Academic credential verification service, that brings honesty, legitimacy, and convenience to the human resources industry. TrustED ICO rating – 78
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PRE ICO Dates : 20/01/19 – 20/03/19
Roadmap: 7/10 Legal: 2/5 ICO terms: 4/5
Team: 18/20 Token applying: 4/5 Promotion: 15/20
About TrustED ICO (token sale)
TrustED ICO is the first-of-its-kind academic credential verification service, that brings honesty, legitimacy, and convenience to the education and human resources industry. TrustED ICO leverages cutting edge blockchain technology to mitigate many of the problems faced in the process of academic credential verification and storage.
TrustED ICO platform must offer in order to address the drawbacks and limitations of the current credential verification value chain. The platform is designed to help overcome the currently insufficient system by enabling academic credential issuing authorities to store credentials and certifications on a distributed global ledger, rather than centralized databases. In this way, it provides credential holders a secure network to preserve, access and share their academic qualifications at their own discretion, as well as the immutable assurance that their private data will be immune from removal, alteration and/or unauthorized access.
TrustED ICO enables employers to validate credentials of prospective employees without requiring third-party intermediaries, or a lengthy process. Additionally, it offers governments a reliable source of document verification for immigrant workers, and furthermore, it brings to light any fraudulent claims much more efficiently than currently possible. The primary value offering of TrustED is that it provides a technologically advanced solution to individuals looking for a platform that can securely and indefinitely store their academic credentials, and those looking to verify or validate the same. The platform features all the advantages leveraged by using Distributed Ledger Technology including cryptographically secured data, real time sharing, transparency, immutability and a decentralized token economy. The platform stores grades, degrees, assignments and test results, and various other industry or professional certifications that can include Health and First Aid related certificates, Project Management Professionals, and many others. The core requirements for TrustED we expand on below:
TrustED ICO will invite credential issuing authorities, like academic institutions, to participate on the platform and issue credentials for their graduates in digital form through the TrustED platform. These credential issuers will need to be verified by relevant government agencies before they can be a part of the TrustED system. The credentials issued by verified institutions will be cryptographically secured and stored on TrustED’s distributed network. Additionally, credential holders will also be allowed to upload their credentials to the platform, but these credentials will remain unverified until validated by the respective credential issuer. Credential holders who opt to store their own academic credentials onto the platform will have the option to pay a fee to TrustED ICO, whereby TrustED will work with the corresponding credential holder on verifying the academic credentials with their corresponding credential issuer.
Credential holders and graduates will be able to create an account on the TrustED platform and have access to their verified credentials at all times, while having complete control over the distribution of these credentials within the system. The credentials holders will need to be KYC verified in order to prove their identity to the system, so they can be assigned their respective credentials and subsequent TrustID. While the credential holder retains complete access to the documents, modification or updates to the credentials can only be authorized by the relevant credential issuer.
Those looking to verify credentials of an individual can do so in a matter of minutes by creating an account on the TrustED ICO platform and requesting the same on the platform. The verification process on TrustED ICO will initially remain free, however, will change to a payment model once the TrustED ICO mainnet launches as per the current roadmap. The platform allows payments to be made in both fiat and TED tokens. While the conversion from TED to TCRD for the purpose of processing the transaction is managed by the systems conversion smart contract, the fiat payment is processed through integration with a third-party payment service provider like Stripe. Once the required fees are paid, a request is sent to the credential holder for approval, after which, on receiving approval, the verified credentials are shared with the user requesting the same. Fees paid on the platform to verify ones academic credentials will be set at a constant rate, whereby the fees will be split amongst the credential issuing institution, and TrustED.
TrustED ICO will employ the use of TrustED ICO tokens (TED) an ERC20 compliant token to facilitate the purchase of Trust Credits (TCRD) which is a native token to TrustED, utilized for all payments and transactions within the system. The wallet balances of TCRDs on the TrustED platform will be managed by Hyperledger. The use of a tokenized system brings with it multiple benefits in the form of instant transactions, micropayments, cross-border remittances, minimal transaction fees and more.