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Upcoming Social-Sharing Cryptocurrency Platform To Utilize Blockchain-Based ID Verification System

Reading Time: 2 minutes by on May 19, 2018 Blockchain, Business, News, Tech

Concerns over data privacy have risen over the past few years, with Facebook’s recent data breach scandal only confirming the grave expanse of the problem. As proved, social networks have become an indispensable part of the average person’s routine, regardless of the vast amounts of data the companies collect.

An upcoming company is aiming to solve this issue using the blockchain, and although their efforts stem from making profits, a decentralized social media website is a certain need of the hour.

Hilo, a social-sharing platform that collates news, ideas, opinions, and information, aims to provide people a free-for-use, worldwide platform without the concerns of harvesting their private data.

Backed by identity-verification blockchain startup Civic, the company claims the first wave of users have already adopted the platform.

In particular, Hilo is aimed at cryptocurrency investors and traders, both amateur and experienced, to provide information and advice on cryptocurrency trading, fundamental and technical analysis, and general token information.

Civic Introduces ‘ID Codes’

The company intends to utilize Civic’s “ID Codes,” a tool built for organizations and individuals to verify their identities on social media, forums, company sites, and any other platform that asks for one’s personal details.

As per Civic’s whitepaper, the ID Codes independently allow users to authenticate their identity via facial recognition software, which is then “sealed” by Civic and embedded on their blockchain. In return, users receive a unique link, which they can use to access and edit their details at any time.

Speaking about the ID Codes is Vinny Lingham, CEO of Civic, who considers total anonymity as a threat in today’s world. Lingham stated:

“It’s not always needed and not always necessary. And in fact, it’s actually dangerous for people because they lose money through giveaway scams, for example.”

Blockchain-Based Verification a Much Needed Feature

By large, the cryptocurrency and blockchain industry prides itself on complete anonymity, with privacy at the core of its philosophy.

However, not all individuals display ethical behavior and use the very central feature of blockchain to scam innocent investors, with fraudulent ICOs or tokens, entirely immune to the law under the veil of privacy.

Thus, ethical companies set out to create blockchain-based verification systems, that can prove one’s identity on other websites, and indeed confirm a person’s affiliation to a particular project. Additionally, the companies provide a system that can safely store one’s data and not sell it to other business sectors, such as advertising.

It was this use-case that prompted Hilo to choose a verification system for its platform, in order to prove investors about an authentic team, product, and ethos.

Explaining further is Hilo CEO Monica Puchner:

“As we release to a global community, that’s kind of the first level point of contact that people will have with our website. So, being able to authenticate our investors and advisors is very paramount and important for us.”

Puchner adds that users are free to use the platform without verifying their identity, but will not be able to access interactive site functions, such as commenting on posts or receiving any rewards.

She added:

“We think that having that level of transparency and authenticating users at login is very important to kind of get away from the trolling experience and the bad behavior that is surrounding other sites.”

At present, Civic’s ID Code technology remains in the beta phase and is scheduled for launch in Q4 2018.

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