My Identity Coin (MYID) is one of the tokens issued by the OK Global Coin Switch platform, an instant cross payments and services platform. Moreover, the platform has launched ‘The Money Project’ mainly aimed to solve faith-related real-world problems associated with blockchain technology. Some of the examples of these issues are high fees, slow account reconciliation times, value fluctuations, and lack of intrinsic trading value.
My Identity Coin (MYID) is a part of ‘The Money Project.' In particular, the project is based on a unique ‘proof-of-person’ or tagging technology that seeks to enable token holders to attach their identity to the tokens. This way, the technology seeks to safeguard against theft or loss of cryptocurrencies. MYID tokens are used for tagging blocks with unique owner identity codes. As stated above, the main purpose behind tagging blockchains is to reduce the threat of loss, theft, or unfair confiscation.
Besides, the platform aims to offer many other features via The Money Project. Some of them are as follows:
As per the whitepaper, MYID is a utility token built on the Ethereum blockchain. The platform chose Ethereum because it provides access to different funding and trading platforms. There are mainly two types of MYID tokens available for users: tradable MYID, an ERC20 token, and non-tradable MYID, a TRC20 token. Users need to pay a gas fee to convert non-tradable tokens into tradable MYID tokens. ERC20 and TRC20 are token standards used for smart contracts on the Ethereum and TRON blockchains. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.In addition, users need to connect their metamask wallets to get the tokens. The company has plans to migrate the MYID token to its own blockchain in the near future due to the functional limitations of the Ethereum blockchain.
