IDGO (KINWA)

What is IDGO

IDGO strives to strengthen the economy and sustainable development of more than 7000 cultural communities across the globe. The unique heritage of cultural communities is a treasure hardly recognized for its value. The masses yearn to visit their lands and yet the revenue from tourists is mostly taken away from them. IDGO project aims to create a blockchain ecosystem owned by the communities to get a hold of their economy and release their tremendous potential. IDGO applies the blockchain technology on the issuance of the digital identity cards for indigenous people and the digital passports for tourists. The system offers indigenous people a self-sovereign identity. It also leads to the development of a decentralized credit system which meets the financial regulatory requirements of Know Your Customer (KYC) and Anti-Money Laundering (AML). The IDGO’s e-Identity has two categories:

• Digital Identity Card:

The Digital Identity Card is eligible for all community’s members upon application to the community. The community is responsible for the issuance and design of the Digital Identity Cards (see below for example).

• Digital Passport:

The Digital Passport is eligible for all non-indigenous individuals. Digital Passport holders can enjoy discounts on travel activities, cultural goods, sightseeing tours and more. Exclusive Cryptocurrency that can be used in all trading activities within each community and its authorized stores or partners. Some mainstream cryptocurrencies such as Bitcoin and Ethers are inadequate for applications due to their high transaction cost and long verification process. To overcome those disadvantages, IDGO allows a 2-way conversion between Community Tokens and KINWA tokens using the 2-way peg (2WP) technology based on the integration of Ethereum public chain and side chain. Transactions of Community Tokens are processed at high speed on the side chains with zero transaction cost. The system links Community cryptocurrencies with KINWA to ensure currency stability. Based on the Self-sovereignty and Community Cryptocurrency mechanisms, IDGO develops various Social Finance services, including:

• Smart Wallet: To store Community Tokens and to make payments.
• Decentralized Credit System: Holders can loan out excess tokens to those in need. Borrowers can enjoy a lower interest rate comparing to what commercial banks offer.