What are ShoCoin and ShoCard?
ShoCard is a blockchain-based Identity Management (IM) Platform where people can own and protect their digital identity, deciding with whom and when to share their personal data. ShoCoin was created as a transaction tool for the already existing applications of ShoCard. The project is a system powered by the blockchain technology with which people can protect their identity.
“ShoCard allows users and enterprises to establish their identities with one another in a secure, verified way so that any transaction–whether it’s to login, share personal information, or complete a financial transaction–can be accomplished quickly, seamlessly and with peace of mind.”
While the internet has become in the past years a very transparent ecosystem on which everyone can have access to one’s identity in just a few clicks, this project aims to change this alarming fact.
The third parties who wish to identify a person will need to have the permission of the users. Following this, the third parties will be able to validate the identity of the user in a decentralized manner.
The ShoCard team is creating a decentralized pathway towards safe identity sharing called ShoCard Identity Management which will use the ShoCoin token.
The platform has the following features:
Authenticate an individual or an entity;
Exchange auditable authorization;
Exchange attestation of an individual’s credentials.
The team will start by creating a system which will enable the banks and financial institutions to identify a customer in an instant. The brilliance of this system lies in its utility. Think about the huge crypto exchanges and their verification processes. Besides KYC paperwork, the user has to upload passport or ID photos, proofs of address, etc. and in many cases, the process can take weeks and months.
Regarding banks, the user will be given a credit score which will be saved on their phone while the “certification is hashed and then digitally signed by the banks private key and placed onto the blockchain so that any other institution could then be passed that certification by the customer.”
The second feature of ShoCard is addressing the verification procedures made by the airline companies. At the moment we have the microchip passports on which we have our identities. With ShoCard the users will own a Travel Token which will be presented to the airline company. Following this, the company will be able to identify the user’s documents using a public key, a mix of blockchain data and a facial recognition system.
The team disclosed that these features are only the first steps into a world where the private information will be securely stored on the blockchain.
Future implementations of the ShoCoin system:
Law Enforcement Interaction
The team explained in the whitepaper that the users will be able to protect their privacy through the proof-of-work algorithm. According to them, the blockchain should not be used as a general store of identities even though the information is encrypted that’s why they have created a more secure medium using the Stellar blockchain.
The developers of ShoCard and ShoCoin are stating that the Stellar blockchain is a compelling system concerning scalability. With more than 1,000 transactions per second, the Stellar blockchain will be able to process the massive amounts of data that ShoCard will manage in the future. Furthermore, through the atomic-swap algorithm Stellar will enable the ShoCoin to be a multi-operational token which will also decrease risks and malicious attacks.
While some people might be skeptical about sharing their identities, we have to understand that the blockchain technology has shown its power when it comes to anonymity and privacy. Besides that, the team behind ShoCard and ShoCoin is one of the first companies to develop algorithms for identity management using the blockchain. The company already owns approved patents for the systems and algorithms that they intend to launch in the following months.
Team and project development
According to the whitepaper the team is composed of blockchain industry developers and businesspeople who have a vast experience in this sector. The project is backed up by a few venture capitalists among which is AME Cloud Ventures which is managed by Jerry Yang, co-founder of Yahoo.
The company was founded in 2015 when they have raised $5.5 million in two funding rounds. Following this, the company started working on developing ShoCard. The project was presented at TechCrunch Disrupt NYC in 2015.
At the moment the team is preparing for an initial coin offering for ShoCoin which will start on May 28, 2018.
The ShoCoin Community
Even though the project is in its infancy, the ShoCard team has managed to gather around a very healthy community. With more the 4000 users on Telegram, we expect this project to reach its hard cap in no time.