Telegram Passport service for Initial Coin Offering Authentication Released
Telegram just launched its newest passport feature that enables global identification solutions for any service requiring valid identification. Know Your Customer protocols for initial coin offerings are a main target for the new passport. The company has stated that the service will soon be operating on a decentralized cloud platform and any assets will be heavily protected under robust security.
Pavel Durov is the founder of Telegram, the messenger app service whose users make up for the majority of the cryptocurrency base. Functioning as a most favorable token sale, the service contributes to the cryptocurrency environment daily and thus its unpredictable down times provide increasing frustration within the community. Its new passport service is designed to offer several identification services for its customers in an evident move of entering the ID marker which companies like Civic are currently dominating. This initiative goes side by side with the messengers own blockchain project and cryptocurrency plans.
Telegram made the reveal online, stating that payments were the first website to utilize the service and passport and allow users to test the new system. Among the many services provided with the new verification, the protocol includes driving permits, bank data, the passport service and a new approach to initial coin offerings including participants called Selfie.
The messenger company has been involved in a legal fight with Russia’s government due to the adamant acquisition of personal user data. So far, the company has managed to bypass all attempts by officials to acquire this information although several users will begin expressing doubt in the security of their information despite several promises of unhackable storage.
In regards to initial coin offerings allowing the app to authenticate users involved in a crowdsale and maintaining massive amounts of data does provide concerns given that every new and promising innovation has its own downsides.