TimeX is listing Signata (SATA)
In a world of Big Tech, data is like oil. It’s the fuel that powers the internet and a lucrative source of revenue for the companies that provide ‘free’ services. Users effectively pay with their personal information for access to email, social media and other online platforms. As more and more users have recognised in recent years, that has serious implications for privacy as data breaches and exploits become commonplace.
Signata’s blockchain solution for identity preserves user anonymity, avoiding the need for traditional usernames and passwords. Based on a hardware device and smart contracts, the platform is designed for digital access and secure payments, paid for by the SATA crypto token.
Signata: Blockchain for ID
The coronavirus pandemic has seen more and more of our lives move online, accelerating an existing trend towards digitalisation. Every online interaction sees users’ personal data collected by Big Tech. Sometimes, this is used for legitimate purposes – for example, to tailor services to users’ needs. But there’s a fine line, and it’s also used for subtle and manipulative marketing, or sold to third parties. It may even be stolen by hackers for more nefarious purposes.
Legislation to combat this issue has proven difficult to implement and costly for businesses. ‘Information wants to be free’ and data is easy to copy. This isn’t a problem that will be solved from the top down, by adding greater complexity and legal burdens to tech services. It’s something the individual must address – and that’s not always easy.
That’s where Signata comes in. Developed by Congruent Labs, the Identity Guard & Anonymity Framework (known as IdGAF – and yes, that probably does sound familiar) is a decentralised, open source platform that enables end users to protect their personal data online through blockchain technology and smart contracts.
Core to the solution is a hardware wallet, which extends the capabilities of YubiKeys and other similar devices to enable trustless authentication and secure payments, as well as enabling users to store their crypto safely. In addition to protecting users from data harvesting and breaches, this offers to reduce the cost of compliance for businesses and create a common standard. The entire system is open source, from on-chain smart contracts to off-chain software, so anyone can view and audit the code for added confidence.
The SATA crypto token
The SATA token will be used to pay for services on the Signata platform, such as access and authorisation between users and service providers. Prices for access rights are set by service providers in SATA. These rights can then be purchased by users, and take the form of NFTs that embody bespoke access conditions.
SATA is an ERC-20 token hosted on the Ethereum network. It has a fixed supply of 100 million SATA, of which 40 million SATA are reserved for Congruent Labs for funding development and marketing.
While SATA initially takes the form of a utility token, used for service payments, the intention is for the platform to transition to a DAO, in which SATA will be a decentralised governance token––allowing everyone to have a say in how the project develops in the future.
To explore the platform in more detail, take a look at the Signata website or dive into the Signata white paper.
