s application is wide and can fit into market where transactions require a verification process such as:
- Digital Bank
- Digital Currency Exchanges
- Social Media
Xenchain XENC Token ICO Details
Parameters Of The ICO
- Total tokens: 200,000,000 XEN
- Crowdsale: Cap of USD $15 million in Ethereum (ETH) tokens
- Private Round: Completed
- Pre-Ico/Private Sale: Ongoing
- Public Sale 48.5% of XEN
- Private Sale 23.4% of XEN
- Management Team and Founders 11.8% of XEN
- XenChain Partnerships 11.9% of XEN
- Bounties & Volume Bonuses 4.4% of XEN