Large buyers of identity information include:
• Employment background checks
• Rental background checks
• Financial services KYC and AML
• Sharing economy (Uber, AirBnB)
• Credit reports
• Retail, especially large purchases
• Health, life, auto insurance (understanding customers = better pricing models)
• Auto and other consumer loans
• Mortgage process
• Research companies
Glyph will create a marketplace for these vendors to purchase identity data directly from the source—the individual owner of PII data. Collectively, each industry will set the rate for data through market economics. For example, the auto loan industry will value some data over others. Given a free market, they will pay what it is worth to them to individuals to read that verified data, and will set that price as a market by competing with each other. We believe this will set strong prices for data in certain core markets, and smaller prices in others. On aggregate, this could be worth significant income per year for individuals.
Adoption through CRAs
The wonderful thing about CRAs is that they are, collectively and individually, a powerful sales organization. If SSID provides benefits to employers, it enables early adopting CRAs a comparative advantage over their peers in acquiring customers.
This has implications for Glyph, as we do not need to sell all CRAs on the solution, but a percentage of the more successful. A key pillar of the strategy will be providing the best CRAs with education and materials to sell the solution to employers. The best will reinforce the brand, and the best CRAs understand the vision and the opportunity to cement themselves into a future-proof solution.
When we can achieve this, we will in effect turn CRAs into our salesforce, giving Glyph “overnight” thousands of motivated salespeople, and penetration into every industry and state in America. The US employs 5.5 million people in new jobs every month. About 60 to 80% of those jobs perform some kind of background check.
If the new market forces prove that it’s useful for individuals to always have updated information, then the model could flip completely. If the price of data is where we believe it will be, instead of employers engaging CRAs to perform background checks, CRAs will be selling directly to individuals to earn their monitoring services on the premise that an updated and current SSID will be a more valuable asset in the marketplace. CRAs could become an even greater, motivated salesforce in this model.
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Architecture
The Glyph solution must enhance the verification triangle presented earlier. Glyph puts all types of user data back in the control of the user, both sharable by the individual, and completely verifiable to the verifier. This solution therefore has four core components: an identity blockchain, a mobile app, a verification technology, and a marketplace.
Identity Blockchain
The identity blockchain must be a private, permissioned blockchain utilizing zero-knowledge proofs and secure data storage and encryption. The key factor in this from technological and adoption perspectives, is that Glyph has no, and needs no access to the information stored. It is owned by the individual, completely.
Mobile App
The user must have a way to review their information and share it with others. The encryption key is stored on a biometrically sealed and secure smartphone app. The information should be verifiable from the app without disclosing the information to the network. This is achieved by the individual sharing the information from their phone at point of need with the verifier, and the blockchain verifying that the information has not changed.
The mobile app for phase 1 is currently in development and will be released at the beginning of 2Q 2018 (see Roadmap section for more details). Key features of a mature app will allow the user to:
1. see all stored data
2. order new data or an update of current data
3. share claims with verifiers
4. review offers to read data
5. review history of shared data, and who currently has access permission to it 6. set up smart agents to automate regular sharing with trusted vendors
Information Stored on Smartphone
Individual (Owner)
Prove trust
Original ID Sources
Verified by Sto CRA SSID
Verifier
red on
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Verification Technology
Verifiers of claims (vendors) will need to securely read information from the user and receive attestation from the Glyph network that the information is correct. In phase one this will be completed using the same app being developed for users. In the future, smarter, contactless, and more sophisticated POS solutions using location protocols and IoT technology will be developed based on market need.
Marketplace
The marketplace is both a protocol and an opportunity. Built on blockchain, the marketplace is the mechanism by which vendors (verifiers) are able to buy data (verifiable claims) from users. Prices will be set in the marketplace by free market economics, with a percentage-based transaction fee to the network to power the network. The marketplace will be run and fueled by current use cases for sharing identity such as background screening and KYC.
Additionally, the marketplace is where vendors can bid for the ability to read user’s data. For example, this may exhibit itself as a list of insurance companies and offers for users with your profile of data. This would be done in app, based on algorithms and not with any knowledge of the company. i.e. SuperInsurance would send an offer for all 30-something fathers of 2 working in financial services. If this matches your profile in the app, the algorithm will display the offer. You will then have the opportunity to send your information to them to accept the offer—which will be the first time they know of you. This would be an add-on to the core market. Note that it is this matching concept in reverse that powers most of Google’s revenues. A qualified insurance lead can cost an insurance company between $50 and $200 in today’s market.
The market is where Glyph will create and deploy a cryptographic token, GID coin. There are no plans for a cryptocurrency associated with the identity blockchain at this time.
