Verifier ICO Review

Verifier is a blockchain-based ecosystem where the value of verification of any identity type or claim is genuine and the process is made simple and easy. In fact, what they propose is that, with as simple as a mobile phone and their app, a user can check an identity claim and verify if the information is valid, and get an accurate, fast and secure non-tampered response thanks to the blockchain aspect of the application.

Verifier intends to hold a crowd sale event for their token, which is scheduled to hold in two stages; a presale stage that would last from February 2018 to July 2018, and the main sale event hopefully upon the completion of the presale will take place from July 2018 through August 2018.

The verifier tokens are supposed to give access to members of the ecosystem and intending users of the platform to be able to use the features of their platform which in turn will ultimately create both economic value and utility value for the platform.

Goals

The specific goal of this platform is to create an ecosystem of ‘Remote Verifier Agents’ who would be accessible in a decentralized manner to bring about an efficient and secure verification service delivery to the users across the globe just like the Uber network does.

The problem:

Trust is still one of the most fundamental elements between any two entities, and in the business world, it is no different. Often times, people have to go through strenuous verification processes to ensure that data, information and their validations are authentic. This also means more money, more protocols, too many hurdles and channels to go through especially when it concerns international borders.

It’s a given that the monotonous exercises involved in the conventional verification systems make it even harder for people to depend on the outcome of these processes. More so, we are humans, and sometimes we are bugged with so many social influences that oftentimes make it difficult for us to do some of the processes ourselves.

To highlight especially the problems being identified by this project include the inability to personally check facts, especially when human limiting factors are involved; the time it takes to conclude the process is usually too much; and the overall cost isn’t efficient.

The solution:

The verifier system still hinges its approach on a more fundamental schema – human verification. While data is huge and tracking systems can have downtimes, the platform depends on credible and reliable human agents who will be willing to physically represent the client and verify claims of actions or documentation where necessary. This is as though we are still in the innovative Uber cycle, where users can make use of the nearest transport service to take them to any location by the connection made through the platform.

In this scenario type, say if a person wants to verify the data on a business card such as an address or personal data, beyond just calling the contact’s phone number, the verifier system helps the user of the application trust a human agent who physically goes to the location or address as indicated on the business card and ensure that the person or personal contacts are legit, the information are then relayed to the requester through an encryption system that is logged to the blockchain.

Indeed, we can all agree that this solution type is relevant and can help better business to business relationships, or even person to person transactions. This is so because, the rate at which startup companies and businesses are on the rise is quite astronomical, especially on the internet, and it’s quite hard and becoming more difficult for people to keep trusting, even though some of those platforms may claim existence over a long period of time.

In short, the market niche being targeted here are relevant and the solutions being proposed can help provide for a better verification system across the globe, however, the challenge here is how to liaise between authorities and government agencies across borders where jurisdictions might become an issue.

Since personal data is to be checked, simply verifying addresses, phone numbers or if a particular product is in a particular location and as when due is all but simple tasks. However, when it involves other sensitive data types, going through extra lengths to secure these data from the higher-ups might be a problem.

The final product of the platform is expected to be an application interface where users can assess the services of verifiers through the token and the verification processes and data obtained are logged on the blockchain for immutability of content once they are validated. They have released mobile versions of the platform, to include an Android version of the application along sides an iOS for Apple products.

Two very important components of this platform are those who facilitate the existence of the platform – the investors in Verifier tokens and those who serve as agents who facilitate the verification processes.

Verifier scope

Crowdsale Analysis:

The project is aiming at a hard cap sum of $12 million USD during their crowd sale and hopes to achieve this by selling 27% of their 120 million VRF tokens to be emitted. The base price for the token is $0.1 USD.

There are several bonus structures designed to incentivize the investor into buying their tokens; ranging from 20% to 40% during the presales and then 13% to 33% during the main ICO phase.

The fundraising is required for the development of the platform and for the full-feature release of the functionalities of the platform to the general public.

According to their whitepaper, funds raised during the ICO will be distributed among the various expenditures thus:

  • Marketing & Sales: 58.3%
  • Administration and Legal Fees: 7.4%
  • Operational Cost: 4.7%
  • Salaries & Freelancers: 15%
  • Service Development: 10%
  • Unexpected spending and reserve funds: 4.6%

Other aspects of their token economics will include an Airdrop event where 2% of the total VRF tokens that will be emitted will be distributed for promotional purposes.

The Roadmap:

Their roadmap is succinct and objectively oriented with specific milestones targeting throughout the development of the project, which is from June 2017 through the years 2020 and 2023. They have an ample amount of time to develop the platform to suit the required tasted of this age’s technological inclination.

Team

The team has a wealth of experience spanning many years from the business world to include marketing, finance, advertising, communications and IT. They have the advantage of leveraging on these experiences from a global and wide range scope of operations as many of them have had to deal with multilingual operational setups.

The project is founded by Dmitry Nazarov who has Alexander Dmitriev as the Team’s CEO, both having an intensive business training from the metal industry and the oil sector respectively. The entire operation is to be manned by 7 people and 3 advisors, hopefully, they would add more members with vast experience in the related field to expand their capabilities.

The team was said to have been formed during a Skolkovo Executive MBA Course event where the founder was privileged to have met some of the team members.

While they may have little to no experience on a project scale of this size in this regard – verification, they do understand the problems and challenges being faced consistently by individuals who have to go through the process and are willing to provide a viable solution.

Verifier team

Medias

The website is rich with information about the project and they also have a short video which is about 2 minutes long to help describe and explain the project to prospective investors or visitors. The information on the site is also well outlined and should not confuse anyone upon encounter. Other translations of the website are available making it more accessible to other native regions of some part of the world.

Their whitepaper is indeed rich with a wide array of information with regards to the subject, and well presented in clear terms, although a few grammatical and syntax errors do occur, however, negligible considering that English may not have been the original language of the document, it may have been translated from another language into English in order to establish a more global access to the platform’s innovation.

As for their social media pages, then they have influence over a few hundred to a thousand of followers across many social networks like Facebook, Twitter, LinkedIn, Telegram, Reddit, Medium and Google plus.

They have a news section that is periodically updated, although the last activity update was in March 2018 and not much has been updated since then.

Security

Users who want to participate in the token sale should do their own research before embarking on this investment, more so, they should know that token offerings have no guarantees whatsoever, and this has been emphatically demonstrated in the disclaimer section of their whitepaper.

However, should you decide to invest in the Verifier project, you can do so by first registering on their official webpage and contributing ETH, BTC, LTC or DASH to a custom wallet provided by the website. These funds can then be transferred out of the investor’s dashboard to any external wallet of their choice.

Although, somewhere in the whitepaper, it is mentioned that the funds are controlled by a third party system which will allow the project developers access to the collected funds on a periodic and conditional note.

Pros and Cons

Pros:

  • The project is addressing a real problem.
  • They are mimicking the Uber service platform, which has thrived in its own niche.
  • They already have a working prototype for the platform.

Cons:

  • Competitions like Verify and Zapit already exist in the market, though providing other verification services however, could compete with the platform for attention.
  • Blockchain enterprise still needs a lot more standardization for a project of this scale to have good ramification in the ecosystem.

In conclusion, the feasibility of a project of this worth and scale will require so much technical, administrative and jurisdictive purview, which means they would need to seek consents of government-controlled entities or data in order for certain types of data to be released to verifiers.

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