Silent Notary — Proof of Existence
Have you ever told your friends something crazy happened and they didn’t believe you? This happened to me recently with a game of Fortnite. I’ll spare you guys the story but I had killed a pro player in a 1v1 and saved the replay as my proof. Now, if you’re familiar with the game’s replay system you know that every time Fortnite releases a substantial update it clears your old replays (even if they’re saved), so my proof and bragging rights were lost.
This kind of issue happens every single day but with actual problems in legal matters where people need video or audio proof of an event occurring. The project we’re looking at today is called Silent Notary and its goal is to put proof of existence on the blockchain to solve everyone’s he said she said woes. We’ll be taking a look at the vision of Silent Notary, their product, and their outlook for the future.
The Silent Notary Vision
What is Silent Notary really all about? I spoke about proof of existence and legal documentation in the intro there and those are the general topics at play here. Silent Notary sees that blockchain is an amazing technology that can do a lot of good for the world and all around us there has been superb technological innovation. An area where Silent Notary believes technology has remained stagnant is with the legal system.
Any time you’re dealing with the law you are subject to facts and whether or not something occurred. Currently, people rely on trusted intermediaries in order to validate that a document is valid or an event really happened. Blockchain gives us trust without having to establish that trust via some centralized third party. Trust comes prepackaged with the blockchain as its validated by math.
Silent Notary looks to use that notion of trust in order to integrate a notarization process onto the blockchain. (Notarization is a fraud deterrent process meant to assure parties that a document is authentic) With Silent Notary users will have their own virtual notary that they can send images, video, and audio to that is notarized via the blockchain authenticating its existence. Now let’s hop into how the whole thing will function.
Proof of Existence
We already looked at the goal of Silent Notary and that’s to use the blockchain as a virtual notary in order to store and prove the existence of pieces of media. That storage and trustless time stamping is made possible through the blockchain or distributed ledger technology. User’s can notarize any type of document, chat, phone call, video, or image by sending that information from their phone or computer directly to the blockchain. That process is made possible by the Silent Notary interfaces that the team has developed which allows for that integration into each application.
The overall process would work like this: I have a pdf of my lease that I want saved so I take that lease and use the Silent Notary interface to create an archived version if it. That archived form of the pdf will include the date of the archiving, the details of the document like how big it is and the document itself.
The archive then sent through the SHA-256 algorithm by a smart contract and archive is saved into cloud storage. Then the application will ask for the user’s approval and the user will accept and pay the fee for the notarization service. The user gets back the SHA-256 hash and from the archiving process a transaction is performed on the Silent Notary blockchain processing that the archiving has taken place. The user then receives that transaction hash as well as a link to their document in their personal Silent Notary account.
With that stored archive a user can then prove that they:
- Have a lease
- Can prove when they had that lease
- Can prove that the lease they have is authentic and untampered with
All made possible thanks to the power of the blockchain.
Silent Notary Business Model
Moving along, Silent Notary understands that everyday people aren’t going to be needing to record every little thing about their lives or their Fortnite highlights on the reg, so one of their primary focuses is the business to business (B2B) market.
A few of the businesses they believe can benefit from this service include, construction, copywriters, music artists, labels, insurance, lawyers, and product designers. Each of these businesses has historically had issues with proving they own an item, have a valid document, or created a given piece of media at a given time making them perfect for this service.
For payment and access, Silent Notary will be using a reseller strategy in the B2B market. A reseller will be licensed by Silent Notary and provided with a white-label notary kit and promotion tools. Those resellers will then be able to offer the notarization service to businesses.
Consumers will be reached via various social media sources including Facebook and Youtube. Initial offers will include free credits for the system in order to get individuals on board the application.
The Silent Notary Application
Finally, I kept referencing the Silent Notary application throughout all of that. The application itself is mobile based and available right now for download on iOS and Android. The application allows for linking to a personal notary account and a business notary account. The application has real-time video and audio recording capabilities as well as the Notary Vault. The Vault is where all your uploaded files can be accessed and the information regarding them viewed.
Silent Notary has an aggressive Q3 schedule lined up for 2018 and their milestones include two incredibly important ones. Those are the mainnet release for SNTR and the migration to the mainnet itself. Those are both scheduled for this current quarter so it’s wise to be on the lookout for announcements regarding that. The actual swap of the ERC20 tokens to the mainnet tokens will not be occurring however until Q4.
Silent Notary may be the cheapest token I’ve ever looked at with a current price of $0.000035 or 5.463e-9 BTC or 0.00000018 ETH. The total supply of the token is 186 billion and the circulating supply is 83 billion tokens. Given those numbers the current market cap of the project is at $2.8 million.
There are 7 exchanges that currently offer trading pairs for SNTR with two of those exchanges taking virtually all of the volume. Those exchanges are Hotbit and IDEX. Hotbit occupies the first and second positions with its ETH and BTC pair respectively. Volume for the ETH pair is 52.5% and volume for the BTC pair is 35.12%. The other exchange with volume is IDEX offering its ETH pairing and capturing 12.35% of daily volume.
To learn more about SNTR please see the following links:
Website — https://silentnotary.com
Twitter — https://twitter.com/SilentNotary
Silent Notary is taking the blockchain and applying it to a very basic business practice that has gone unchanged for decades. The number of businesses and individuals that can benefit from a service such as this is immense. Because of that wide audience and simple application I very much like this project and am looking forward to the mainnet release and the token swap.
Thank you for reading today’s article! This is my first article for this week and I’ll have articles covering PAL and ZAP this Wednesday and Friday. As always follow me on here or on Twitter @thant1194 or on InvestFeed @thant11 in order to stay up to date on all my articles as I release them. I am not associated with Silent Notary team and am a holder of their token. Thank you again for reading. I have to return some video tapes.