Despite the fact that current technological development presents various solutions with regard to data management, the problems of digital identity theft and data compliance remain unresolved. Most of us have heard the story about an enormous data breach which resulted in the exposure of account details of more than 50 million Facebook users. As usual, Facebook got off with a slap on the wrist and “I am sorry,” from Mark Zuckerberg, but it didn’t make the problem go away. Perhaps that’s because large corporations couldn’t care less about assuring proper protection of user data. This kind of negligence present blockchain startups like Peer Mountain with a chance to come up a solution to this problem thereby make a real difference in the area of data security.
Peer Mountain (PM) is a blockchain-based platform the primary purpose of which is to allow users to control their personal data and benefit from a unique reward system that is based on trustworthiness.
In a nutshell, it is a distributed system of trust building which utilizes cryptographic protocols that enable individual users and legal entities to generate and claim ownership of a trusted record which may include sensitive personal data stored in a digital form as well as the proof of activities.
The participants in the Peer Mountain ecosystem are the sole owners of their data; they execute full control over its use and accessibility. Thanks to the state-of-the-art cryptographic protection, the information remains concealed from third parties, which includes the Peer Mountain platform, at all times.
The development of the Peer Mountain blockchain began way back in 2005 when Jed Grant, company’s founder and CEO, was engaged in the elaboration of the distributed hash tables called Kademia. The emergence of blockchain allowed for bringing the idea of a system of trust management to the human scale.
The Peer Mountain ecosystem is based on the Peerchain protocol which is an asynchronous messaging system that facilitates the peer-to-peer information sharing as well as the cross-chain compatibility. It should be noted that the protocol is designed to be fully compliant with the General Data Protection Regulation (GDRP). The protectedness of valuable data is ensured by the encryption system that is based on the 409-bit RSA keys thus making it virtually impossible to crack. Not a single bit of data stored within the Peer Mountain ecosystem could be exposed without the owner’s consent, which is a core of the concept of self-sovereign identity (SSID) that this project tries to implement.
The PM ecosystem features an ERC-20 compliant utility token called the Peer Mountain Token (PMTN). It will be used to fuel the system that connects users and service providers and serve as a reward for validating the trustworthiness of a certain member of the PM network. The overall unchangeable amount of PMTN was established at 333 million tokens. The token sale will be carried out in four stages: two presale rounds and a two-tier public sale. The funding goal was established at 39665 ETH. According to their latest press release, Peer Mountain will postpone the public token sale indefinitely due to the current uncertain state of the crypto market.
The Peer Mountain project received mostly favorable ratings from various ICO assessment platforms.
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