What Is The Ivy Project?

The Ivy Project started with a simple idea – that cryptocurrency and blockchain-backed tokens should make it easier for large institutions to accept payments, not more difficult.

Blockchains excel at being a shared source of truth for digital information, where all participants can verify data without having to trust one another. Therefore payments backed by blockchains, such as cryptocurrency transactions, should offer a rich source of information to the receiver, sender, and other interested parties such as regulatory bodies. This data is commonly referred to as Know-Your-Customer (KYC) and Know-Your-Transaction (KYT) data.

We found, through working with financial institutions, that current blockchain-based payments fall short in providing the level of transparency required for KYC + KYT, that are required to create trust and fulfill Anti-Money Laundering (AML) and other compliance rules for traditional financial institutions.

We set out to build a Payment Platform that  harnesses the power of blockchain in a system that is:

Easy to Integrate

With existing payment mechanisms in traditional financial institutions

Transparent

So that financial institutions can accept blockchain-based payments while remaining compliant with regulatory, legal, and reporting standards

Accessible

With low barriers to adoption for additional customers, allowing institutions to reach their customers and customers to easily interface with financial institutions

White Papers

We documented these hypotheses in a whitepaper, and this shared mission became the Ivy Project.

V1.5 - ENGLISH

CHINESE (SIMPLIFIED)

CHINESE (TRADITIONAL)

The Basics of Ivy

Technology Roadmap:

  • Building the platform that links Blockchain-backed Transactions with the KYC + KYT data required by recipients and regulators
  • Building a workflow for transaction participants to have access to KYC data before approving a transaction

Customer Acquisition:

Ensuring that there are enterprises and institutions with compelling business cases willing to:

  • Accept payment from customers using cryptocurrencies and blockchain-backed assets
  • Serve as intermediaries to oversee and to verify the transfer of Ivy to traditional means of fiat currency payments

Traditional financial institutions and funds can serve as intermediaries receiving Ivy, and can issue financing through traditional means while charging a service fee for facilitating these transactions — in the process, building up their reserves of Ivy.

The Story So Far

The Technology

The first phase of Ivy was to build out two major components

ivyKoin

An ERC-20 Utility Token on the Ethereum blockchain that provides:

  1. The basic cryptocurrency (Ether) to enable blockchain-backed payments.
  2. A stable, blockchain-backed infrastructure to record these payments.

ivyNetwork

A set of technologies working together to:

  1. Facilitate the transfer of cryptocurrencies to ivyKoin, while capturing rich data about the customer (KYC) and the transaction (KYT).
  2. Facilitate the transfer of IvyKoin to payments in fiat currencies, while capturing KYC and KYT data, and allowing intermediaries to approve such payments upon review and validation of the KYC / KYT data.
  3. A secure database, ideally backed by a blockchain itself, that stores the mapping of the blockchain-based cryptocurrency transaction to the KYC / KYT data captured around it.

The first iteration of the components above is called ivyAlpha, and is currently fully functional and working with the TestNets of Ethereum and several other major cryptocurrencies.

We will be holding initial technology demos for ivyAlpha starting March 2019 for Verified Token Holders, followed by access to internal ivy Alpha builds and technical and design documentation later in March.

BASIC FUNCTIONALITY OF IVYKOIN AND IVYNETWORK

The Market

Finding the Market for Ivy requires validating three needs:

  1. Customers who wanted to utilize cryptocurrencies and blockchain-backed assets to make payments, using Ivy as an intermediary.
  2. Institutions that wanted to accept such payments.
  3. Institutions that would want to serve as intermediaries.

 

As we explored the market with these requirements, the primary use case and associated requirements for an instrument and platform such as Ivy has become increasingly clear, as have further potential business models.

These discoveries and insights have since led to multiple business opportunities, as well as the conception of ivyNext – our internal codename for the next iteration of Ivy beyond ivyAlpha.

We intend to start publishing information about our primary target markets and the state of business development to Verified Token Holders in March of 2019, followed by information around ivyNext and future opportunities for ivyKoin Token Holders as Ivy evolves into its next phase.

What’s Next

For Verified Token Holders Only

  • Ivy Management Update (March 2019)
  • Technology Update (March 2019)
  • ivy Alpha Demos – Live Webinars hosted by the Ivy Team

General Public

  • Ivy Project Website Updates
  • ivyAlpha Demo Webinar Videos Published on Website
  • Ivy Management Update (April 2019)
  • Technology Update (April 2019)
  • Ivy Community Ambassadors introduced

For Verified Token Holders only

  • ivyAlpha – Live Alpha Site Access: Rollout for Verified Token Holders for testing and feedback.
  • ivyAlpha and ivyNetwork Technical Documentation: Including specifications, design documents and User Guides for Ivy Alpha.
  • Business Use Case and Market Update (March – April 2019) – From the Ivy Business Development Team
  • Introductions to new Ivy Team Members

General Public

  • Ivy Project Website Updates
  • Business Use Case and Market Update (May 2019) published

For Verified Token Holders  only

  • ivyNext information stream starts rolling out.
  • Introductions to new Ivy Team Members

General Updates