Recap: ShareRing Livestream 2024 - A deep dive into future of ShareRing with Tim Bos
- ShareRing brings web3 technology to the masses through business partners that undergo digital transformation with blockchain and digital IDs.
- Tokenized Identity will be a core narrative in the coming years, with blockchain technology playing a pivotal role in ensuring credibility and immutability for all digital IDs. ShareRing’s hybrid ID model leverages both off-chain and on-chain technology to ensure the highest level of interoperability, standardization, and utility of one’s digital identity.
- Conventional web2 businesses must undergo digital transformation to bring even more seamless and better digital experiences for their customers. ShareRing Link and ShareRing Me provide businesses with the critical tools for this next era of digital transformation and information credibility.
- Digital IDs are a key component of digital transformation, providing the underlying trust for seamless day-to-day interactions across our lives. Whether it’s financial institutions performing KYC, companies providing employee access to offices, or medical services creating health records, these are all digital interactions that will be gated by digital IDs.
- Friction is defined as any action(s) or prerequisites that add additional effort and time to day-to-day interactions, and detracts from convenience and efficiency.
Thank you all for joining our livestream, and for those who have rewatched! It’s been an incredible start to 2024, and we had so much content to share with you all. For those who have yet to watch the livestream, we urge that you do - there are some easter eggs throughout the video. For those who joined, how many of them did you identify and what did you do with what you found?
If you’re unable to find the easter eggs, we’ll be leaving some hints in this summary. 👀 💍
Tim kicks off the livestream with an overview of ShareRing and what we do as a company. Our vision and mission revolves around the term frictionless, and removing it from our day to day lives. Friction is best explained as anything that adds effort and time, and in the case of day-to-day interactions it’s anything that creates inefficiency. For example if you need to migrate your medical records to another clinic, it shouldn’t take 7-14 days for approval and carry a chance that your information won’t be given to you.
2022 and 2023 were difficult years for the whole crypto industry, with a majority of the days spent with a bearish sentiment. As a company that was not solely reliant on web3 for survival, we focussed on building technology and 3 key areas of success:
- Build on our existing foundation to find the right product/market fit for our technology. As a reminder, we aren't purely focusing on Web3, our job is to bring web3 technology to the masses... not just to bring the masses to web3.
- Educate the market (Business clients) on the benefits of self sovereign identity, reusable identities, and leveraging blockchain to achieve this.
- Get a number of clients onboarded and using our products.
We’ve got a full recap of 2023, you can read it here: Riding The Bear and Readying The Bull
Some key highlights that Tim went over for 2023:
- We released a B2B2C app, Identifi Me.
- Designed a credibility system
- Released a beta product, VQL.
- Built the foundational technology, to support the requirements of SBS.
- Deployed SBTs on ShareLedger
- Tokenized W3C standard VCs onto ShareLedger
- Added CosmWasm to ShareLedger to enable smart contract development
Before we continue, this is a good time to remind users about the security of their seedphrases. Your seedphrase is essentially the key to your wallet and tokens. Never share your seedphrase with anyone. 👀 🚨
Now, let’s look at what we covered for 2024 and the year ahead.
- Upcoming release of ShareRing Link, a web-based platform for the digital identity needs of businesses. Pre-screen your customers and verify their identity before establishing trust with your consumers. Launching Feb 2024.
- Soulbound Tokens - tokenized identities create the on-chain element of one’s digital ID. We have two types of tokenized IDs, Immutable and Shielded. Here’s the first article from a series of four, explaining what Hybrid digital IDs.
- DID - Decentralized Identifier (DID) will be minted from the user’s ShareLedger address, and gives users a unique identifying address for their hybrid digital identity. Creates more interoperability with other blockchain and non-blockchain ecosystems.
- Discord Plugin - proof of human verification without the need of leaving Discord and being redirected to external websites. 100% safer, much simpler with your digital ID, 100% more trust worthy.
- Web Wallet - ShareLedger web wallet is a chrome plugin. Create or import your ShareLedger wallet.
- Ai Avatars and native NFTs on ShareLedger - Available NOW! Download the ShareRing Pro app and mint your very first Avatar PFP. Use a combination of your identity attributes and generate an avatar to represent your Cosmos journey!
- Osmosis - the backend work to deploy ShareToken on Osmosis is built. A lot of external factors that determine when we deploy liquidity and create a pool, this is definitely one to keep an eye on.
- ID Issuance platform - A web based platform that allows businesses to create and directly issue digital IDs to their users and customers.
ShareRing Pro App update released!
New features with your digital identity! NFT Avatars and Hybrid Digital IDs! Download or update your ShareRing Pro app and try these new features! Available on iOS and Android.
Avatar PFP (and native NFTs on ShareLedger)
Your digital ID is a representation of yourself, so why not create an avatar version based on your identity? Generate an avatar version of yourself using Ai inside the Pro app, and mint it into an NFT. Remember, you’ll need some SHR to cover gas!
Once your Avatar PFP is minted, you can assign it as your profile picture. Avatar PFPs are the first milestone to a longer roadmap, where not only can you represent yourself across Cosmos with your Avatar PFP but also attached to naming services.
For now, try mixing new attributes and generate different Avatars of yourself! If you need a guide, go watch our livestream and watch how Tim generates his very first Avatar PFP!
Hybrid IDs - Immutable Identities (Identity Soulbound Token)
Our digital identity design not only relies on off-chain credentials, we also ensure that there’s an on-chain element in the form of soulbound tokens. Once you create your verified digital ID, you’ll notice that there’s a string of letters and numbers assigned to a dVCT. This is your Immutable Identity, one of the two kinds of soulbound tokens you can use for your digital identity.
If you already have a Vault created, you’ll need to add a verified credential into your Vault in order to generate your genesis Immutable Identity. This is not automatically minted to existing Vaults.
Immutable Identities are best understood as the private on-chain record of your digital identity, and are used to track whether your off-chain credentials are original, valid or revoked. Each Vault only has one Immutable Identity SBT, so all future credentials issued into your Vault are automatically (privately) appended to your Immutable Identity for on-chain recording. To learn more about Immutable Identities, check out this article: A deep dive on tokenized identities
A second type of on-chain identity will be your Shielded Identities, which provide a zero-knowledge style of on-chain answering to your identity. Coming Q2 2024.
We’ve onboarded 2 of our first clients, Profit4Life and Organic Mobility. Profit4Life have successfully KYCed over 1000 of their students with their verified digital IDs, and Organic Mobility are integrating the Vault into their automobile cloud system to verify the identities of corporate drivers and entities.
Learn more about these two partners here:
For upcoming partners, we can let you in on these secrets...
- Whitelabelled our app for an equity and debt crowdfunding platform, with the users performing KYC and onboarding with their verified digital IDs. The underlying digital identity tech utilizes all of ShareRing’s digital ID design and institutional grade verification technology.
- Onboarding a handful of banks in Caribbean that will utilize ShareRing Me for KYC and customer onboarding.
- A large Australian company…more to come on this.
- A travel visa company that will utilize ShareRing Link for the submission of travel visa applications with verified user information
- An Australian hedge fund, and fund tokenization platform to use ShareRing Me for KYC and customer/investor onboarding.
- An Australian charity to utilize our blockchain for operations identity management and verification, and create a more transparent and tamper proof environment for charities in general
2024 is already expected to be an adventurous year, with bullish sentiment already well instilled across the markets and industry. With this, our team here at ShareRing are more than ready to lead the narrative of tokenized identities, and bring web3 technology to the masses through business partnerships and clients. Thank you all for being part of this journey, and we look forward to the surprises and victories this year has in for us!