CardStarter is pleased to host the IDO for PhotoChromic, a protocol that leverages blockchain technology and the Self-Sovereign Identity (SSI) concept for secure and confidential on-chain identity verification.
In 2020 and 2021, the world witnessed an accelerated shift toward a digital economy and lifestyle due to a global pandemic. Day-to-day activities and tasks like shopping, socializing and banking which were previously conducted in-person were either halted or moved online. Consequently, the accessibility and security of one’s digital identity has become more critical than ever. Although an individual can have countless online profiles, their data is usually hosted on databases owned by a cluster of large entities, and it has become evident in recent years that even the most secure databases are prone to data leaks and breaches. PhotoChromic’s intuitive Self-Sovereign Identity (SSI) and biometric identity verification system presents a solution to this conundrum.
An SSI is a fluid, self-managed digital identity that evolves with its owner. Users are able to choose which personal information they would like to share publicly or privately and link digital or physical assets to their digital identity. PhotoChromic incorporates this concept into Non-Fungible Tokens (NFTs) which can be easily stored in a user’s wallet. PhotoChromic’s algorithm combines details about users’ personal attributes as well as proof of liveliness (e.g. selfie) and identity verification and produces a unique piece of generative art, which is then minted as an NFT.
With PhotoChromic, the traditionally time consuming and tedious Know Your Customer (KYC) process is completed easily and in a timely manner. Since all crucial documents, assets and credentials are hashed within the PhotoChromic NFT, users need only to connect their identity wallet to any financial institution, government services or any other third party service platform that requires identity verification. More importantly, users only authorize the viewership of necessary credentials. Third parties do not retain any data, providing a higher level of privacy and security.
PHCR, PhotoChromic’s Identity Bonding Token, will serve as a governance token for the network, be used for staking and of course be used for bonding identities to digital or physical assets.
Ultimately, PhotoChromic aims to empower industries that heavily rely upon identity verification to adopt Web3 for more efficient delivery of goods and services. CardStarter is honored to bring our community yet another project that will foster the mass adoption of decentralization and blockchain technology.
PhotoChromic combines government certified identity verification, biometric liveness detection and unique individual credentials into an on-chain NFT that can be used for Web3 applications, on-chain identity verification and linking of physical and digital assets. The protocol’s intuitive self-sovereign identity system ensures a high level of security and allows for self-management of users’ online identities.
PhotoChromic will have multi-chain functionality and will initially run on Ethereum before expanding to Cardano and MATIC.
CardStarter is the first incubator, launchpad and insurance program for projects on the Cardano network. The CARDS platform is a unique and dynamic launchpad, connecting projects to early supporters and a network of key partners. The Cards Accelerator Program (CAP) team works with each project individually to establish the right connections and map marketing strategies, establishing the foundation for long term success.
CardStarter is also differentiated by its charge to protect its supporters. CARDS provides unbiased third-party audits of every project’s code and protects IDO participants with an in-house insurance program. CardStarter is proudly partnered with X21 Digital, BlockSync Ventures, Plethori, Fractal, PARSIQ, Scryptic Tech and Longtail Financial. Once fully built, CardStarter will be an all-inclusive platform with a decentralized exchange to complement the current offerings. CardStarter also aims to be a nurturing force in the Cardano ecosystem, with hackathons and project development support being a major focus of the roadmap.