ShoCard selects Stellar as blockchain network for Identity Management

Thursday 22 March 2018 10:15 CET | News

ShoCard, a blockchain-based identity management (IM) ecosystem, has selected Stellar as its underlying blockchain network provider for its ShoCoin tokens.

The Stellar blockchain, an open-source, distributed payments infrastructure, allows ShoCard to provide an IM solution that is scalable and can accommodate high-volume “transactions,” or exchanges of ShoCard’s token, ShoCoin. The Stellar network can perform more than 1,000 transactions per second, and does not require “gas,” which eliminates transaction costs as a factor that could otherwise make micro-level transactions inhibiting on an Ethereum network. 

ShoCoin is a unit of cryptocurrency for peer-to-peer exchange of value within the ShoCard IM Platform. There are five main constituents engaged in the token exchange who receive or pay tokens: Identity Owner, Identity Management System (IMS), ShoCard-IP, Certifier and Verifier. Some exchanges are mandatory and established by the exchange system, and some are established by the service providers. In most cases, the service provider gives a token to incentivize the users to remain engaged in the ecosystem and profit from the value they create.

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Keywords: ShoCard, ShoCoin, IM, digital identity, Stellar, blockchain, tokens, identity management, P2P, cryptocurrency
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions