Telegram Introduces Identity Service for ICO Verification

July 29, 2018

Telegram Messenger has launched a new feature related to cryptocurrency. Telegram Passport is an analogue of KYC for ICOs, or an "unified authorization method for services that require personal identification". Telegram considers this as one of the main use cases of their new feature. Telegram Passports are protected by end-to-end encryption and will be eventually transferred to a decentralized cloud.

Telegram Messenger demonstrated the first integration of their new service in an official blog post. Telegram Passport has been integrated with a website called epayments.com. All users can try the new verification system. Telegram also created a demo page with Passport examples. Everybody can visit this page and see, how the verification service works in practice. Current identities options include a passport, driver's license, identity card, internal passport, utility bill, bank statement, and selfie.

ICO participants are already familiar with all those options. Moreover, ICOs will be able to recognize users with Telegram Passports, which will make the messenger even more popular. Among other things, there are bots, that can automatically add all people with a Telegram Passport to ICO's whitelists.

However, there are some cons, too. There is always a risk, that the system with a large amount of lucrative and confidential information can be hacked. Also one can expect, that there will be an illegal trading of verified accounts.

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