Identity management startup Sphre is developing Air, a secure, lightweight system for digital identity and individual microeconomic engagement based on blockchain infrastructure. A token crowdsale is scheduled to begin on April 19, with the aim of raising $1.5 million for building the Air consumer product and introduce it to the market.
Air aims to reduce friction and improve security as a user-friendly digital identity solution for the consumers and enterprises. The technology is composed of smart contracts, Application Programming Interface (API), and a mobile application for personal use.
The API will allow third-parties to integrate support into their own systems, while the mobile app secures an individual’s private key. Users will also be able to store their key within digital vaults. The Hyperledger Chaincode (smart contract) forms the basis of the identity, and enables an individual to recover their identity if their mobile device is lost.
Digitex Futures Partners with ChainlinkGo to article >>
The developers explain that Air-based digital identities will take on a variety of forms, from the individual to the enterprise, all of which are fully owned and controlled by the creator and do not rely on a centralized entity or third party for validation. Due to its blockchain-based implementation, each user’s assets such as cryptocurrencies are intrinsically supported. At its core, an Air-based digital identity enables the user to digitally verify an action or transaction.
Daren Seymor, Sphre co-founder, answered Finance Magnates question about the established competitors in the field: “We do not feel that we are competing with Titans such as Google and Facebook in a conventional way. Our intention is to do something completely different and provide a decentralised method of identity management that removes people from the paradigm of passive involvement and agreement due to the divided nature of the various solutions and policies so far implemented. Most users of Facebook and Google are unaware when their identity data is being used and for what purpose, and that it is of great value to these organisations (and also to other bad actors).
To extend the Titan metaphor, we aim to be Prometheus who stole the fire from the Titans and gave it to mankind. We want people to receive compensation for their participation and use of the Air Platform, and we feel that this concept is so manifestly fair that it will really sell itself.”