Identabit is as identity based decentralized currency created by a bunch of software professionals. The four member founding team of Identabit consists of John Underwood, Dan Larimer, Paul Neilson and Stan Larimer. They believe that Identabit is the answer to all the regulatory and legal challenges currently faced by bitcoin.
Unlike bitcoin, Identabit is built over a technology similar to that of bitcoin. But with a lot of additional features. Being an identity backed digital currency, Identabit is compliance ready and can easily meet anti-money laundering (AML) and Counter Terrorism Financing Act (CTF) requirements. Even though Identabit is an identity backed currency, it ensures privacy of the users as well. This is made possible by restricting access to the currency’s distributed ledger. Identabit’s ledger is known as Permission Blockchain. ...