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Cryptocurrencies

Sphre raises over USD 5 mln to bring identity on the blockchain

Wednesday 12 July 2017 | 10:11 AM CET

Sphre, an identity management company focused on blockchain technology, has raised over USD 5 million USD in its month-long XID token sale.

The sale ran from June 1, 2017, to June 30, 2017. The blockchain startup aims to bring identity management and monetization to the blockchain via its AIR platform. The platform is a system for digital identity and individual microeconomic engagement based on blockchain infrastructure.

AIR’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.

According to EconoTimes, XID tokens are used within the AIR platform to facilitate identity-based transactions and handle profit-sharing disbursement based on customizable monetization agreements.

More: Link
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