ivyKoin is a Blockchain Based Cryptocurrency Used for Business Transactions

WHAT IS IVYKOIN?

ivyKoin is a blockchain based cryptocurrency used for business transactions over $10,000, that embeds significant Know Your Customer (“KYC”) information and transaction specific payment information into cryptocurrency payments.

KEY DIFFERENCES

Banks wish to see varying information, depending on the purpose of the payment. Currently the data sent through all major payment networks (SWIFT, CHIPS, FEDWIRE, ACH) is very limited. ivyKoin will collect transaction specific information based on payment type, and make it easily accessible to banks.

The primary differentiators of the ivyKoin as compared to traditional payment networks are:

 

  • The ivyKoin transfers both payment and the data at the same time, fast.
  • The ivyKoin embeds more KYC information into the transfer than via traditional payment methods.
  • The ivyKoin embeds more transaction specific information into the transfer than via traditional payment methods.
  • The ivyKoin stores an immutable record of the transaction forever in the blockchain.

 

Thereby the ivyKoin is designed to be highly attractive to traditional banks who can get even more transparency on a transaction and access to data, than via existing networks.

ivyKoin provides two payment types; one which is anonymous, and one which provides information specific to provide banks with comfort to accept deposits resulting from this cryptocurrency.

SOLVING YOUR CURRENCY PROBLEMS

One of the big problems with mainstream adoption of cryptocurrencies is the anonymity of the transaction. The problem banks and regulators have with anonymity, is the potential that the proceeds of the transaction are the result of money laundering. This problem is limiting millions of businesses from gaining access to the benefits of making legitimate commercial payments using cryptocurrencies (including; speed, cost and convenience).

 

ivyKoin will develop a blockchain based cryptocurrency which has many of the same characteristics of existing cryptocurrencies (recognizable, transferrable, immutable, limited in supply), however it can voluntarily be de-anonymized to embed detailed information about the parties to the transaction, and also importantly, information on the specific purpose of the transaction.

 

ivyKoin can be used by:

  • Businesses purchasing goods domestically or internationally.
  • Business to business services.
  • Software license purchases.
  • Purchasing real estate.
  • Global investing.
  • Large personal transfers.
  • Micro-personal transfers.

FAST

The ivyKoin transfers both payment and the data at the same time

MORE DATA

The ivyKoin embeds more KYC and transaction specific information

SECURE

Payment information will be securely stored in the block chain

HOW IT WORKS

An account is created by an individual or business (“Customer”) on the ivyKoin platform. The client’s Know Your Customer (“KYC”) information is stored in our database. An individual hash and user ID is generated. Upon validation, the client creates a user address (or several addresses) on the platform. Verified users are marked as such, and their information is securely stored on ivyKoin.
 
The customer may initiate a transfer of cryptocurrency to a public address, without embedding KYC or transaction specific payment data into the transfer. However, the Customer may select to make a “Business Class” transfer (recommended for transfers above $10,000). At this point the Customer is prompted to disclose some information about the nature of the transfer. Depending on the purpose of the transfer; the Customer will be asked to input certain information which is not only basic KYC, but transaction specific information which is highly relevant to traditional banks on either side of the transfer.
 
Customer account information is saved within the system to avoid repetition of data entry on subsequent transfers.
 
Business Class transfers using ivyKoin automatically generates a PDF of a Currency Transaction Report (“CTR”) for each transfer over $10,000. This is the report required to be generated under regulation for payments greater than $10,000, and is provided to the banks when converting ivyKoin back to fiat currency.
 
ivyKoin will work on integrations with existing bank software, to make the distribution of KYC and transaction specific data into the right place in their system, automatically. Depending on the type of financial transaction being performed, there are different data points that financial institutions and regulatory authorities may need to see to confirm legitimacy of the payment. While not all data points are required for each transaction, ivyKoin is in the process of building a platform to accommodate more than 70 data points, which will be utilized depending on the nature of the transaction.
 
Payment information will be securely stored in the blockchain, and therefore cannot be deleted. Ethereum blockchain is public, which means banks and other institutions can listen/check all transactions stored in it. Access keys can be provided to Banks in order to access KYC and payment specific data. Using a unique key, banks can decrypt data to verify payment legitimacy on specific transactions, without being able to view everyone else’s transaction specific data.

More About ivyKoin…

SECURITY & VERIFICATION

Blockchains are considered to be secure, tamper-proof registers that record data in hash functions with timestamps and are linked to previous “blocks” in a data chain. Blockchains serve as distributed public ledgers that are easy to audit and verify. They are also automated, speeding up transactions and limiting potential for error or revision. No sensitive data is stored in the clear on the blockchain.

