ShareRing users use the ShareRing app to:
Verify Their Identity
ShareRing users can verify their identity documents in the ShareRing app. Their documents will be reviewed by ShareRing for authenticity and then stored in their Vault on their device. A verifiable hash of the information will be added to the blockchain, which can be queried by businesses that need to verify the user's details. The user must approve any verification requests.
Add SHR to Their Account
ShareRing users can add SHR to their accounts. SHR is ShareRing's blockchain currency, and SHR is used to transact over the network to secure new blocks.
ShareRing users can stake their SHR on the platform. By offering some of their SHR as collateral, when they validate a block on the chain, users will receive some SHR as a reward for their stake.
ShareRing users can swap their SHR to Ethereum or Ethereum to SHR. A conversion rate and transaction fee associated with the conversion.
Users can mint their NFTs with ShareRing. Minting NFTs creates a digitally unique copy of a digital asset (such as an image). The user owns the NFT, and they can exchange or sell them. The minted NFT is a unique, authentic copy.
A ShareRing admin has the ability to query the ShareRing blockchain to verify an individual's details.
Verify Their ID
When there is a need to verify a ShareRing user's identity (such as proof of age or address), admins can query the ShareRing database for the identity information they need. ShareRing will respond with a verifiable credential that verifies the individual for the query requested. The requesting party can use the verifiable credential to satisfy their identity requirements.