Metadium offers an identity standard that allows users to manage and use their digital identity. At the same time Metadium gives full ownership of identity to the individual. Individuals can choose which identity details they wish to share with third parties.
The platform will include attestation agencies which will have the role to verify the identity of a user. Metadium works in a technical partnership with Coinplug, a company focused on the development of blockchain technology.
How advanced is the project?
Metadium has completed the white paper and raised private capital. In the third quarter of 2018 Metadium wants to build the testnet and the API. In the subsequent quarter Metadium wants to complete the Developer Toolkit and the Open Beta Service Demo. The mainnet release is planned for 2019.
What are the tokens used for and how can the token value appreciate?
The token that serves the Metadium ecosystem is called META. Every on-chain transaction on the Metadium network will require a META token to be spend as transaction fee. The transaction fees will be rewarded to the miners which secure the network. Further the attestation agencies will receive tokens, whenever they verify an identity. Services that require the identity of the user can reward users with tokens for sharing their identity details. The more details the user discloses the higher can be the reward. Overall the market capitalization of the token should increase with the usage of the Metadium network.
Team & Advisors
The Metadium team consists of three co-founders and several technical and commercial employees.
Justin Parker is the CEO and co-founder of Metadium. He counts with several years of executive level experience at a number of companies, particularly in the gaming industry. He also worked for a venture capital company before starting Metadium.
Ryan Uhr is a co-founder at Metadium and at the same time the CEO of Coinplug, a company focused on blockchain technology. He has previous experience as an entrepreneur and worked many years as an engineer for Hyundai. He holds a bachelor in engineering from Korea University.
Richard Yun is a co-founder and the COO of Metadium. He also works for Coinplug and counts with several years of executive level experience.
Among the advisors of Metadium are Bo Shen, who is a founding partner at FenBushi Capital, Roger Ver, who is running the site bitcoin.com, Jack Liu, who is the Managing Partner at Circle, Vincent Zhou, who is the Founding Partner of FBG Capital, Renqui Shen, who is the CEO of BlockAsset, Kyungmo Kim, who is Director at Mirae Asset, Yiseul Cho, who is a blockchain entrepreneur, Brian Lo, the CEO of Smith and Crown, Matt Chwierut, who works as the Research Director at Smith and Crown, and Darius Rugevicius, who is the Managing Partner at Connect Capital.
Metadium uses a modified RAFT consensus mechanism with Proof of Authority. The blockchain is designed for scalability, performance and expandability. From the enterprise perspective Metadium provides an API service that enables a company to securely access the identity details of its customer in a globally standardized manner.
Metadium combines a user friendly interface with user privacy principles. The Meta ID puts the user in control of the information that is associated with the user identity. Data is only shared whenever the user gives the consent.
Strength and Opportunities
The list of Metadium investors is very impressive and includes famous venture capital firms such as 500 Startups.
Metadium provides a decentralized alternative for identity verification compared to the centralized API that companies such as Facebook, Twitter and Google offer. Decentralization helps to prevent identity theft. Further, blockchain technology helps to prevent data breaches.
Metadium counts with a clear token model. It becomes obvious how the token can be used.
Weaknesses and Threats
Building digital identities is one of the trending topics in blockchain technology which is the reason for a lot of competition. uPort and Endpass are building identity solutions for the Ethereum blockchain. TheKey is an identity verification solution for the Neo platform. On top there are other independent platforms such as selfkey.org or Sovrin.
The high number of blockchain projects that work on an identity management solution confirms the market need for this problem. At the same time the large competition makes it hard to succeed in this market. Metadium has the advantage of very strong private investors. Eventually, the long term success will depend on the execution of the team and the market adoption by developers and customers.
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.