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Qtum-Blockpass AMA Success

April 2021
On the 30th of March, Blockpass and Qtum joined forces to conduct their much-anticipated AMA (Ask Me Anything) on the QTum telegram channel. In a jam-packed and hectic couple of hours, the teams read and responded to questions from the Qtum team, the community and twitter, hosted a quiz and then stayed to chat with the user base.

Once the channel was set up, Blockpass’ CEO Adam Vaziri and COO Hans Lombardo began by introducing themselves and answering questions about the driving forces behind the development of Blockpass and how it benefits users. Vaziri responded to describe the issues that many have experienced in crypto compliance, including pain points Vaziri himself had encountered, and how Blockpass was created to solve these issues, putting users back in control of their own data and facilitating a reusable digital identity. As to how Blockpass benefits users, Vaziri clarified: “Users get a single digital identity! That saves them time and the inconvenience of always having to wait to get verified. Once they are verified they reuse. More importantly over time users build reputation which leads to faster access as they can be trusted.”

 

Following the introduction, the group was opened up to allow questions from the community and within a minute over 1200 questions had flooded in - marking a new record of responses according to the Qtum moderator and Business Development Analysis Frank Bruno! 

 

The first question to be answered was one that highlighted the importance of what Blockpass has set out to achieve. 

User ‘Yunkee Junkee’ asked: “I did kyc with blockpass recently, seriously It was fast and felt safe. will I have to register again in future, If I am already verified by blockpass before?”

Vaziri responded: You do not need to get verified again if you are already verified. The point is to re-share your verified identity with other members within the Blockpass network.

This method is such a departure from the traditional methods of KYC and the approach of reusable KYC leads to many of the benefits Blockpass is able to offer users and businesses alike. 

 

Up next, ‘Dalmasca Blockchain’ asked: “Blockpass, how updates to improve the compatibility experience enable the digital identity protocol to improve? What is the significance of the digital identity protocol for Blockpass?”

To this, Vaziri answered: “Blockpass has an application layer and a protocol layer. The application is what you use as a user to get verified with IDOs [Initial Dex Offerings]. The protocol is about being able to use your Blockpass identity OUTSIDE of Blockpass' network itself. We are ready for the protocol layer and are working gradually on rolling out horizontally use-cases to address this opportunity. But certainly compatibility is a crucial step and we aim to follow emerging industry standards in this area. That is why we set up the first global lab to research digital identity and blockchain based in Edinburgh with over 15 PHD students researching all standards and the cutting edge of identity tech.”

This development is something that Blockpass has been working on as the scope of the project continues to expand, and the work done by the Blockpass Identity Lab (BIL) has been highlighted recently with the number of scientific papers they have published, such as ‘TRUSTD: Combat Fake Content using Blockchain and Collective Signature Technologies’ and ‘An authentication protocol based on chaos and zero knowledge proof.’

 

The third question came from ‘Sajun Anh Ngoc’, who asked: “Revenue is an important aspect for all projects to survive and maintain the project / company. What is the way to generate profit / revenue of token? What is the income model?”

Vaziri explained: “Our goal is low cost but high value KYC. Think the McDonalds of KYC! We offer our services at a fraction of what competitors charge in the market yet we offer a high quality of verification. This is because we are industry experts and have worked hard to build our own tech and get the best suppliers in the industry to support us. We want KYC to be affordable and flexible. That is the model and for that we need scale. The token is the fuel within the Blockpass network. It is how you will prove to others that you can be trusted in the network More to come on that over the coming months.”

As Vaziri mentioned, the low cost of Blockpass represents an incredible saving compared to traditional KYC options, but this is enabled through the revolutionary reusable-KYC model that Blockpass has developed. The Blockpass team works hard to enable the most competitive prices without sacrificing security or functionality. As Vaziri hinted at though, more information around this topic may be coming later this year so keep an eye on the Blockpass social media, website and newsletter for future updates. 

 

An excellent question followed, with ‘FINANCEB LOCKCHAIN’ asking: “A lot of people will want to know what the strength of  Your Project is but I want to know the weaknesses and problems Your Project faces ? How do you plan to solve it?”

Vaziri explained one of Blockpass’ focus points at the moment: “The weaknesses are that we need to scale. That is a challenge for every business. But for us because we want to be the low cost supplier in the market we have to be clever about how we achieve that. Another challenge is building as fast as we want to build when there are so many things to build! But the main point is that we love what we do and want to offer the best service in the market. For that we need to patient and build up on a solid foundation.”

This is a particularly topical point as Blockpass’ solutions have proved so popular and in-demand in the past few months that on a couple of occasions the app has crashed due to the sheer volume of people trying to on-board in a short period of time (please note that Blockpass encourages people to create their identities to be verified ahead of time where possible).

 

The final question chosen from the slew of messages was from ‘Tonyy Kute’, who asked: “How secured is your smart contracts code, did you ever audit it via any third party? What has been the biggest challenge you have faced in YOUR PROJECT development?“

Vaziri noted: “Yes our smart contract was audited. Further information can be provided if you would like. Note that the $PASS token smart contract is a unique ERC20 token with a whitelist function.” 

For Blockpass, security and compliance are of the utmost importance and so every effort has been made to ensure the highest standards for the project. Vaziri highlights the unique $PASS token smart contract whitelist function, which is an essential components of the ultimate plan for the BLockpass ecosystem which those looking to purchase or trade the token should be aware of. 

