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Frequently asked Questions about the Blockpass TDE and PASS Token

Blockpass | July 2018

What is the PASS Token and how is it distributed?

The Blockpass PASS token is an ERC20 token which is used for different purposes for various entities in the Blockpass ecosystem. Unlike cryptocurrencies, it is designed as a utility token and does not grant the holder to any shares in the company or return on any revenue or profit that Blockpass makes. The PASS token provides a gateway into the Blockpass ecosystem of regulated entities and provides benefits to those involved. The PASS token is available via selected distributors during Blockpass’ Token Distribution Events (TDEs) and through airdrops.

What is the general purpose of a TDE and airdrops?

With Blockpass or any shared ID verification system, the platform is more attractive to merchants as the number of already-verified users increases. For users, as the number of merchants increases, there is a similar increase in desirability of the platform as it cuts down time and effort to join the services. With this in mind, the Blockpass team identified that reaching critical mass was hugely important. This led to the idea of the PASS token — a way to gain users to the system which would then aid in persuading merchants to partner with the company. The implementation of the token is being achieved through airdrop and TDE. The TDE raises funds while simultaneously growing the user-base.

What does the PASS token achieve for Blockpass?

For Blockpass itself, the PASS token has one main benefit, mainly that the PASS token is a way to encourage the growth of the Blockpass ecosystem. This is highlighted by the way in which Blockpass is carrying out the token distribution; with three distribution events over three years and using distributors, Blockpass is aiming to reach as many users as possible. When a person receives a PASS token for the first time, they are prompted to download the Blockpass app and carry out KYC verification before they can trade the token on. In doing this, Blockpass populates its ecosystem with verified users which boosts its attractiveness as an identity verification solution to merchants. Additionally, selling the token alongside airdropping it is raising funds. More funding allows Blockpass to develop its solution further and faster, driving closer to its goal of complete self-sovereignty.

What does the PASS token achieve for merchants and identity verifiers?

Similarly to the benefit for Blockpass, merchants are looking for large numbers of verified users that can be onboarded quickly and easily. With a Token Distribution Event and airdrops, the number of potential users grows and merchants have access to a wider base of pre-verified potential customers. In addition, the PASS token can also be given to merchants themselves, allowing them to distribute the tokens to potential clients. This is particularly beneficial as the PASS token also entitles its holders to be given a discount when they go through the KYC process. This means that merchants can onboard people who aren’t yet in the Blockpass ecosystem for a lower cost than otherwise available with alternative or traditional KYC solutions. For identity verifiers, PASS tokens are offered as Proof of Verification Rewards (PoVR) to incentivise their verification services.

What does the PASS token achieve for users?

At its most basic level, the PASS token is a tradable token which is listed on exchanges, including Cryptopia, Gatecoin, Lykke and HitBTC. Blockpass is continuing to grow the number of listing Exchanges, and has already confirmed Lykke, HitBTC and Gatecoin. Beyond this, what the PASS token represents is an easy way for users to engage with regulated services which not only protects their data and privacy but also streamlines their access to new merchants — removing the pain points of the time and effort required to perform multiple KYC checks which plage financial services and regulated industries. in addition to this, PASS tokens can also be used as a reward for users who verify their identity; this is effectively the use they are being put to in the airdrop event.

What will the money raised be used for?

There are two main purposes for raising money for Blockpass:

  1. Blockpass is primarily a KYC solution in the immediate future and PASS tokens entitle the holders to a discount in KYC. Funds raised will be used to continue to improve our product offering further, including Research & Development into Zero-Knowledge-Proofs and biometric verification. Funding will also go into multiple partnership to expand and develop our product offering. Funds raised will allow the company to continue/accelerate development of the solution to better and quicker realise the goal of decentralised, private, self-sovereign ID.
  2. The second use of any funding raised will be to grow and activate the Blockpass customer, partner and user bases of the Blockpass identity ecosystem, and develop and plugin identity protocols for devices and objects.

The price of the PASS token, whether being bought from the Token Distribution Event or on an exchange, does not have any bearing on what the PASS token is used for.

The PASS airdrop is currently underway, having started on the 12th of July, with 2 million PASS tokens available for 50,000 people. Using Infinito Wallet, one of Blockpass’ current partners, users can register and participate in the airdrop campaign. The Token Distribution Event will run until the 30th of November 2018, or until the tokens are sold out, with any unsold tokens being added to the second Token Distribution Event that will be held in 2019.

When do I need to active the PASS Tokens I received in the Airdrop in the Blockpass app?

PASS tokens will be distributed between 13–17 August 2018. Once received, successful registrants will need to go into the Blockpass App and complete their KYC in order to activate and trade / transfer PASS Tokens.

Do I need to have registered for Blockpass before I participate in Airdrop?

No, to participate in the Airdrop initially, you simply need to download Infinito Wallet, and click on the Claim your Airdrop banner at the top of the dashboard. Once you receive your tokens (13–17 August), you will then need to register for Blockpass to activate and trade / transfer your PASS Tokens.

Get in touch with Blockpass for more information:

  • support@blockpass.org
  • t.me/blockpass

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