Sphre, an information technology firm focused on blockchain, has raised more than $3.7 million (according to current exchange rate) in the first days of its XID token crowdsale to bring identity management to the blockchain.
The token crowdsale, which began June 1, 2017, has already raised more than 1,300 BTC from 575 participants at the time of writing. XID tokens discounted at 20 percent have sold out, and are now available at a 10 percent discount. Sphre’s latest fundraising statistics are available here.
According to the website, Sphre is working on ‘AIR platform’ – a secure, lightweight system for digital identity and individual microeconomic engagement based on blockchain infrastructure.
“Early support for the AIR Platform through our XID token sale is a clear indicator in the belief that blockchain technology can help modernize identity management,” said Daren Seymour, Director of Sphre. “We hope to build on this momentum throughout the token sale, and dedicate all of our resources towards bringing this platform and consumer application to market.”
Air’s API will allow third-party organizations and enterprises to integrate support for Air into their existing and new systems, while the mobile application secures and maintains each individual’s private key. Users also have the ability to store their key within a digital vault of their choice, such as a bank. The Hyperledger Chaincode (smart contract) forms the basis of the given identity, and contains program logic that will allow an individual to recover their identity if their mobile device is lost.
XID tokens are used within the AIR platform to facilitate identity-based transactions and handle profit-sharing disbursement based on customizable monetization agreements.
Last month, Sphre partnered with blockchain and data security company Airbitz. AIR is the first project using a permissioned blockchain to leverage Airbitz’ Edge Security.
