The Bridge Protocol is an open, distributed network of trusted machines and users promoting behaviors, standards and enforcement mechanisms to provide real-world value and application. The system facilitates an ability for users to deploy business processes that comply to existing standards and regulations. Their private blockchain will provide secure processing of assets, with an aim to guarantee trusted execution using smart contracts, eventually backed by real-world regulatory compliance in the nation which they occur. The system will be comprised of trusted virtual machines, providing user accessible functions for enterprise-grade business operations.The Bridge Protocol Corporation will begin issuing digital identities to permit individuals and businesses to engage securely and freely, while building extensive real-world trust networks. Early identities will be centrally issued and managed by the company to promote a trusted and stable foundation to the Protocol.
Private businesses and legal groups are aiming to create standards of procedure for an Initial Coin Offering, defining the “right” way to transact between participants and token issuers. The Bridge Team and their consulting experience with ProjectICO have noted concepts that would benefit from having a token sale, but are prevented due to financial obstacles and lack of knowledge.The creation of the Simple Agreement for Future Tokens (SAFT) was modeled off prior securities agreements as a precautionary measure, but doesn’t solve some the underlying problems which revolve around Know-Your-Customer (KYC) identity verification and cost. Traditional KYC has cost they clients from $30,000 – $50,000 to verify basic identities, which then need to be re-verified in each individual ICO.
SOLUTION FOR ICOS
Bridge will aim to reduce legal costs and improve verification assurance. This will occur through digitalization of compliant standards for deployment in ICOs. A Bridge Certificate will be created and users will begin network integration by selecting a preferred verifier service in the marketplace. Through key usage extensions recognized by the Bridge Identity Management System, Tiers are assigned to the certificate. It is signed and ready for use on the network, accessible to ICOs based incorporated logic in contract to whitelist participants; the Tiers act as an immediate gatekeeper and layer of assurance to all parties. Their chain will never see or hold any of the user’s data. Verifiers must comply to the Protocol, which governs approval standards to be listed in the marketplace.This ensures all personally identifiable information (PII) standards and data management quality can be upheld.
One billion tokens will be minted and none thereafter. These tokens will then be divided into two portions. The first portion of 500 million tokens is distributed to supporters during crowdfunding. The second 500 million is managed by the Bridge Corporation to support development, operation and maintenance. At the close of the token sale, 480 million of this portion will be locked for 6 months.
Bridge plans to use IAM tokens as follows:
• 20 million immediately unlocked for bounty programs
• 200 million to motivate developers, attorneys and auditors to participate in the ecosystem