Telegram Passport: A Newly Launched ID Authorization Method For ICOs and Financial Services
Telegram, a cloud-based instant messaging service and much popular in the cryptocurrency community launched a personal identification authorization tool called ‘Passport’, earlier this week. This toll is launched to streamline the ID verification and KYC process which has become almost mandatory while applying to several ICOs as well as availing other financial services online.
Telegram Passport will encrypt a user’s personal ID information and other documents and will let them share it instantly with third-party who require this information. As per the official announcement, all the user ID information will be currently stored on Telegram cloud using the end-to-end encryption. However, the company says that in future it will shift the entire Telegram Passport data to decentralized cloud.
ePayments, a digital payment operator based out of London, is the “first electronic payments system to support registration and verification” using the new Passport tool. ePayments has also confirmed regarding this integration on its Telegram channel while stating that “verification can be achieved in just a few clicks.”
ePayments is a popular payments service with more than 1000 corporate customers and over 500,000 freelance customers worldwide. This payment service also supports transactions in several cryptocurrencies including Bitcoin, Litecoin, Ethereum, Bitcoin Cash and many others.
The Telegram Passport services seems to be quite in line with the company launching its own TON blockchain network in the future. Telegram announced the plans about launching its own blockchain network at the beginning of this year. TON stands for Telegram Open Network and will possibly be a third-generation blockchain network which can handle millions of transactions per second.
The company had also announced its plans of launching its own cryptocurrency “gram” and also conducted an ICO. However, the company raised a whopping $1.7 billion by March itself through the private-sale of its tokens. and later scrapped a public launch saying that it has already enough money to support its blockchain plans.