ShoCoin is a unit of cryptocurrency for peer-to-peer exchange of value within the ShoCard IM Platform. ShoCoins can be purchased or sold on the Stellar exchange and other supporting exchanges that list cryptocurrencies.
ShoCard’s patented Identity Management platform is intended to be easy to use and to remove friction and cost for both users and service providers. This creates economic incentives for using the product. Furthermore, different service providers can use this platform to allow a user to exchange information beyond their simple identity – things such as a credit report that is certified by a credit reporting agency. Exchange of such information requires further compensation between service providers requiring it. Even the user can be given an incentive for utilizing it. ShoCoin is token used for such an exchange to expand and ease the sharing and validating such information and to create proper micro-compensation for each transaction. The ShoCoin token exchange allows service providers to trade and monetize their identity services (e.g. a certified user credit score with a lender or leasing office). These tokens are also used to offer incentives to users for using their digital identity and to compensate ShoCard for its services.
Benefits of ShoCard and ShoCoin
User’s data, including their biometrics is always on their phone and encrypted when stored. For each field, the data is one-way hashed and then digitally signed. That signature is the only thing placed on the blockchain.
User’s data is always kept with the user on their mobile device. It is never stored in a central server that can be hacked. User’s decide with whom their share their data with and which specific pieces of their identity they choose to share.
EASE OF USE
Individuals don’t have usernames and passwords to authenticate themselves. While there is always a minimum of 4 factors, users just press a single TouchID to authenticate themselves.