Technology company Sphre is preparing to launch its blockchain-based digital identity and individual microeconomic engagement system at the beginning of next month. A token crowdsale that hopes to raise $1.5 million for developing the Air product has been planned for April 3.
The purpose of Air is to enhance security both for individual customers and enterprises looking to choose a digital identity solution. The system’s blockchain-based nature naturally supports cryptocurrency assets.
The Air Platform comprises smart contracts, Application Programming Interface (API) and a mobile application. While the API provides third-party users with the opportunity to integrate support into their own systems, the mobile app creates private keys that are stored within digital vaults.
Air-based digital identities are forecast to gain popularity as they are fully controlled by owners and do not require validation from external entities. According to Sphre co-founder Daren Seymor, the product is different insofar as it offers a decentralized method of identity management that turns people into active stakeholders. Seymor further states that most users of Google or Facebook are not aware when their identity data is being used and for what purpose, which is a state of affairs Sphre and its Air Platform have vowed to change.