The fast development of the blockchain industry has opened many doors that allow us to build a better alternative to existing products on the virtual world. Thanks to the secure and transparent environment provided to us by this technology breakthrough, we are able to build things like never before, and take humanity one step further towards our evolution. Innovation started to be the word of the day, with many healthy and solid projects making their way into our lives, solving problems in ways so simple and original, that our complex minds haven’t even thought about. Among the countless examples of how technological advancement can greatly improve our lives, stands ID Money, a project, currently in its ICO phase that plans to offer us a new crypto Governance model, one that is social, public and global.
What is ID Money?
As you can read in their White Paper, ID Money is a project build on a blockchain, that aims to create a new governance model and free, distributed blockchain wallet to integrate crypto and self–sovereign virtual personality to enhance local development and citizens’ empowerment. More than that, ID Money will support the widely distribution of the concept through campaigns of online educational materials, on a platform that will be public, social and global.
As you probably know, since the appearance of cryptocurrency, our lives were greatly improved by the opportunities brought by them, but their governance is flawed and chaotic and this stops them for reaching their full potential. Without order, all that is left is a jungle, where others can exploit each weakness they find, while many people are often found vulnerable in front of many problems they might encounter because of this.
Currently, you cannot have control over your identity and virtual personality, and you cannot own and govern it exclusively, and entrusting your private data to centralized political or technological hubs might lead to future consequences. You currently have no idea about how many places hold your personal data right now, starting from the school database and your service providers and continuing to governments and private entities. The pillars of our very own existence have ended up in the hands of a cold and flawed centralized system that by the lack of human understanding can label us as unacceptable people and deny us the right to basic needs, such as a driver’s license, a loan, a bank account and many others.
The solution to these problems comes in the form of ID Money, a project build on a blockchain that aims to eliminate the centralization and trust element in the financial system by removing the third party component by engaging people in a peer-to-peer electronic token network, without the need of going through a financial institution and its governance.
What I found interesting about ID Money is the human development token network, the first of its kind that will be owned by local governments, thus solving many problems that we might find in today’s crypto ownership. Also, the partnership between ID Money and local governments will be a learning opportunity for other governments on how to integrate crypto legislation with economic activities.
With the help of blockchain technology, ID Money also aims to bring leverage in the world, by enabling everyone to have access to equal opportunities, regardless of their background, and give them the power to self-sovereign their digital identity.
How does it work?
Within its ecosystem, ID Money will provide four products: the ID Money Game app, ID Money token, an crypto education tool on the platform Cryptoland TV and ID Money software development (money making wallet).
The first product is the ID Money Game app will allow its users to play different games, such as Lambo, Nerd Academy and Mission Possible, to interact with the crypto world. Depending on how much time an user will spend playing these games, he will be rewarded IDM tokens.
The second product, and probably, the one that will be the most popular, is ID Money Token (IDM), which is ERC-20 compliant, build on top of the Ethereum blockchain. The tokens are issued during the ICO and the funds collected will be used for the further development of the project. It is notable to mention that 20% of the tokens generated by ID Money will be allocated to finance ID Money Poverty Relief program, that aims to work with local governments to select and improve the lives of those in need.
The third product is the educational tool called Cryptoland TV. Through this platform, users will have the chance to educate themselves using the IDMoney software tools by reading a series of manga episodes. Among the subjects that will be accessible through the manga episodes, will be the making-of videos, where users will have the chance to learn more about the creative process as the dedicated artists will bring each Cryptoland character to life.
The fourth product, the ID Money software money making wallet, will establish a self-sovereign identity on the network that will allow each user to have its own virtual personality. They will have the option to decide who can access their private information and how it can be used. By choosing to exchange personal data with interested parties registered on the money making wallet, such as financial institutions and marketing firms, users can be rewarded in IDM tokens. Of course, this wallet can function as a multicurrency data wallet as well.
The team is based in Costa Rica, and has experienced members with over 12 years of experience in various fields. Jose Villalta, the C.E.O. of ID Money is an experienced manager that can help develop the evolution of this project. I can see that the rest of the team is wide and experienced in areas starting from entrepreneurship and business management to software, law and politics. They have all the people that a project as big as this might need in order to attain its goals.
ID Money is an optimistic project that aims to bring a positive impact into the world on more than one subject. By giving its users the power over their own private data, they provide a fair-play approach and fix a problem that has arisen from the lack of humanity behind some technological advancement. Their good intentions are also proved by the fact that they want to give something back to the community by helping those who deserve a chance to a better life. By working with local governments, they will bring more awareness and openness to the subject of blockchain technology, and will do the side job to educate politicians about the benefits of using this technology. The impact of ID money will be social, public and global, and their team seems ready and fully prepared for the noble aim they have set themselves into.
After reading more about this project, I can say that I truly believe that it will reach its full potential and that we should all take a leap of faith and give a chance into projects with noble goals, like ID Money is. I believe that on the long run, ID Money will set a positive example for other projects to follow, and overall, it might even change the crypto community in the better.
As always, I highly encourage you to do your own research, starting with their website: https://idmoney.io and their White Paper: https://idmoney.io/wp-content/WHITE-P/IDMONEY-WhitePaper-EN.pdf