MYID Coin Will Ensure Crypto Accountability
My Identity Coin (MYID) is a part of OkGlobal coin SWITCH inventions ‘The Money Project.’ As the world’s first ‘tagging and wrapping technology, it aims to eliminate the risks that occur through theft or loss. Currently, MYID coin is an Ethereum ERC20 token but will soon migrate to its blockchain. It will be operating in an algorithmic mesh with OkGlobal Coin and be used for other blockchain assets. MYID coin was created on the Ethereum blockchain to enable easy asses to fund and trading platforms.
MYID coin will solve the problem of loss and theft hitting hard on the crypto industry. A statistic report from CipherTrace shows losses from cryptocurrency theft soared to $4.4 billion reaching 150% from 1.7 billion in 2018. This is a staggering sum considering that cryptocurrency is still at its early stage. The industry is growing as more people, and organizations are adopting blockchain technology.
One might ask if there are so much insecurity and theft in the crypto space, what is the guarantee that digital assets could serve as a reliable business and investment tools? This is the question answered by MYID Coin tagging and wrapping technology.
How Does MYID Coin Eliminate Crypto Insecurity Problem?
MYID coin aims to eliminate the issues that have plagued the crypto industry over the years. Theft, fraud, hacking, and losses have become synonymous with cryptocurrency. Severally, people lose their hard-earned funds to hackers even on big crypto exchanges. MYID is powered with unique tagging technology that can eliminate insecurity threats or loss that occur when there is a security breach or crypto theft. The technology verifies each individual with a coin uniquely coded to them bearing the owner’s identification number. This enables fraud to be easily detected, and none can transfer funds that don’t belong to them.
Illustration of How MYID Coin Works
The diagram above shows each individual with their identification numbers. Each person has a unique personal identification code, this means the coin is coded to them bearing their identification numbers. In the process of transaction, MYID technology verifies each person to prove the special personal identification code. It will be difficult for fraud to happen since each person is tagged with an identification number.
The tagging and wrapping technology will eliminate fraud and insecurity threatening the crypto space.
Benefits of MYID Coin
Tagging blockchain with MYID coin coding eliminates the threat of loss and insecurity.
It increases security by enabling verifications
Transactions are faster and seamless, at lower fees
It Increases the number of transactions performed on the blockchain
Allows profit to be reinvested to the benefit of the coin holder
Points to Note:
MYID coin is available on UNISWAP, there is no lock-in period. The general public can participate in the ICO offering. A reserve of 40% is for the team and participants of the OkGlobal project, “The Money Project” campaign. The remaining 60% will be sold via ICO to the public. Proceed from the ICO will be used for maintaining and securing MYID coin platform and technology.
Note to Investors
MYID coins are 100% utility coins, there is no guarantee for any investment made in these coins. All utility coins are high-risk investments and investors may face the risk of losing all their investment. It is important that investors should consider the risk involved and make thorough research before making any investment.