The Sovrin Foundation is moving towards its own cryptocurrency with the introduction of a new Sovrin Token for its open source Sovrin Network. For the moment, the Sovrin Token is still in the public testing phase, and is available to interested parties through Sovrin’s self-serve testing portal on the BuilderNet and StagingNet Sovrin Networks.
In its finished form, the native protocol token will essentially give Sovrin its own transaction and payment infrastructure. As it stands, Sovrin still relies on a third-party invoice and billing system to process transactions, but the Foundation is trying to eliminate the need for third-party technology as it works to deliver a truly decentralized identity platform.
The new Token is in keeping with that goal, establishing a self-sovereign identity (SSI) model that gives people more control over the information they do and do not wish to share. The self-serve portal was set up to test the utility of the Tokens in practical scenarios, and is geared towards enterprises and developers that adhere to the Decentralized Identifier standards put in place by the World Wide Web Consortium (W3C).
“We’re thrilled to open up the self-serve portal and welcome support from the crypto community in helping us test how tokens work on a decentralized network,” said Sovrin Foundation CEO Heather Dahl. “We’re making the Sovrin Token free for public testing because a sustainable global network needs a system for transaction payments that doesn’t require fiat money and the broken system of identity verification that decentralized networks seek to fix.”
The Foundation stressed that the launch of the Sovrin Token testing portal is not an official Coin Offering. Those looking to participate in the trial will need to install a digital wallet that is compatible with the Sovrin platform.
Goode Intelligence recently listed the Sovrin Foundation as one of the most influential organizations in the digital identity ecosystem. Veridium and Workday are amongst the 80-plus stewards that have volunteered resources and infrastructure to support the Sovrin Network.