Decentralized Identity System on the Blockchain, Supervised by Biometrics for Personal Sovereignty
In the ever-evolving world of cryptocurrency and decentralized finance (DeFi), PhotoChromic NFT has made a significant entrance with its innovative platform. The globally addressable, programmable NFT provides access to opportunities in the crypto DeFi marketplace.
The PhotoChromic team successfully concluded a private token sale followed by a DEX offering of their native token $PHCR on November 15th, witnessing an impressive 125x oversubscription. The $PHCR digital currency, an ERC-20 token running on the Ethereum blockchain, serves multiple purposes such as governance rights, bonding identities, and staking.
At the heart of the PhotoChromic platform lies a unique, lifeline address known as the identifier NFT. This NFT, compatible with ERC-721 standards, comprises all a user's data. Users can choose whether their identity NFT is unidentifiable or identifiable, offering them control over their personal information.
The PhotoChromic blockchain platform, named Serto, offers a self-sovereign identity solution applicable to software services, blockchain networks, and dApps. Serto is built on non-fungible tokens (NFTs), ensuring the uniqueness of each user's identity.
PhotoChromic's identity solution involves aggregating biometric proof-of-life data, officially-backed identity information, and personal attributes, which are stored on an NFT. This solution aims to address the growing need for user verification in the decentralized crypto universe.
The identity NFT can be licensed to third parties, giving users the power to control how their identity is distributed and utilized. Users will need to renew their enrollment on a yearly basis, with an upfront fee and annual maintenance fee.
The PhotoChromic platform currently operates on Ethereum, Polygon (MATIC), and Cardano, with plans to expand to more blockchains in the future. The total supply of $PHCR is 15 billion, with 21% offered in the private initial sale and IDO.
PhotoChromic's platform also allows users to mint a personal biometric NFT, which includes generative artwork based on their unique facial features. The PhotoChromic NFT is a smart contract that links a specific identity with a number of attributes.
Notably, the IDO event was organized by CardStarter launchpad. Murray Legg, one of the founders of PhotoChromic, brings a wealth of experience to the table with a Ph.D. in Biomedical Engineering, experience in investment banking, digital communication systems, biomedical engineering, and education, and co-founding several successful businesses.
PhotoChromic aims to provide a verifiable identity utility for users in the blockchain universe, particularly for celebrities, sports stars, and artists who need to protect their personal brand. The platform will be expanded to Solana and other Layer 2 chains in the future.
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