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Team
Glyph is honored to have an experienced and capable founding team and world class advisors, with extensive work experience and backgrounds in companies such as Apple, Amazon, Tesla, Barclays, Deutsche Bank, Emirates, Coca-Cola, Microsoft and the United Nations.
• James Greaves, Founder and CEO. Former TazWorks Head of Strategy. 15 years in Private Equity, Venture Capital, Human Data, https://www.linkedin.com/in/iamjamesgreaves/
• Hans Schulte, COO. TazWorks SVP Integrations. 20 years in high-growth emerging technology and economies https://www.linkedin.com/in/hansdieterschulte/
• Bryan Sparks, Advisor. CTO Imagine Learning. Founder Solera Networks. https://www.linkedin.com/in/bryan-sparks-3b84414/
• Nate Embry, CXO. Chief Experience Officer. 10 years in design, entrepreneurship and technology. https://www.linkedin.com/in/nate-embrey-5135b9121/
• Brent Hatch, Advisor. Senior Partner at Hatch, James & Dodge. Former Counsel to US President and primary litigator on some of the largest cases in US history http://www.hjdlaw.com/Attorneys/Brent-O-Hatch.shtml
• Barton Taylor, Advisor. CEO & Founder of TazWorks. Industry luminary. Founding Chairman of National Credit Reporting Association https://www.linkedin.com/in/barton- taylor-b510637/
• Michael Terpin. Blockchain. Alphabit Fund. Coin Agenda. Bit Angels. https://www.linkedin.com/in/michaelterpin/
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Token Distribution Event
To fulfill our vision, Glyph will complete a token distribution event for our Glyph token with contributors and strategic partners. The size, location and details of the distribution event will be determined post phase one.
In order to prepare for the distribution event, Glyph is looking to complete a private round of funding from accredited investors. Funds sought are approximately $2M, with a hard cap of $5M. Funds will be used for legal and setup fees, token design, prototype completion, and reasonable business costs associated with establishing a new blockchain powered market. A minimum contribution of 200 ETH will be required to participate.
Approximately six months later, Glyph hope to hold a Token Distribution Event during the launch of the core product. Details of this event will be determined at a later date.
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Roadmap
As adoption is the key, a clear roadmap is vital. Glyph will focus on three phases, expanding our reach in each phase. Phase 1 focuses on US KYC for blockchain companies. Phase 2 expands this vision to the US background check industry, including attractive add-ons to the core service. Phase 3 adds further geographies to these markets.
Phase 1. ICO Support
In phase 1 Glyph will focus on providing KYC for US based participants in ICOs. This has been chosen for several reasons:
1. High demand. We have requests from numerous ICOs and ICO platforms to provide KYC support. We have not yet met an ICO platform that is comfortable with their current provider. We estimate from anecdotal evidence that more than a million people a month participate in ICOs globally.
2. High margin. We can charge $20 per verification at a 60% gross margin.
3. Tech savvy customers. Participants in ICOs will understand our model and our claims and
will understand the power and safety of a blockchain identity.
4. Future partners. Massive exposure in this market will allow us to become the defacto
partner to market additional identity data (such as loyalty cards, DNA, location data etc.
from other blockchain companies)
5. Sell on opportunities. ICOs pay very large portions of their budgets to perform advertising
for ICOs. Once an individual has participated in an ICO, they can immediately be directed to participate in several others with the click of a button (and no more sign up process). This should generate millions in additional revenue.
6. Complete Product. The enterprise-grade product will be complete in the next 2-4 weeks.
7. Buzz. Nailing this vertical will provide newsworthy attention and positive momentum that
is translatable to other industries.
Phase one is already well underway.
Phase 2: Employment
Employers already pay hundreds of dollars for background checks for future employees. In phase two we will take our learnings from our time at TazWorks and phase one to work with key CRAs in the employment arena to provide SSID for new employees.
The value here is not that the employee will immediately use the service in four places, but that the employee can use the service inside the company. For employment screening we will focus on tying our service into access management (key cards and ID badges), single sign-on, identity protection, pay and benefits administration, and tax support for employees, all of which add significant value to the employee and company during employment. These services will be provided by competent partners tied into the Glyph ecosystem.
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Additionally, as these companies are brought on, each have services and products that can be marketed to employees of other companies on the system through the marketplace. For example, TazWorks CRAs already do background checks for 500,000 US companies.
Signing on all new employees of a company will also create momentum to go back and add all employees into the system for access management, the marketplace, and other SSID benefits, creating another vertical to grow the company (as well as continuing to reward early adopting CRAs).
Phase 3: Future Growth
International, education, and banking KYC are all attractive targets for phase 3 development. Each will be reviewed at a future time.
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