While it has become a trend for new ideas to offer their tokens to institutional investors in advance are the presale, one company is instead making waves by targeting consumers, in particular, millennials, who are the group most likely to be affected by identity fraud. This company, Secure Identity Ledger Corporation, is now undertaking an ICO to fund their efforts.
Secure Identity Ledger Putting Users Back In Control
According to their co-founder, Danny Lee, “Our mission is being seeded with this ICO but is much bigger and not all monetary. We aim to put users back in control of their online lives.” To this end, they have undergone the arduous process of developing their own proprietary blockchain “We created our own blockchain because we wanted to establish the rules, take advantage of core elements of blockchain architecture, create trust and establish a framework for a new data-drive business model,” says Lee.
SILC aims to provide the world’s first ‘turnkey’ digital ID system for consumers. This platform is slated to include a variety of functions, including registration, authentication, verification and personal monitoring. Once launched, the platform is intended to provide each individual user with a personally unique digital token, enabling them to prove their identity to third parties. This is somewhat of a major departure from most other Blockchain solutions, which operate on either Proof-of-Stake or Proof-of-Work.
Instead, SILC will secure their network using a newly developed Verified Existence Algorithm. In this system, both parties can exchange and confirm their personally identifying information through the SILC dashboard, without it being logged by the company itself. This removes yet another attack vector to the network, and makes SILC’s ‘One Digital ID’ cryptographically secure, legitimate and unalterable.
SILC’s other co-founder, Quang Trinh, discussed this aspect. According to Tran, “SILC is the only ICO with a finished, private and permissioned blockchain, and the result is like an email address that is private and that you only share with friends and family or businesses you trust.”
Digital Identity’s Slippery Slope
Since the inception of the internet in the 1990’s, consumers have become increasingly comfortable with giving up control over their personal information, with often disastrous results. Today, our personal identity online is composed of data that is spread all over the internet under a cornucopia of usernames and passwords. From online shopping, to social networks, to banks, we have lost control of our online identities. Increasingly, as the digital and real world become closer and closer, it’s more important than ever that users assert their rights, and take back control.
By undertaking the process of constructing their own proprietary blockchain platform, SILC is making major inroads towards removing some existing roadblocks, including miners dictating fees or forking the chain. Consumers can therefore keep confident that the SILC blockchain will always be accessible and will be supported. Additionally, this frees the network from relying on those of other blockchains, particularly bitcoin and ethereum, which have recently shown significant signs of congestion.
The team intends for the SILC blockchain to be the entry point for individuals, government and companies to increase their understanding of how digital ID data can be stored and managed in a more secure way.