What Is Hoff Coin (HOFF)?
Hoff Coin allows users and enterprises to establish their identities with one another in a secure, verified way so that any transaction–whether it’s to login, share personal information, or complete a financial transaction–can be accomplished quickly, seamlessly and with peace of mind. Creating ID can be done either through the App, or a company or entity can build in the technology into their existing Apps via SDKs (Software Development Kit).
Hoff Coin are an integrated part of the platform and allow for exchange of compensation between different entities as users share their identity and other information that service providers associate with their identity such as their credit score or college certificate.
Service Providers Requiring
Hoff Coin patented Identity Management platform is intended to be easy to use and to remove friction and cost for both users and service providers. This creates economic incentives for using the product. Furthermore, different service providers can use this platform to allow a user to exchange information beyond their simple identity – things such as a credit report that is certified by a credit reporting agency. Exchange of such information requires further compensation between service providers requiring it.
Even the user can be given an incentive for utilizing it. Hoff Coin is token used for such an exchange to expand and ease the sharing and validating such information and to create proper micro-compensation for each transaction. The Coin token exchange allows service providers to trade and monetize their identity services (e.g. a certified user credit score with a lender or leasing office). These tokens are also used to offer incentives to users for using their digital identity and to compensate Card for its services.
Benefits of ShoCard and ShoCoin
Security – User’s data, including their biometrics is always on their phone and encrypted when stored. For each field, the data is one-way hashed and then digitally signed. That signature is the only thing placed on the blockchain.
Privacy – User’s data is always kept with the user on their mobile device. It is never stored in a central server that can be hacked. User’s decide with whom their share their data with and which specific pieces of their identity they choose to share.
Easy of Use – Individuals don’t have usernames and passwords to authenticate themselves. While there is always a minimum of 4 factors, users just press a single Touch ID to authenticate themselves.
- Digital assets and digital identity: Hoff Coin was built with transparency of digital identities in mind. This will make it easier for Silicon to maintain compliance with future regulations.
- Quantum proof: The NEO blockchain was designed to be quantum computer proof, which will be increasingly helpful as quantum computers become available.
- Support for multiple languages: The NEO blockchain currently supports development, python, java, go, and nodeJS. The community is actively working on providing support for more languages. This will greatly reduce development time and costs.
- Speed: The NEO blockchain allows up to 10.000 transactions per second and are working towards increasing the transaction speed to 100.000.
- Immutability: The NEO blockchain is immutable, no forks. Hoff Coin is a big advantage for that will be keeping a history of transactions on the blockchain.
NEO Smart Economy
NEO’s goal of creating an ecosystem where blockchains make it easier and more transparent for regulatory entities to track resources, as well as, making it easier to perform transactions aligns with your vision. The Hoff Coin platform has a broad vision. A multitude of different modules and components will be needed for the run. This ecosystem will involve transactions, history, reporting, transfers, integrations, security, high scalability, and availability. They have a clear vision of the products they will need to build to achieve these goals.