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The lifeID Foundation Purpose

The lifeID Foundation was created to develop and market the lifeID Protocol & Platform, a decentralized, blockchain-based open identity provider. When the network launches, it will create a decentralized network for self-sovereign identity creation and management. The lifeID Foundation token, the ID Token, will be used to store and exchange value on the platform for services and for governance. ID Tokens’ primary purpose will be the exclusive method of payment for services on the platform. At network launch, The lifeID Foundation whitepaper will define the ID Token allocation, transaction fees, and initial governance mechanisms.

The foundation itself is a non-profit organization with well-defined objectives that are laid out in the whitepaper. In essence, the objectives serve the goal of launching the lifeID Platform for self-sovereign identity and promoting a growing, high-value network.

Funds raised by the lifeID Foundation will be used to ensure a growing and thriving ecosystem of developers, protocol users, and lifeID identity holders. This includes finding the best talent and focusing on R&D while promoting the platform to ensure the long-term success and persistence of the identity service.

To drive adoption at network launch, lifeID will ensure that tokens are widely distributed throughout the ecosystem to jump-start the minimum viable ecosystem. Priority will be given to platform developers, engaged community members, ecosystem partners, and software developers who use the platform to serve lifeID’s users. At launch, ID Token holders will be able to start experimenting with the lifeID Platform and building applications.

The Problem with ICOs

Blockchain has been a geeky playground for wild innovative projects, new kinds of businesses and a brave new world of fundraising. The wild valuations and lack of funding caps have tarnished perceptions of ICOs. Too many have been pump-and-dump, quick-buck schemes. Others have promoted unrealistic projects that somehow raised tens of millions of dollars without a genuine hope of delivering on a thinly thought-out whitepaper.

As a result, the SEC has served subpoenas to many of these projects. Although most of them were acting in good faith, many ran afoul of an archaic regulatory environment designed to protect retail investors. Even worse, some projects were actually designed specifically to exploit the new ICO model by raising funds, then redirecting those funds to individuals with nefarious intentions.

Our challenge in this environment is that any misstep during the fundraising process, no matter how well-intentioned, can have crushing effects on the success of any project — meaning that the success of the vision itself is at stake.

If the fundraising process kills your project’s chance to fulfill the mission, then you’ve failed before you’ve truly begun. At the lifeID Foundation, we will take every precaution we can to prevent that from happening.

We are true believers. We’re committed to creating an open-source, permissionless, self-sovereign identity solution for our ecosystem. Our goal for providing this open, public identity platform is to ensure that everyone can own and manage their identities with convenience, privacy and security.

With this in mind, and after deep investigation, the lifeID Foundation has zeroed in on a prudent fundraising approach. We’ve heard from thousands of people around the world who want to participate in supporting our project and we are deeply grateful. So thank you for all your questions, suggestions, and most of all, your patience, as we work through this evolving process in an industry chock full of ambiguity.

lifeID Foundation Qualified Investor Token Sale

As a result of these considerations, we believe the best path to achieve our mission does not include an ICO. Before the launch of the network and the distribution of ID Tokens, we will be running two, limited fundraising events for the lifeID Foundation. These will both be for qualified investors who would like to participate in a ‘SAFT-like’ purchase for future tokens. At network launch, future tokens will be delivered as lifeID Protocol “ID Tokens”.

Our goal is to include as many members of our community as possible, within regulatory guardrails. So these two fundraising efforts, one for US citizens and one for non-US citizens, will function as two legally separate fundraising events that fall under different requirements and guidelines. After these two fundraising events, no further rounds are expected before network launch.

To make this happen as smoothly and safely as possible, US community members who would like to participate will be invited to go through an Accredited Investor check. International, non-US investors, will be invited to go through a KYC check.