You must have heard about Bridge Protocol ICO. In this post I will try to explain what is BridgeProtocol and how it works and whether it fulfils any useful purpose.
First of all this is not about Bridge Protocol Data Unit or BPDU that is used in networking.
What is the mission of Bridge Protocol?
It is stated on the website that Bridge’s mission is to assist Initial Coin Offerings (ICOs) by creating avenues and methods for safe, legal and compliant ICOs.
Bridge wants to create an open, distributed network of validators that regulates the behaviour of participants for creating safe and high assurance environment.
Bridge will facilitate and create methods to implement business processes that comply with existing standards and regulations. Said system will maintain a private blockchain to process assets securely using smart contracts that no third party can influence based on the laws of regulatory body of nation for whom the solution is being built. This system will be composed of trusted virtual machines that will enable user accessible functions for enterprise grade business operations.
What’s the connection with ICO and ProjectICO?
As you have read and noticed, entrepreneurs from all over the World has been raising billions of dollars through ICO or tokens which outran conventional seed funding and venture capitalists funding. In some cases, like it happens with any other business, some people lied and committed fraud by not releasing the mentioned product and not keeping up with the promises, this caused losses to some people and bring in regulatory authorities to monitor it and regulate it.
Legal experts in this area charge $125,000 to $250,000 for corporate structuring and general advisory. Bridge believes this has created unnecessary cost barriers for genuine candidates who want to create useful product but have limited resources.
To follow Regulations like Know-your-customer (KYC) costs customers above $30,000 if done by traditional means whereas most people doing ICO now from their home save this highly confidential data in their personal PC and many doesn’t provide no protection whatsoever.
Until now, companies and individuals have been using traditional business models and systems in this space without tapping the blockchain potential has to reduce cost and protecting customers by utilizing it.
Bridge have consulting experience with ProjectICO that told them about the financial and legal obstacles genuine ICOs has to face.
What is Bridge Protocol?
The Bridge Protocol Corporation aims to create a microservices architecture for business applications that will run on the blockchain.
The Corporation will own and run a certificate authority on Blockchain. Protocol will provide services such as identification.
Bridge Protocol have chosen NEO blockchain due to its existing model and potential. It will help Bridge in creating a Public Key Infrastructure (PKI) for its userbase.
The Bridge Identity Management System (bIMS) will issue certificates that adhere to regulations, standard, model while providing extensions (application policies, key usage, etc.) so the application logic can be developed and utilized on Bridge’s Blockchain.
These certificates will be issued to real persons, machines and “virtual persons.”
The Bridge Protocol uses Bring-Your-Own-Key (BYOK) interface to verify user ownership of keys, data, and processes.
Due to Bridge’s focus on commercial off-the-shelf (COTS) hardware encryption
modules help mitigating costs and eases the process for any player big or small to realize the potential of their idea.
What is the distribution mechanism of Bridge Protocol?
Token used by Bridge is called IAM. It uses NEP-5 created from NEO smart contract.
Only 1 billion tokens will be created. First portion of 500 million will be distributed through crowdfunding while remaining 500 million will be managed by Bridge Corporation to support development and maintenance.
Is Bridge Protocol a promising project?
I think it is a project with huge potential especially by looking at the state and potential of blockchain industry it will not be difficult to see many newcomers with great ideas trying to tap using ICO. A system like Bridge which eases the whole life cycle of ICO is indeed a very promising idea.
Is Bridge Protocol a good idea to invest in?
Do your own due-diligence. I would say, if Bridge does what it says it will do then I think it is definitely worth investing in.