Peer Mountain is developing a platform called Peerchain that uses a blockchain to provide secure identity verification (Self-Sovereign Identity (SSID)) that can be used by virtually any business that requires this. Using the company's mobile app, individuals will be able to safely save their identity information in order to share it when necessary, and businesses are incentivized to use it because they are paid for each verification.
Peer Mountain's Team
Peer Mountain's core team consists of twelve people with decades of collective experience in software development, and their website's FAQ section notes that they are still seeking to hire more developers.
Peer Mountain has about 8,000 followers across social media; its most active page is Telegram, with over 4,000 group members. The project has received little coverage from online publications, but it will likely gain more attention as its product testing and ICO move forward.
The project may also have an international following not readily visible to English speakers; its whitepaper is available in eight languages, and most of its release initiatives are scheduled to take place in central Europe.
Peer Mountain's Technology
Peer Mountain's Peerchain is a platform that will allow users to securely save and share information about their identity. Users can even save several forms of identification that can be used for diverse tasks, from complex transactions like loan agreements to simpler ones like purchasing a plane ticket. Since it is built an encrypted blockchain, users' data is entirely secure, yet readily available when necessary.
The Peerchain platform offers several distinct advantages over presenting paper documents or storing them on a traditional server:
- it guarantees full regulatory compliance for institutions that have codified rules regarding identity
- it simplifies the process of auditing transactions because blockchains keep a permanent record
- it improves customers' experience since verification requires just the push of a button
- it has virtually no risk of a data breaches due to blockchains' inherent security
Peerchain will be available through a mobile app that will be free for users; as of June 2018, the app is currently in alpha testing, and the full version should be released next year. While the app itself is free, actually obtaining an identity verification requires the use of Peer Mountain tokens (PMTN).
Institutions that use the Peerchain verification system earn these tokens for their participation, which should encourage its adoption and stabilize demand.
Though still relatively early in its roadmap, Peer Mountain has announced bold plans for its platform's rollout: they plan to collaborate with a Swiss financial institution and German car company in 2018, and then intend to enroll 12 million Swiss and German users by the end of 2019, presumably through collaborations with existing institutions.
A total of 333,000,000 PMTN tokens will be created, though only 40% will be distributed to the public during the crowdsale. The ICO is divided into four phases, the first two of which are private, and there are significant discounts – up to 30% – for earlier customers; one Ethereum will buy 2,917 PMTN tokens, though investors will only pay this base price during the sale's fourth phase.
PMTN tokens are based on the ERC-20 standard, and it appears that they can only be purchased using Ethereum during the ICO. Oddly, neither the company's website nor its whitepaper mention exact dates for the sale, though they note will take place in the first half of 2018.
Peer Mountain's platform could be beneficial for both consumers and businesses, especially small business owners who routinely work with financial institutions.
However, many consumers may be wary to trust their private information with any third party – even those that use inherently secure data storage such as blockchains – and furthermore many people may be hesitant to pay for a service that they've long handled themselves for free.
Investors in the PMTN token should observe the platform's popularity, especially after its widespread public introduction in Switzerland and Germany.