XENCHAIN

XENCHAIN REVIEW

  • Xenchain is introducing a global, end-to-end disruptive model of identity management that is solely powered by the Blockchain network. This new model is poised to provide a platform for secured identity verification, KYC enhancement and onboarding process on a timely intervention and a lower cost.
  • Personal data is encrypted and stored in a public ledger making it safe from breaches. Users will have control on who gains access to their information by giving permission to requestors to retrieve it from the network. Most importantly, the data is validated by other users to ensure its credibility before onboarding it into the Xenchain network.

 

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IDEA:

  • Xenchain accelerates and strengthen identity verification processes by using e-KYC technology that requires facial recognition, making manual document authentication a thing of the past.

PROTOTYPE PRODUCT:

  • They have a working product since last year Oct, but for centralized storage. And there are few clients who are paying for the solution.
  • Their web App will be released in 2 weeks.
  • They also have mobile app available on Google play and Iphone store since end of last year but that is request only. They customize it for clients and send them link for it.

WHITEPAPER HIGHLIGHTS:

  • Never in the history of humanity has personal identifiable information (PII) is at most risk of theft and misuse. As the growth in the digital space connects us and draws us closer to one another, sadly, this has also created opportunities for hackers and identity thieves to make their move.
  • Xenchain has developed a global platform that runs on the Blockchain network and operates under the principle of smart contract that can gather, securely store and provide on-demand (with the permission of the data owner), PII data to consumers and users alike at a lower cost and in a seamless manner. They are experienced in managing KYC and user data access using their modern and high-tech software solutions for text and facial recognition that can be deployed for user data validation.
  • Xenchain will accurately acquire, validate and store personal identity data into decentralized public blockchain. End users will have full control over the data, and only granting permission to companies who seek their information. Leveraging on blockchain technology also foster an environment of trust, and at the same time, reduce cost, time, resources.
  • KYC and PII are extremely important to bring financial inclusion to the underbanked or unbanked. Around 2 billion adults, 39% of the world’s population still do not have access to any formal banking service, more than 75% of this number are yet to experience or have access to digital payment services. Without a proper KYC onboarding and PII management, financial inclusion and affordable financial services will not be possible. Moreover, the compliance requirement is also adding pressure to the situation.
  • The successful implementation of KYC as a Service on a Blockchain means PII is secure, immutable and transparent. It will then be possible for compliance and onboarding costs to be shared among various entities, service providers and government – reducing time and cost for the mass market.
  • Multiple applications in wide ranging fields can use the benefits of successful KYC Blockchain as service such as peer to peer commerce, legal compliance, payment authorization, asset management and tracking etc. The potential of 3 billion Internet users who has a need for digital identity services is clearly a market not to be ignored.
  • The key components of Xenchain are:
    • Data acquisition module – Full suite of OCR and computer vision machine learning to identity document and bio-recognition (facial, motion).
    • Data validation module – Trusted source of data from companies or individual which can act as referred for identity data.
    • Data Blockchain module – Onboarded and verified data is stored in Blockchain and additional off-chain data on distributed storage.
    • Data rating module – Rating for identity data (XenScore) and social network link between Xenchain users.
  • User can use Xenchain via mobile application and Application Programming Interface ( API ) to retrieve or verify identity.
  • There are three (3) role types of Xenchain users, and user can play all roles or just a single role, dependent on the intended usage:
    • XenDataConsumer – A corporate entity (or individual) who wish to retrieve and verify an identity from Xenchain network. XenRequestor has enterprise application and Application Programming Interface or Software Development Kit ( SDK ) to retrieve identity data.
    • XenUser / XenAsset – A natural person or an asset where the identity data is stored in Xenchain Blockchain network. The identity data consists of various information fields and its unique permission. XenUser is interconnected with each other through Xenchain identity social network.
    • XenValidator – Entity which can provide personal questions for the purpose of identity validation or individual who can act as referee to another XenUser.
  • Verified identity data is generated with a unique ID and hash public key and stored into ERC20 public Blockchain. The actual identity data will be stored off-chain in a distributed storage IPFS protocol. The ID and key will be used to refer to off-chain data and identity data management.
  • Their methodology and technology enable an identity to be properly acquired, identified and verified via a mobile application. Xenchain will be releasing the Software Development Kit (SDK) on Android and iOS, enabling developers to incorporate our methodology and technology into third party for free, and eventually make it Open Source under GNU LGPL licensing scheme. The objective is to allow any 3rd party globally to employ the consistent.
  • The main methodology for Xenchain to acquire identity data are:
    • Onboarding:  
      • Employing Optical Character Recognition (OCR) and Computer Vision to accurately scan, identify and analyze identity document.
      • Identity document landmark and photo are cross – matched against live video motion capture – identifying face landmark, eye landmark and other facial features to accurately confirm the actual same person is personally doing the self-onboarding.
      • Once bio-matching is successful, user will be challenged with personal questions obtained from trusted Xenchain partner such as credit bureau, mobile telecom, government data source to verify an identity.
      • The confirmed identity data is then stored in Xenchain Blockchain as hash, and actual data is stored on distributed storage protocols. Identity data is immutable and decentralized.
      • XenScore is used to record the confidence level of the identity data quality. The XenScore will be from scale 1 – 10 representing the degree of data confidence.
  • XenData Consumer retrieve identity data when they want to register or verify a user.
  • Identity data is split and encrypted. Split data is stored on distributed storage IPFS systems. Use Blockchain key to decrypt and retrieve data. The retrieved data is shared to XenData Consumer according to the authorization permission matrix. IPFS protocol will ensure a single version and most up-to-date information is stored and linked to XenUser key.
  • XenDataConsumer will be the primary paying party to utilize Xenchain’s services which covers acquisition, onboarding and compliance costs. With a fully electronic ID, high-degree of identity data trust and common acceptance competitive costing, there are myriads application possibilities of Xenchain.

HYPE:

  • 10.4 K + telegram users and 412 Twitter followers. They are not much active on Facebook.
  • They don’t have a good presence on YouTube Channel and for their official video they have got only 750 + Views.
  • 4.8 ratings on ICO bench.

LONG TERM:

  • Xenchain aims to build the largest identity pool that will allow easy access to critical information in a highly protected platform.
  • They aim to create a performance-driven identity management system by integrating it with Blockchain technology to improve services and increase economic, environmental and social benefits.
  • They have more than 100 clients in 20 countries waiting to use our solution in their products and offerings.

TOKEN METRICS:

Token XEN
Pre — Sale Price 1 XEN = 0.128 USD
Price in ICO 1 XEN = 0.16 USD
Country Singapore
Platform Ethereum
Website https://xenchain.io/

Whitelist/KYC KYC & Whitelist
Restricted Areas USA
Pre — Sale It’s going on till $4.4M USD cap is reached
Public-Sale 1st Aug — 15th Aug 2018
Tokens for Sale: 96,880,000
Soft Cap No Soft Cap
Hard Cap 15,000,000 USD
Total Token Supply 200,000,000 XEN
Token Supply Breakdown ICO — 31.25%
Early Contributors — 21.56%
PreICO — 17.19%
Founders — 10%
Partnership — 8.38%
Advisors — 5.38%
Bounties & Volume Bonuses — 4.44%
Management — 1.81%
Bonus Basic Bonus (Over Public ICO) — 25%

 

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