Telegram Unveils Personal Verification Tool for Data Sharing During ICOs
Instant messaging giants, Telegram have been in the news for a lot of positive reasons in recent time. Firstly, its founder and CEO, Pavel Durov made the list of Fortune’s “40 Under 40” as one of the most significant disruptors of global business. Durov worked on social media website, VK.com before moving to create Telegram.
In March this year, the company also completed two $850 million rounds of closed ICO funding through the sale of their cryptocurrency TON. As a result of how much the company was able to raise, $1.7 billion in total, plans to launch a public ICO were disrupted because they have already raised enough money from their two private ICO rounds. So, if you were hoping to stock up on some TON tokens, let’s hope they have a public sale sooner or later.
This time around, Telegram has released a personal identification authorization tool. This is according to an official statement dated July 26. The tool which has been named Telegram Passport, is aimed at solving the problem of having to upload your documents and ID for every registration you have to do. If you have every tried to engage in an ICO or airdrop that requires KYC (most ICOs need that now), then you will understand how monotonous the process can become.
Telegram Passport encrypts the personal ID of users and allows a user to securely share his unique ID with a third party, which is this case could be an ICO or financial institution. In their words, it is “a unified authorization method for services that require personal identification. Upload your documents once, then instantly share your data with services that require real-world ID (finance, ICOs, etc.).
Your identity documents and personal data will be stored in the Telegram cloud using End-to-End Encryption. It is encrypted with a password that only you know, so Telegram has no access to the data you store in your Telegram passport. When you share data, it goes directly to the recipient.”
Telegram Passport has been integrated on ePayments, a digital payment operator. EPayments has confirmed that ID verification can be done in just few clicks. The London-based payment operator which boasts of over 500,000 freelance customers currently handles crypto transactions involving Bitcoin, Ethereum, and Bitcoin Cash, amongst others.