 

Blockchain’s security relies on the following concepts: solving a “proof-of-work” problem, consensus, and decentralization. The “proof-of-work” problem is designed to be moderately hard to solve but computationally fast to verify. Proof-of-work secures the blockchain against tampering by the amount of computing power applied to create the blockchain. A network of computers solving this proof-of-work problem usually takes only minutes. The nature of this problem makes it mathematically impossible for an individual to change the blockchain because the network nodes will be adding blocks at a much faster rate than any single person could add blocks.

 

The second security concept is the use of consensus, where the network nodes agree on the longest blockchain to be the recognized chain. By agreeing on the longest blockchain, the only way for a user to successfully alter the chain would be to alter a block and then generate subsequent transaction blocks to make a new longest chain. However, the usage of a proof of work problem makes this mathematically impossible.

 

The third blockchain security concept is the distributed ledger, meaning that every node stores the current ledger, preventing someone from altering a single point of truth. Distributing a ledger among all members of the network eliminates someone from maliciously altering the ledger. To guarantee the integrity of the ledger, every transaction or block of data added to the chain must be verified by a majority of the network. RSA encryption is used to securely encrypt the credentials. The recipient could verify this against an entry in the immutable blockchain resulting in a secure and reliable way to handle identity verification and transaction recording.

 

IDENTITY

As interactions become increasingly digital, the risk of loss due to identity fraud becomes greater. By combining decentralized blockchain principles with identity verification, a digital ID is created and assigned to every online transaction. This helps our organization check the identity of every transaction in real time, eliminating the rate of fraud and improving compliance with anti-money laundering regulation. Customers can store their encrypted identity and payment specific transaction data, and control how much information they share with other entities.

 

INFORMATION & SOFTWARE

ivyKoin will also integrate with major accounting software systems.  The easy integration of payments and receipts from customers, including data such as invoices, loaded straight into accounting software will reduce administration work for the Customer.

In addition to the technology and services described above; ivyKoin will be developing cashier services and exchange services.

 

Cashier services will facilitate the withdrawal of fiat from Bank accounts and conversion into cryptocurrency. They also facilitate conversion of cryptocurrencies back into fiat, and deposit into bank accounts.

Exchange services allow Customers to convert ivyKoin to and from a range of other cryptocurrencies.

 

Therefore, ivyKoin is providing an end-to-end solution; with a particular value proposition for businesses making large transfers – to move fiat into crypto, send it across the globe with all the cost and speed benefits of cryptocurrency, then have the recipient deposit the cryptocurrency back into fiat in their bank account without causing a problem with either sending or receiving bank.

 

The market opportunity we are solving for is the $5 trillion per day global money transfer market. That is a $1.25 quadrillion per annum market.

ivyKoin Proof of Concept is being developed on the Ethereum blockchain, using ERC-20 tokens.

 

ivyKoin will eventually monetize via transactional exchange fees, and currency transfer fees. No distributions will be made to token holders; profits will be invested into further product development marketing and token buy-backs.

 

Team ivyKoin

Tom Marchesello
ivyKoin CEO
Feroz Sanaulla
Former CEO Intel Capital
Josh Maher
Microsoft, Lead Cybersecurity Auditor
Ash Shilkin
Founder, Change Financial Ltd
Allan Young
Founder, TopLine and Runway Incubator
Count Erik Wachtmeister
Founder, Best of All Worlds and A Small World
Kirill Gourov
Founder, Blocktech and Full Node Capital
David Drake
Founder and Chairman, LDJ Capital Inc.
Andrew Pipolo
Former Managing Director PayPal Japan & Australia
Bill Marcus
Former Donaldson Lufkin & Jenrette Investment Banking
Ross Paulson
Former IRS Senior Trial Attorney
Bartosz Robaszewski
Engineering Manager
Ted Dhanik
Founder, EngageBDR and Former MySpace Head of Marketing
Marcus Fuch
Former DEXIA Banking Group, MENA & EU
Peter Clare
Former CEO Westpac Bank NZ
Marek Bryling
Engineer
Bree Ludlow
Legal Consultant
Stephen Toupin
Cyptographer
Dariusz Ciesielski
Engineer
Keith Allen
Marketing Communications Expert
Thomas de Shazo
Director of Oil, Metals & Mining & former CEO of MineInvest Resources LLC
Janusz Zoltanski
Business analyst

Influence

ivyKoin is proud to have assembled a team of key advisors whose experience has influenced some of the most respected financial institutions in the world.

CONTACT IVYKOIN LLC

Write us via Email
mail@ivykoin.com
Mail Us Here

8 The Green Suite #7222 Dover, DE 19901

Copyright © 2017 Ivy Koin LLC