Sphre raises USD 3.3 mln in token crowdsale

The platform is called AIR and it is used for digital identity and individual microeconomic engagement based on blockchain infrastructure. The system’s API will allow third-party organizations and enterprises to integrate support for Air into their existing and new systems, while the mobile application secures and maintains each individual’s private key. Users also have the ability to store their key within a digital vault of their choice, such as a bank. The Hyperledger Chaincode (smart contract) forms the basis of the given identity, and contains program logic that will allow an individual to recover their identity if their mobile device is lost.

The token crowdsale, which began June 1, 2017, has raised more than 1,287 BTC from 482 participants in five days. XID tokens discounted at 20% have sold out, and are now available at a 10% discount. The tokens are used within the AIR platform to facilitate identity-based transactions and handle profit-sharing disbursement based on customizable monetization agreements.