Identity is the core gateway into nearly all digital and real-world services. From financial institutions and travelling, to something as basic as ordering an alcoholic beverage, validating identity is a part of everyday life. However, each time a person’s identity is shared with a third party, individuals forfeit privacy, take on the inherent risk of a third-party security breach and pay the price of the extra time, money and hassle it takes to be authenticated.
ShoCoin aims to provide a financial mechanism for users and service providers to engage in transactions that use an individual’s identity and other personal attributes with less friction. Fully integrated into the ShoCard IM Platform, these tokens enable IM transactions by compensating users and service providers. The cryptocurrencies are currently available for presale via a SAFT contract, and will be issued using the ShoCard entity, with the public crowdsale to qualified investors slated to begin on April 16, 2018.
ShoCard is not an idea or prototype, but a product already in use. The company has partnered with a large federated identity provider to expand the reach of its solutions to enterprises. Moreover, if you want to find more about their technology, Armin Ebrahimi, CEO of ShoCard, shared with The Paypers ways to deploy blockchain tech to enable businesses to meet GDPR compliance.
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