As the major explosion of cryptocurrencies in 2017 had kicked off, millions of investors from around the world were in a rush to join the space and invest. What followed was a rapid expansion of the crypto world, as well as an entire flood of altcoins. The Initial Coin Offering (ICO) model blew up overnight, and countless new coins started emerging in all corners of the world.
As many are already aware of, this did not last for long, and after the bear market hit in early 2018 — the investors started losing trust in crypto. Not only that, but the regulators of numerous countries cracked down on ICOs. Their excuse for doing so were numerous scams, the sale of securities, and a general mistrust for digital currencies. At first, many believed the bear market to be a minor setback, but as the crypto winter continued, fewer and fewer investors were willing to buy new altcoins.
Then, 2019 came, and the prices started climbing again. A new wave of optimism started bringing investors back to the market, and the ICO model, previously believed to be extinct, is not back once again. One of the upcoming ICOs that many are looking forward to is Cove Identity ICO.
Cove Identity is a project that aims to provide people with greater control over their digital identity. The project plans to provide users with the ability to create a secure wallet — one they could even carry around on their phone — and use it for storing digitally-verified copies of important documents.
These documents — such as IDs, birth certificates, and alike — could be verified with other users and organizations that are participating on the blockchain. Eventually, users would be able to secure and validate their online identities with ease, both offline and online.
The project already has a working app out, and hundreds of people appear to like the idea, as the app downloads continue to grow. The app can be used for scanning the documents, as well as effortlessly organizing them through keywords and tags. Further, Cove itself already has multiple partners which would accept verified documents of users.
In order to power its platform, Cove has come up with its own utility token, called SHELLS. SHELLs ICO has yet to be held or even announced, for that matter. There is currently not a lot of information regarding the time and date, and the only thing that can be said at the moment is that the ICO is coming.
When it does, the token's value will be at around $0.1. Since the token was developed on Ethereum's platform — which makes it an ERC-20 token — ETH will also be the currency that can be used for purchasing SHELLS. For now, this is the only coin that can be used for obtaining the tokens, although this might change by the time the ICO arrives.
The project itself is based in the UK, and there appear to be no restrictions when it comes to who can participate in the sale.
|Start||July 1, 2019|
|End||August 31, 2019|
I feel somewhat confused about CoveIdentity. On the one hand, they do have a working product, a mobile application that was updated in July and downloaded 10K+ times, though most of them must have come from the paid Indian services. Nevertheless, it means that the project keeps on working on the app. On the other hand, two of the founders, Sarvprie Soni and Josh Bishop, has apparently left the project while the other, at least that’s what their professional profiles indicate. This can’t be good, so I would think twice before investing in CoveIdentity now.
I am definitely in strong support of the idea that provides for storing sensitive data on blockchain, but it is also super important to know who is going to handle this data, or at least who stands behind the development of a particular solution. I didn’t find any of such information on the CoveIdentity website - only some general information about the startup and a blog. They have provided a company address, but they should have considered the fact that not everyone has enough time to do the research.
Data security is definitely an acute problem of modern society - just look at the mess that Facebook made with the users’ personal data. Cove Identity, and a bunch of other blockchain projects which preach the idea of storing sensitive data on blockchain, are making steps in the right direction and provide the solutions that must be adopted by every person, who takes the security his or her data seriously. There is one problem, though, and it constitutes in the fact that Cove Identity should have established close cooperation with the government authorities and make it a core message of their marketing campaign. I mean, if can’t get the police to validate my driving license stored in their app, for instance, then it has a very limited scope of use.
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