The SingleSource Token Overview

Posted by Kelvin Chandran on 10/3/18 9:43 AM
Kelvin Chandran
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SingleSource Token overview

SingleSource is a decentralised identity protocol and risk scoring protocol (“SingleSource protocol”) that draws on the key principles of a self-sovereign identity, solves the problem of trust and enables global interoperability between various platforms.

The SingleSource protocol puts control over the ownership and accessibility of personal information and Risk Scores in the hands of the individual. This enables them to interact directly with service organisations (via the MySingleSource App) using their SingleSource Digital Identity and Risk Scores, as a basis for obtaining services (e.g. onboarding ‘Know Your Customer’(KYC), Anti-Money Laundering (AML) procedures, financing, insurance claims, etc.).

The SingleSource protocol provides service organisations transparency over attested statements of fact (e.g. identity verification, transaction history, bank account balance, account defaults) about the individual, and absolute confidence that the Risk Score cannot be artificially manipulated. CERTITUDE (CERTI) is the native asset of the SingleSource protocol.

The Certitude Token (CERTI)

The CERTI Token is a utility token and will enable CERTI ecosystem participants to access the SingleSource Protocol to perform services (Digital Identity, Risk Scorings, high-speed KYC on-boarding etc.).

The CERTI Token ecosystem operates on an earn and spend model, which is managed by the SingleSource Platform. Participants within the ecosystem can buy or earn tokens by performing a service, and can spend CERTI on SingleSource services and/or third-party decentralised (dApps).

There is a fixed supply of CERTI (2,000,000,000), which will be minted at a Token Generating Event (TGE). In the first instance, these tokens will be used to access and consume SingleSource services, as the utility value of CERTI is correlated to the demand for SingleSource services. The vision is to grow the CERTI ecosystem by increasing the number of service providers utilising SingleSource services, onboarding dApps, individuals using the MySingleSource App and data partners to provide increased utility value for the CERTI token. The vision for CERTI is to assist with facilitating a more open and trusted world.

The CERTI Token will be versatile, and in the future, it may have added features or different use cases to incentivise ecosystem participants to hold, transact, earn and spend CERTI.

The SingleSource CERTI Token ecosystem 
Service organisations, agencies, data partners and individuals will interact with one another using smart contracts via the CERTI Token market and the SingleSource Risk Scoring platform.

Who will use the CERTI Token?

Participants in the CERTI Token ecosystem can be:

  • Service Providers, for profit entities who utilise CERTI Tokens to risk score service requests, or receive CERTI Tokens for contributing useful data (e.g. fraud blacklists, default lists) to the SingleSource ecosystem.
  • Individuals, who receive CERTI Tokens in exchange for electing to share aspects of their data (via MySingleSource dApp) with selected organisations to obtain service, or utilise CERTI Tokens to redeem for services.
  • Data Partners, who receive CERTI Tokens in exchange for useful industry data (e.g. benchmarking) or contribute data at the request of the end user.
  • Future Decentralised Applications (dApps) developers and Third-Party Service Providers, other developers and service organisations can build dApps on existing CERTI infrastructure and will earn CERTI for services rendered and be required to spend tokens for use of the CERTI ecosystem.
  • Other Identity Service Providers, other organisations with similar identity, KYC and AML services (including alternative service providers) may prefer to utilise the CERTI ecosystem/protocol. Given SingleSource Platform has already invested in building the CERTI ecosystem and infrastructure, other providers could build dApps on to existing infrastructure without needing to build their own and utilise CERTI to fuel their own business models.
  • Government Agencies, who utilise CERTI Tokens to risk score service requests, or receive CERTI Tokens for attesting government issued documents.
  • SingleSource Platform, a separate entity governing and promoting the development of the SingleSource protocol and platform for decentralised risk scoring and data exchange, and to distribute CERTI Tokens.

Potential Markets for CERTI

Part two of the SingleSource CERTI Token ecosystem

  • Holders of CERTI Tokens will be able to interact on various markets within the ecosystem. Each market represents a unique use case of the SingleSource Protocol and services that could be built on the CERTI Token ecosystem. ‘Token Sale KYC’, high speed customer on-boarding (KYC for Traditional institutions such as banks) and SingleSource Risk Scoring markets will launch initially, followed by MySingleSource and Data Exchange markets.
  • The Token Sale ‘Know Your Customer’ (KYC) market – where SingleSource will provide high speed on-boarding and crypto wallet checks for Initial Coin Offerings / Token Sales. SingleSource has already screened US$350m across 17,000 investors to date.
  • MySingleSource dApp market will enable the individuals to claim their Risk Score and take control of who has access to their data. This allows individuals to share or trade their information with third parties securely, and buy services.
  • The high speed, customer on-boarding (KYC/AML) applies to traditional businesses and crypto exchanges, any organisation that is required to comply with AML procedures, e.g. Banks. Current processes are onerous, utilising the SingleSource Protocol and MySingleSource App, SingleSource will allow for a faster, more efficient and secure process.
  • Future markets: As the SingleSource markets mature, new markets or services can be introduced, either by SingleSource or third-parties.
    • Ticketing - An example concept would be airline ticket which taps into the micropayment market for products or services, where SingleSource will fund an individual’s airline ticket purchase upon approval (CERTI Tokens paid to the airline up front) and enabling the individual to pay in instalments via CERTI Tokens to SingleSource over a set period.
    • Insurance is another market for CERTI usage, say you can share your private information (e.g claims history, property ownership details, etc.) securely, enabling a decentralised insurance organisation to underwrite the risk of the individual.
    • Individuals could elect to share their personal data and earn CERTI.
    • These individuals would use this same CERTI on insurance premiums, the insurer would spend CERTI to acquire data from data partners and MySingleSource willingly shared
    • Data partners earn tokens by sharing information from wiling individuals

The CERTI ecosystem will be built on the foundations of the core SingleSource market - individuals wanting to regain control of their digital identities and organisations that need to identify individuals and comply with KYC/AML procedures will drive the usage of CERTI. As more future markets are established - the use cases of CERTI will increase along with the utility value of the CERTI Token.

If you are interested in the SingleSource Token Sale, please register here.

Register your interest in the SingleSource TGE

Topics: News, Blockchain technology, ICO

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