 

After the 5 selected community questions were answered, the quiz was then posted with the following questions: 

Who wrote the Bitcoin whitepaper?

What did Blockpass pioneer this year in the blockchain sector?

Where is the Blockpass Identity Lab located?

What do KYC & AML stand for?

What is an IDO?

What is the name of Blockpass token?

Who is the Blockpass CTO?

When did Blockpass and Qtum announce their partnership?

 

Prizes were awarded to the first 5 people to correctly answer all questions, with 10,000 PASS tokens going to each winner. This didn’t take long and all five winning spots were filled in under ten minutes. Meanwhile, Vaziri continued to provide answers to some of the best questions he spotted, with another question by ‘Tonyy Kute’ prompting a response. The question: “Do Your Project have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?” was answered by Vaziri with: “Absolutely open to a security based hackathon. Anyone interested in doing security audits or ethical hacking we are open to supporting the same and do reach out any time. Devs can build on our API which is available if you create an account on Blockpass.org. Takes 5 minutes and you are good to go in terms of building onto of Blockpass!”

 

In addition to the community questions on the day, twitter users had been asked in advance to post questions, with the best five being chosen to be responded to on the day. The full list of questions and answers were as follows:

 

1. Holo @EquityAsset

When will the PASS token be added to more exchanges.  It has almost zero liquidity.  It’s been 3 years. Has blockpass scrapped the token?

https://twitter.com/EquityAsset/status/1375488819118530567

 

Response - PASS is on Bitfinex, Hitbtc, also available on Uniswap. We are working on a liquidity mining initiative so stay tuned.

 

2. Mike Indonesia @MikeIndonesia

The #AMA Question: How do I join the #PASS Club?

https://twitter.com/MikeIndonesia/status/1375593414947827712

 

Response - Anyone who buys PASS can become a member of PASS Club. You can see your PASS Rewards by logging into the dashboard. As a member, you earn PASS every time you sign up for another service.

 

3. Sagar Kumar @Versatile_sagar

What is QTUM used for?

https://twitter.com/Versatile_sagar/status/1375508939723272193

 

Response - QTUM is a blockchain https://qtum.org/en Its native #crypto token is #QTUM https://coinmarketcap.com/currencies/qtum/ #UTXO #DGP #proofofstake

 

4. Trader Cryp @komando911

As crypto users we don't want to lose our assets to some scam projects that run away and disappear with our money so why should we invest in the Blockpass as a long-term investment?

https://twitter.com/komando911/status/1375586219455733764

 

Response - Blockpass had an ICO in May 2018. We launched a viable product that same year. Ultimately, we seek multiple utilities for the product and token, which include On-chain KYC, PASS Me, and PASS Notary

 

5. Philip Le | Melonde Marketing Chief @haonguyen3800

How does Blockpass enable seamless interoperability between networks with low transaction fees? Will the $Blockpass  token help me work with multiple networks? Will my commission rates be lower if I use it?

https://twitter.com/haonguyen3800/status/1375586954557857792

 

Response - Blockpass is blockchain agnostic. It works cross-chain. There is no network charge for users. Blockpass is not a wallet; it is an identity verification protocol.

 

Following this section, the chat was opened up to a more free-form situation where the teams stuck around to answer a few more questions. The Qtum and Blockpass telegram channels are available for people to ask questions to at any time, but a couple of the highlights from this session were as follows: 

 

In response to a question about if Blockpass would have its own launchpad, Vaziri answered: “Interesting idea! But really we are focused on staying in the KYC space and facilitating launchpads. Partnerships are definitely important. We work with some of the best crypto businesses and projects in the space. We are all about composability and collaboration.“

 

Responding to a question about Blockpass’ overall vision and upcoming highlights, Vaziri stated: “Next stop is our own forensics system for document analysis. Should be ready very soon. Then we are launching our reputation system based on $PASS called PASS Club. After that we will see.”

The AMA event was a great success, evidencing the overwhelming community interest in the projects which has become so prevalent in recent months. All sides thoroughly enjoyed the interaction and the format and further events are being discussed for the future. In the meantime, if you have a question for the Blockpass or Qtum teams, don’t hesitate to send them an email or post a message on social media. 

 

Blockpass provides regulatory compliance services with KYC and AML solutions for users, merchants and businesses. Blockpass already provides KYC and AML to a number of blockchain companies, and can be integrated with blockchains themselves as an ‘identity layer’ to provide a secure and compliant ecosystem for everyone involved. Adhering to regulations is a necessity for any solution that wants to go mainstream or have a wide audience, and, just as in the real world, is essential for keeping legitimate users safe and protected. Blockpass is applicable to any kind of DeFi project and yield farming/liquidity mining is no different. Users will be able to gain certification proving they aren’t in conflict with any regulations and thus are suitable to conduct financial transactions with, ensuring there are no issues with funds or local restrictions. Recently, Blockpass has begun to pioneer the idea of ‘On-Chain KYC’, bringing simple and effective KYC services to anyone who needs them, embedded into the blockchain. 

 

The Blockpass platform is fully automated and hosted in the cloud, with no integration or setup fee. Businesses can sign up to the KYC Connect console in a matter of minutes, test out the service, and start conducting identity documents verification, KYC and AML checks. Sign up for FREE at console.blockpass.org.