iTrue is an interesting project aiming to implement Self-Sovereign Biometric Identity for the Decentralised Web. It is a project that is focused on giving users back control of their own data from large tech firms and allowing them to reap the rewards that big data companies like facebook and google currently enjoy.
Over recent years there have been rising concerns from perceptive users about how businesses are using their data. Some people still believe that free platforms have no cost, however the astute users know that fintechs and online services are be collecting, using, and selling personal data for to generate company profits.
To combat this problem the team at iTrue are introducing a Blockchain as a Service (BaaS) which aims to increase security and privacy utilising biometric data. iTrue also has the added benefit of allowing users to be rewarded for sharing their data with organisations that are of interest and that the users choosing.
White Paper: Click here
One Pager: Click here
Investor Deck: Click here
I will be following the 3 Ps method for an overview of this ICO.
The tag line on the cover of the White Paper, “instant access to controlled gains with device-free iTrue technologies” is a completely vague and confusing phrase to describe what the project is offering. However, on closer inspection iTrue is offering rewards in the form of tokens for organisations to have access to your attention (advertising) and this is secured biometrically (finger prints, face scan, palm veins and iris scans) .
With the number of security hacks and personal data being exposed, a biometric solution is a great initiative. Also with the likes of facebook and google generating approx $800 per person per day for consumer data I believe that personal data protection is a good blockchain use case. iTrue will store your data on a decentralised blockchain eliminating the risk of exposure through devices.
A number of the core team have worked closely together in previous roles. The LinkedIn profiles are heavy on recent experience. iTrue has a broad based team in place including marketing, software, front end and business development.
Ambitious plans, it seems some roadmap milestones have not been met yet. i.e. October 2018 MVP: “Facial recognition system and Stone storage. Users can register their faces and log into account without passwords. Blockchain storage that comply with GDPR”.
iTrue is aiming to establish 70 pilot projects and 25 micro-services by the end of 2019. They are aiming to expand to Arab Maghreb Union, India, CIS (Commonwealth of Independent States) which includes Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Ukraine, and Uzbekistan. There is also planned expansion to Bangladesh, Russia, Lebanon, Qatar, China, Thailand, Indonesia and the ASEAN (Association of South East Asian Nations) which includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
I would really love this project to work, but wonder if the timing is right. The recent Facebook privacy breach and lack of mainstream outcry and backlash shows that the majority of users are very complacent about their privacy and prefer ease of use and convenience over security and privacy. On the other hand these breaches reflect poorly on companies if they do not actively implement solutions, and iTrue is well placed to provide a solution.
Firstly, I acknowledge that I am approaching this project with a western bias. Many of the solutions posed in the video above are relatable to me because I use social media, have to provide my identity for travel, employment, online purchases, medical needs and many other services that I take for granted, however I’m not sure there is the same level of demand or need for biometric data security in the countries listed above. The project seems very high tech, while expansion plans are focused on some less developed nations.
The project team seems to be made up of solid individuals. The leadership and marketing is based in the USA and that raises a question as to whether or not they should have a legal advisor listed. Being USA based it also raises the question of whether the high end solution provided has an appropriate demand from the audience of nations. The partners that they have on board add credibility.
Social activity: 3.5
Plenty of social media support for the project, although not highly engaged.