Before analysing the project in this IDMoney ICO review let’s take a look at the problems that crypto has.
One of the problems bedeviling the cryptocurrency market is the antagonistic approach that has been adopted by governments and their agencies. There is a lack of understanding of the role that blockchain technology and cryptocurrencies can play in today’s markets.
Regulation has not been able to keep pace with the rapid development of the industry, and the industry has also to a large extent, not carried governments along.
This is why IDMoney has been created as the first cryptocurrency that will directly involve governments at the local level in the blockchain industry and bring them to the cryptocurrency table by offering them ownership of this cryptocoins at three levels.
IDMoney is thus the 1st publicly owned blockchain, as it will transfer ownership of the ecosystem to three carefully-selected local governments.
In many countries of the world, aspects of governance and administration are still bogged down by problems. These problems border mostly on local administration, citizens’ empowerment and governance models. Broadly speaking, these can be classified into public, social and global governance issues.
- Under the social challenges, governments are facing massive challenges in administration of empowerment and welfare programs for citizens.
- In many places, local governments depend on statutory allocations from the central governments, and these are dependent on the amount of revenue available to the central governments. Many local governments do not have an avenue to generate real wealth for themselves and are therefore unable to perform many of their functions to the citizens.
- Local governments are supposed to be the closest government to the people, giving them larger say in their affairs and a sense of self-sovereignty. This self-sovereignty is expressed for instance, in election processes. Again as previously identified, this component is lacking in many countries, with state and central governments largely determining what projects should be undertaken in the localities without much citizen participation.
Unable to create wealth or to empower its citizens economically, politically and socially, the end result is that the local government structure has largely failed in many societies.
IDMoney has been conceived as a decentralized reward platform that will serve as a source of empowerment of citizens via the empowerment of the local governments. IDMoney will provide the solutions to the issues identified above in three tiers: public, social and global.
Four products will be churned out by the ID Money project to provide the avenue by which the solutions will be provided. These products are as follows:
- IDMoney mobile app
- IDMoney token
- IDMoney money-making wallet (software development)
How will these tools work?
a) IDMoney app
This is a game app which will allow users in the IDMoney ecosystem to play various games against themselves. Games featured include Lambo, with the opportunity to win at least 400 ETH and 100,000 IDM tokens as well as the Nerd Academy, an academically-oriented game which provides 4 stages to be aimed for with cash prizes attached. Other games include Crypto Manga and Mission Impossible. This will serve as a money-generating tool for economic empowerment of citizens.
b) The IDMoney token
This is the rewards system within the ecosystem. These will be offered for sale in the pre-ICO, ICO as well as on exchanges after listing.
c) The Cryptoland.tv channel
This is an educational and entertainment-based online TV channel which will feature the Manga series and other content designed to provide crypto education in an entertaining and engaging manner.
d) The IDMoney money making wallet
This will serve as an identity tool and multi-cryptocurrency wallet. It will serve as the tool which will empower users to assert self-sovereignty and identity. This tool can be deployed by local governments for conducting payroll verifications, in elections processes to identify voters, and as digitalized ID cards. It can also be used for preventing fraud and identity theft. It can also be used as a smart wallet for payments.
Why the Blockchain Technology is Needed
Certain inherent characteristics of the blockchain make it particularly suitable for deployment of the IDMoney Project. These benefits border on the following metrics:
- Security: A large component of the IDMoney project (the money making wallet) will collect personalized, unique data of individuals. This has to be kept secure, and the blockchain has the capacity to provide for very secure identity management.
- Transparency: Blockchain projects are transparent and cannot be manipulated by a single individual. Therefore, the IDMoney system can operate without external manipulation.
- The blockchain allows for collective participation in projects. Self-sovereignty is a vital component of the IDMoney project, and therefore the public distributed ledger system found in the blockchain will promote the collective participation component of the IDMoney project.
- Confidentiality: Any information collected for identity management is confidentially kept.
What are the pros of the IDMoney Project project?
a) Identity management can be done by local governments for payroll and fraud prevention purposes in a fool-proof manner.
b) IDMoney will serve as a trusted and secure source of information and educational content using the Cryptoland.tv channel.
c) IDMoney will provide rewards for gamers.
d) Empowerment of citizens is possible using the IDMoney project.
What are the cons that could occur with this project?
a) Not much information is provided on selection criteria that will produce the selected local governments.
b) The percentage allocated for marketing is rather small compared to other projects.
c) Viability of the project is not guaranteed.
The currency of the IDMoney Project is the IDM token, which will run on the Ethereum blockchain. Total token supply is 35,000,000 tokens, out of which 16,000,000 will be offered at the ICO. 1,000,000 IDM tokens will be offered in the pre-sale in batches of 100,000 units per set, which also comes with bonus awards as follows:
– 1st set: 90% bonus
– 2nd set: 80% bonus
– 3rd set: 70% bonus
– 4th set: 60% bonus
– 5th set: 50% bonus
– 4th set: 40% bonus
– 3rd set: 30% bonus
– 2nd set: 20% bonus
– 1st set: 10% bonus
ICO token price has been pegged at 0.00075 ETH per token. ETH is the only cryptocurrency that can be used to purchase IDM, therefore, users who intend to participate must have ERC-20 compatible ETH wallets.
An entity will be able to purchase as low as 0.1ETH worth of IDM tokens. Maximum number of tokens that can be purchased by an entity is 1,000,000, be it in a single purchase or in several cumulative purchases.
The proposed allocation of the IDM tokens is as follows:
• ICO sale: 45.71%
• Donations to the poor in 3 selected local governments: 20%
• Founders: 18%
• IDMoney App rewards: 8.57%
• Bounty and referrals: 4.86%
• Operational costs: 2.86%
Funds raised will be deployed into development (50%), marketing (30%), operations (15%) and professional services (5%).
So what is the roadmap for the IDMoney Project going forward? This project will be rolled out over a two-year period (2017-2018) and will be distributed in phases as follows:
– Development of the IDMoney wallet platform and app.
– Project announcement
– Inception of cryptoland.tv.
– Creation of the 35million IDM tokens that will form the entire supply for this project.
– ICO presale (June 1 – June 30, 2018)
– Launch of alpha version of money making wallet and IDMoney app.
– Bounty campaign which will feature marketing and affiliate programs.
– ICO proper (July 1 – August 30, 2018)
– Launch of beta version of money making wallet and IDMoney app.
– 1st series on Cryptoland.tv
– Creation of trust and transfer of IDMoney tokens to the trust.
– 2nd series of Crypto Manga on Cryptoland.tv.
– Launch of official version of money making wallet.
– Drupal Communities Development
– Deepening of relationships with local governments.
For more information, or to view the company’s whitepaper, visit www.IDMoney.io or visit the following links:
– Twitter: https://twitter.com/IDMoney
– Facebook: https://facebook.com/IDMoney
– Github: https://www.github.com/IDMoney
– Instagram: www.instagram.com/idmoney_social_first
– Reddit: http://www.reddit.com/user/idmoney
– Telegram: http://t.me/idmoney_eng