How Does ID Money Work?
ID Money‘s goal is to create a public, social, and global governance model for citizens’ empowerment and local development. It plans on doing this by creating a three-tiered model for its project.
- Social: Their social platform will be used to help users complete collaborative projects on their network. It plans to do this by creating a blockchain wallet and a governance system. With both, users can socialize with each other while assisting each other in their goals.
- Public: Since local governments have a direct relationship with their citizens, they’ve created a public platform. This platform uses the Money Making Wallet, which helps the user accumulate wealth as time progresses.
- Government: The government platform is made due to the contributions of all the users in the network. In this platform, ID Money helps users create a self-sovereign virtual personality which is great for helping the application expand worldwide.
Technology is evolving every day. There’s Artificial Intelligence being infused with blockchain technology – and there’s over 1000+ currencies available within today’s crypto exchanges. However, government regulation tends to lag behind our technological advances.
The problem with this is this is that cryptocurrency always seems to face a battle against the government. ID Money helps win that battle by creating a decentralized multi-government currency.
ID Money solves the problem by allowing people to have a coin to represent their political views internationally. Their team is located in Cuba, a country that’s been plagued by corruption for decades. Through the creation of ID Money, they want their platform to help people from third world countries get the political representation they need.
- Website: View
- Whitepaper: Read
- Total Tokens: 35,000,000 IBM
- Token Price: 0.00075 ETH per token
- Token Sale Date: June 1st, 2018 – June 30th, 2018
Bounty0x username: jeremycole
Disclaimer: This post was made for educational reasons only. If you do plan on funding this ICO, speak to a financial advisor and invest at your own risk.
- Established Team: All members apart of ID Money’s staff have links to their LinkedIn profile. This makes this ICO more professional, transparent, and is a sign of an approachable ICO team.
- Poverty Reduction: 20% of ID Money’s total tokens are used to help reduce poverty. Because of this, ID Money is helping the global community by fixing problems that are still present in today’s society.
- User Incentive System: When working on their platform, ID Money gives you the ability to gain 400 ETH and 100,000 IDM tokens through collaborating and playing in their municipality process.
- Government Acceptance: IDM plans on having a decentralized government, but that will place it in direct competition with traditional government systems. This means that the ICO will have to undergo a lot of changes and negotiations before it’s accepted by the world’s government organizations.
- Corruption: ID Money is a great platform idea, but there is some skepticism about what users will do with the platform. Some users might attempt to use the cryptocurrency to fund for terrorist organizations.
- Coin Allocation: It says that 20% of their tokens will be used to prevent poverty. But the project should list some charities to ensure that the user’s tokens are going to the right place.