Identity management blockchain startup Sphre has raised more than $3.7 million in the first days of its XID token crowdsale . The token crowdsale, which began June 1, 2017, has raised more than 1,329 BTC (Bitcoin) from 575 participants in just less than nine days.
“Early support for the AIR Platform through our XID token sale is a clear indicator in the belief that blockchain technology can help modernize identity management,” said Daren Seymour, Director of Sphre. “We hope to build on this momentum throughout the token sale, and dedicate all of our resources towards bringing this platform and consumer application to market.”
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The AIR Platform is described as a secure, lightweight system for digital identity and individual microeconomic engagement based on blockchain infrastructure. Air’s API will allow third-party organizations and enterprises to integrate support for Air into their existing and new systems, while the mobile application secures and maintains each individual’s private key. Users also have the ability to store their key within a digital vault of their choice, such as a bank. The Hyperledger Chaincode (smart contract) forms the basis of the given identity, and contains program logic that will allow an individual to recover their identity if their mobile device is lost.
XID tokens are used within the AIR platform to facilitate identity-based transactions and handle profit-sharing disbursement based on customizable monetization agreements.
Sphre was originally aiming to raise just $1.5 million to build the Air consumer product and introduce it to the market.