FAQ

what is the state of the project?

We’re doing concept reviews, working on SW design. A proof-of-concept testnet and mobile app are currently being implemented based on substrate.

when launch?

No timeline promised. Join the team at github if you’d like to accelerate development

when moon?

Don’t expect to get rich with encointer. Its money supply follows adoption. encointer aims at a more egalitarian economy and has no intent of rewarding early adopters.

but I have no time to attend regular physical pseudonym key signing events

Then don’t. Buy tokens from people who do. We expect encointer to become a source of universal basic income for people in underdeveloped regions of our world.

Some people might attend not because of the reward but to obtain a self-sovereign identity with proof of personhood.

but poor people have no mobile phone

True, you need a smartphone running the encointer app in order to participate. As GSMA research shows, 5 Bn people had mobile phones in 2017, 3.8 Bn of which had mobile internet. That still leaves out many. We can only go step by step.

why do we need a self-sovereign decentralized identity?

According to the worldbank, 1.1 Bn people do not have an ID. This also means they can’t open a bank account. According to the Global Findex Database, 1.7 Bn adults are unbanked, two thirds of which own a mobile phone. It might therefore be easier to obtain a mobile phone than an official ID and a bank account.

But let’s look at the developed world too: The Swiss government decided to leave digital identity systems to the private sector, which is highly concerning for individual privacy and freedom as proposed services like SwissID systematically get more information than they actually need (like who is logging in on which site at what times). decentralized identity can solve this – if done right.