ShoCoin ICO Review
The ShoCoin platform provides secure one-stop identity verification, with cryptocurrency incentives for sharing of information.View ICO Website
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ShoCoin ICO Review & Analysis
Verification is a hot topic in the ICO world. The digital world is in need of a unified, secure, trusted way to verify and manage one’s identity online. This comes to the fore even more with blockchain-related services, as users end up going through KYC processes for countless sites. The ShoCard Identity Management platform is designed to allow customers ownership and security of their digital profile, and ShoCoin is the incentivization mechanism behind it.
Blockchain has the potential to change the way verification and identification works for the digital world. Almost all reputable monetized sites require painstaking processes to satisfy national regulations, and a trusted system for easy verification could result in a huge improvement in the online user experience.
The ShoCard ecosystem provides three main features:
- Authentication: the ability of a user to prove their identity online, without having to actually hand over PII (Personally Identifiable Information). This is important, as users sharing PII over a wide range of platforms risks their information being stolen or leaked from many separate points of failure.
- Authorization: a further step on top of authentication, when a user needs to give approval for an action to take place. The person needs the ability to verify that they are permitted to approve the action, and clearly show that the approval has been given.
- Attestation: users making a claim can have that claim verified by the platform. Examples include proof of education, insurance, bank and property documents, and much more. The proof of these claims is stored on the blockchain and linked to the user’s digital identity, where is safe, secure, and immutable.
ShoCard provides SDKs that can be used to integrate the platform into third party mobile apps, as well as creating dedicated apps. On the backend, ShoCard uses a blockchain adapter that allows the platform to be blockchain agnostic, not linked to any one chain, therefore providing the potential for higher scalability in the future.
ShoCoin & The ICO
The ShoCoin token, hosted on the Stellar blockchain, is used to incentivize platform use. Services such as document verification, credit reporting and more are rewarded with token fees from other parties in the process. ShoCard apps also provide incentives for new user signup and referrals.
It is unclear the extent to which their ICO will run. The team have mentioned the desire not to run an ICO for a promise of a future product, but to develop the product first and use token sale to fund growth of the platform. They have also set minimum contribution at $10,000, and at the time of writing this had postponed their ICO due to external security concerns.
The Team & Roadmap
The project was founded in early 2015, with the team presenting an early version in May 2015’s TechCrunch Disrupt. Project founder and CEO Armin Ebrahimi has spent time in both executive and advisory roles in a number of startups over the last 8 years. Previously he spent 10 years with Yahoo, responsible for tasks including anti-fraud services and developing external partnerships.
ShoCard’s site lists a 12-strong development team, along with four lead members and strong advisory team.
The team has partnerships with several organizations already, and at the time of the planned ShoCoin ICO in mid-2018 they have begun integrating ShoCard services with these partners. The site doesn’t list any major milestones coming up following ICO, only the desire to grow the ShoCoin economy and ShoCard client base in mid 2019.View ICO Website