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- Users’ data even biometrics are encrypted and stored always on their phone.
- Data are never stored on central servers so it is nearly impossible to hack.
- Users just have to press a single TouchID to authenticate themselves.
- Wide network of existing partnership.
- Good transparency.
- Only 20% tokens are available for investors.
- The project has to face high challenges in blockchain identity system.
- Social market cap is too high.
- Minimum investment is 10,000$
Our identity is the main gateway into nearly all digital and real-world services that we access.
Now the question is why we share our identity or information to the third party services?
The answer is, it enhances the quality of service that we use. Also we are paying a price by sharing our identity to third party services. It includes our extra time, money and moreover it takes to be authenticated and respond to challenges to the privacy we ignore and security risks that we take.
Service providers authenticate and demand to prove our identity for various transaction on a daily basis. Whenever we want to receive the benefit of any services we have to prove our identity. Some services are generating the revenue from our data only by interrupting our privacy that we ignore sometime.
Some services demands for extra information to receive the benefit of that service or to ensure that they are inter-facing with the right person such as – phone number, high school name and etc.
One of the biggest concern is the data storage by different service providers to maintain a copy of users’ identity like PINs, first pet name, and questions like that. They do this because the increase in fraud scenarios. As this data is stored by different service providers they are not expert in this and often some providers even don’t care about that. But these data can be stolen by hackers to use it for various purposes. This results in security breaches concern and fraud cases.
Globalization is another factor where we are interacting, transacting and talking internationally across the borders. So all users are sharing their data with each other in every region of the world.
The challenges institutions face to verify such degrees are expensive and time consuming; whereas factors, such as language barriers, can make verification nearly impossible. Globalization and mobility thirst for a verifiable solution that can cross borders yet not violate user privacy or national regulations.
As the blockchain is becoming the main stream of solving almost every problem so here also we have a solution in blockchain on the name of “Shocoin” or “Shocard”.
What is Shocoin or Shocard?
Actually Shocard is the main platform service and Shocoin is the token of this platform. A mobile-based distributed Identity Management Platform with the Blockchain as the independent validation source.
Shocard was founded in February 2015 by Armin Ebrahimi, CEO. The company has raised two rounds of funding—in July 2015 and June 2017 for $1.5M and $4M, respectively. Shocard is the dependent factor in developing patented algorithms and methods for Identity Management (IM) with verification using the blockchain.
Shocard is a blockchain-based Identity Management (IM) ecosystem where people can own and protect their digital identity. Here users can decide with whom and when to share their personal data. Third parties are able to validate the authenticity of that data using the blockchain without the need to trust other centralized third-parties to vouch for it. Shocard is not an idea; it’s not a prototype; it’s a product in production.
How does it works?
Shocard allows users and enterprises to establish their identities with one another in a secure, verified way. Using this any transaction–whether it’s to login, share personal information, or complete a financial transaction can be accomplished quickly, easily and in a user-friendly way.
Creating a Shocard ID can be done either through the Shocard App which is supports Android as well as IOS, or a company or entity can build in the technology into their existing Apps via Shocard SDKs (Software Development Kit).
Shocoin are an integrated part of the Shocard platform. This allow for exchange of compensation between different entities as users share their identity and other information that service providers associate with their identity such as their credit score or college certificate.
|ICO start date||28.05.2018|
|ICO end date||28.06.2018|
|ICO Token Supply||100000000|
|Soft cap size||$8,000,000 USD (fiat)|
|Hard cap size||$20,000,000 USD (fiat)|
|Additional Token Emission||No|
|Token price in USD||1 Token = 0.110000 USD|
Shocard’s obtained Identity Management platform aims to be easy to use and to remove friction and cost for both users and service providers. This creates economic incentives for using the product. Moreover, different service providers can use this platform to allow a user to exchange information beyond their simple identity – things such as a credit report that is certified by a credit reporting agency. So overall project is good but has a very tough competition in the Identity management industry.
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