SILC offers is targeting consumers and specifically the millennials who are considered as the most affected group by identity fraud.
Secure Identity Ledger Corporation (SILC) (sm), the digital identity platform that is regarded as the first of its kind for businesses, machines, and individuals has announced the opening of its Initial Coin Offering. The ICO trade commences today until the 25th of October 2017.
The SILC is different from other ICOs that have taken place this year because there was no initial offering of tokens in advance to the institutional investors in what is popularly known as pre-sale. Unlike other ICOs, SILC offers is targeting consumers and specifically the millennials who are considered as the most affected group by identity fraud.
The company is only availing a limited supply of tokens during the ICO and more will be released during the launch of each SILC’s product and application.
Our mission in this ICO is bigger, and it’s our starting point to a better identification technology using the digital platform, and it’s not entirely focused on monetary gains. We aim to enable users to control their online lives again, said Danny Lee, co-founder at SILC. Our motive for the creation of blockchain was because we wanted to establish rules, create trust, and benefit from the core elements of blockchain architecture. We also wanted to put in place a new framework for data-driven business model.
SILC offers the digital ID system that is the first of its kind as a turnkey for consumers including authentication, registration, personal monitoring, and verification. Individuals will be offered a unique digital token that will enable them to prove their identity to other parties. SILC uses Verification Existence Algorithm (sm) where both parties can confirm the information via a SILC dashboard with no recording. Other blockchain solutions use only two forms of identity confirmation which are Proof-of-Work or Proof-of-Stake. The SILCs One Digital ID is legitimate, cryptographically secure and free from alteration.
From the initial use of personal computers in the 1980s to its usage growth in the 1990s, consumers have increasingly lost their control of personal information. Personal data have piled up online identities which are scattered all over the internet under numerous uses of usernames and passwords. Our identifications are controlled by institutions such as banks, social network platforms, online shopping destinations and even the hackers. With convenience and wide usage of the internet such as scheduled virtual visits to doctors and online purchases, it’s only wise and ideal to take back online control.
SILC decision to establish its blockchain platform eliminates few roadblocks such as the chain forking and dictating fees for the miners. Consumers can now feel confident that they will easily access their SILC blockchain which also is fully supported and the imminent bloat of the present blockchains will not impact their accounts.
The SILC blockchain will provide an opening to persons, companies, government and its agencies to get information on how digital ID data can be managed, recorded and distributed in a fair manner.