Byteball is a smart cryptocurrency payments platform that offers a distributed, decentralised platform that has been designed to support users in launching ICOs with enhanced protection against fraud. The platform will be using Netverify, Jumio’s identity verification solution, providing ICO operators with the reassurance that the people they are doing business with are genuinely who they say they are.
First, participants of an ICO hosted via Byteball’s platform are asked to scan a government-issued ID document, such as a driver’s license or passport, which is verified for authenticity in real time. Secondly, Jumio’s Face Match technology asks the user to submit a live selfie, following an on-screen icon with their eyes as it moves in a random pattern. This dual-layer of security, bolstered by artificial intelligence, machine learning, and human identity experts, ensures that the user’s selfie matches the photo on their ID document, and that they are physically present at the point of verification.
The Jumio-verified identity will be stored securely in the user’s Byteball wallet, while a “hash” – or an encrypted shorthand form of the personal data, will be posted to Byteball’s Directed Acyclic Graph (DAG) as a proof of identity verification. When a user needs to provide their personal data to access a service, including an ICO, they can pull their data out of their Byteball wallet in just a few clicks.
Jumio is working with Byteball to provide identity verification for several other types of transactions in the near future, including fraud screening for credit card payments and lending.
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