How PASS Fuels the Blockpass Ecosystem

February 2020
The PASS token is one of the smallest yet most crucial and unique aspects of the Blockpass ecosystem. Designed to be a KYC-enabled token, it supports the regulatory and compliant nature of Blockpass’ goals and services. In doing this, it not only contributes to the growth of the Blockpass as we expand to new merchants and products, but also helps to fuel the Blockpass economy and PASS Club at the same time. It is an integral part in tying the various aspects of the ecosystem together.

Being a cryptographic token, PASS has some similarities to cryptocurrencies and other cryptographic tokens; at the very basic level, any of these can be used as a method of payment. Being blockchain-based, they also are able to offer a number of related benefits, including being immutable, having a global reach, and being part of a decentralised system. Built initially on the Ethereum blockchain, PASS is an Ethereum token, specifically an ERC-20 token; however, PASS was designed to be blockchain-agnostic, and we have already seen it spread to the Waves blockchain to enable compliance there. 

Whilst there are a number of differences between PASS and cryptocurrencies or other tokens, there is one that is of primary importance. PASS was created in order to enable regulatory compliance in a space which sorely needed it. To achieve this, Blockpass' KYC protocol is embedded in the smart contract of PASS, which is a patent-pending innovation that enables enforcing KYC-forward transmission of the PASS token. In order to transact, trade or otherwise use a PASS token, holders must first complete KYC using the Blockpass App. This particular design feature ensures that anyone using a PASS token has a verified digital identity, tied intrinsically to their real-life identity. In doing this, Blockpass has created an entire ecosystem of verified users, stamping out scammers and bad actors as the required completion of KYC for token holders means that criminals are unable to transact or trade PASS and thus cannot utilise the system. Using PASS ensures a safe and secure network of trusted individuals who can interact without risk and allows blockchains and applications on them to comply with KYC and AML regulations and gain adoption and legitimacy. 

There are a number of ways to use PASS tokens that benefit both individuals and merchants in the ecosystem. Individuals can use them as payment methods and to prove they have a legitimate identity, which they themselves control. Merchants can use PASS tokens as payment for Blockpass’ services, and can use the fact that they represent a verified identity to trust users who pay with PASS tokens and onboard them instantly. For all parties, the nature of the KYC process behind it all allows them to cut down the hassle of compliance to the bare minimum, and provides a safe and secure environment to conduct business. 

The recently launched PASS Club is a community of verified token holders who gain access to a variety of free content which will be exclusive to them - all as a reward for completing free KYC and securing their identity. As the number of token holders increases, so too does the attractiveness of the entire ecosystem, presenting greater value to services and partners who choose to work with Blockpass. This ties in directly with Blockpass’ AdPASS service. As the number of people using PASS tokens, and therefore having completed KYC, increases, the more potential customers are exposed to a service in the AdPASS network. These users are not the average person either; each one will be ready to onboard if they choose, with a verified identity, and many will be tech-savvy crypto enthusiasts and other forward-thinking individuals who may understand the space more fully than the average person. This phenomenon also feeds back to provide benefits to PASS Club in turn, as members gain greater access to enticing offers, higher PASS rewards and so forth as the number of merchants using AdPASS rises.  

With PASS at the forefront of the Blockpass ecosystem, the opportunities to earn tokens as rewards for services and participation are nearly endless. Often promotions featured to PASS Club members are an opportunity to earn a rebate in PASS, typically varying from 5-10% of the participation amount in an IEO or other type of sale. PASS Club members, once fully verified using the Blockpass App, also have the opportunity to earn more PASS by becoming community verifiers, strengthening the overall ecosystem and community. Simple trading is an option to obtain PASS, but there have already been a number of faucets and airdrops to provide methods of gaining free PASS tokens.

With PASS at the centre of the overall ecosystem, the token becomes the uniting feature in all the core pillars of Blockpass. Whether you are an App user looking for greater rewards, a service looking for discounted KYC or greater exposure to potential customers, or simply someone seeking a way to create and share a secure and reusable digital identity, the PASS token enables and enhances the means for you to do so with Blockpass.