Peer Mountain is a mobile-first distributed system of trust. It uses cryptographic protocols to allow people and institutions to create and own a trusted record that encompasses digital identity, trust relationships, and proof of activities.
System members own and control their data; they decide who can access it, as their information remains inaccessible and unexposed to third parties at all times. Peer Mountain uses such powerful cryptographic protection that data stays guarded from all other entities - even the platform itself.
To organizations in sectors other than financial services and markets, Peer Mountain can also provide considerable value as a distributed platform of trusted facts (e.g. employees could assert that they are sick and HR could attest to this after verifying a doctor’s certificate).
Ecosystem participants are only identified by their public keys (analogous to how Cryptocurrencies work) and can assume multiple personas, which are basically public keys derived off their root key. Personas are useful for interacting with multiple external parties and to comply with different set of obligations and requirements. For example, a person may be a university student and the client of a bank. Generally speaking, the university requires an information subset that differs from the subset the bank requires. However, while applying for a loan or grant, a university student may not want the university to know they are a client of a specific bank. By using different personas (i.e. a role), the student controls their privacy.
SOLUTION: A MARKETPLACE BUILT AROUND SELF-SOVEREIGN IDENTITY
Peer Mountain uses blockchain technology to give individuals and organizations full, secure ownership of their identities, and, for the first time, enable people to safely share their self-sovereign information with organizations and each other. Peer Mountain facilitates the rapid delivery of services through its blockchain framework. Identity is a core component of Peer Mountain, but this is not an identity platform. Peer Mountain is an application ecosystem designed to facilitate the commerce and exchange of digital and physical services.
Later versions of the Peer Mountain architecture will also support organizations, enabling them to model their structure through persona delegation and attach corporate identity documents to the main corporate persona. Organizations using Peer Mountain can use delegation to demonstrate ownership and control. Peer Mountain can then provide a verifiable record of these facts that can be shared with any organization or individual with a need to know. Specific bodies, such as a commercial registry or a trade authorizing body, can implement attestation engines to validate these facts.
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| The Peer Mountain Trust Ecosystem |
TOKEN ECOSYSTEM
The Peer Mountain Token (PMT) is a utility token used to measure the value of trustworthiness within the Peer Mountain ecosystem. Consumers of trust transfer PMT to the entities they trust the most. The only way to earn PMTs is to be trustworthy. Individuals and enterprises use PMTs to consume attestations and generate invitations. Because Peer Mountain technology is cross-chain capable, entities can use PMTs to move information from one chain application to another, e.g. from Ethereum to Stellar-based Peer Mountain instances.
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| The Peer Mountain Circular Ecosystem of Trust |
There are three components that make up the Peer Mountain ecosystem: the mobile end-user (the consumer); the enterprise back end (the service provider); and the attestation engines (the certificate provider), which are very powerful. Every peer on the system is an attestation provider. Organizations of all sizes can run specialized and sophisticated attestation engines. For instance, a financial institution may want to run its own attestation engine to check clients against a user blacklist and calculate credit scores. The institution can then affirm whitelisted clients based on assertions and other attestations in the system.
The token model for Peer Mountain establishes and sustains an ecosystem for attestation providers, invitations, and service offerings. Every time a prospect consumes an invitation or service offering, the service provider pays a small fee in tokens. This includes the issuance of attestations, which is a service offering; this also prevents “attestation spamming”, which would be when a peer produces superflouous attestations with the hopes that they may be used in order to gain PMT. On the other side, each time an entity uses an attestation to establish trust in a relationship as part of a dossier, the provider of that attestation.
ESTIMATED MARKET SIZE
The market for data security is immense and growing rapidly. According to a 2017 report, the “global cyber security market was valued at USD 105.45 billion in 2015, is expected to reach USD 181.77 billion in 2021, and is anticipated to grow at a CAGR of 9.5% between 2016 and 2021.”12 The development of distributedledger-based solutions is helping drive this growth. More and more consumers and businesses are choosing these solutions as they become aware of the risks inherent to legacy information storage systems. Increasing incidences of identity theft are making the cyber security risks of centralized data storage and
transmission painfully clear: a recent Javelin Strategy & Research study estimates that in 2016 consumers lost over USD 16 billion to identity theft.13 Further fueling this shift to a blockchain model is the market’s growing familiarity and comfort with distributed ledger technology. As people come to realize the benefits of a distributed ledger, they will adopt secure systems like Peer Mountain, the first marketplace of its kind based on self-sovereign identity. We expect the highest levels of adoption to come from North America and Europe in the near to medium term.
CROWDSALE
Peer Mountain will be the first offering of “ICO 2.0.” We believe in maximum transparency and full regulatory compliance. The Peer Mountain offering debuts and advances a number of important innovations: we are debuting our SmartcapTM algorithm to optimize the ICO and match tokens sold with demonstrated demand, and we have committed to the ICO Charter standardising E.U. token offerings. Peer Mountain will run a transparent and fair token sale.
The PMT sale will take place in early 2018 - the exact date will be announced on the www.peermountain.com. There will be a pre-order phase for whitelisted participants to place pre-orders for the sale, followed by an open token sale. We intend to follow best practices for the most compliant and well-run ICO and token sales to date, with maximum transparency. The token sale will accept Ether, and it will be an ERC-20-compatible token14 (so within the standard) on the Ethereum network.
T o k e n S a l e
Peer Mountain intends to raise a minimum of 150,000 ETH to build and deploy Peer Mountain into the world’s blockchain application standard for trustworthy commerce in nearly any legally regulated environment. PMT shall be issued and sold by Peer Mountain DCB Limited, a special purpose financial company registered in the British Virgin Islands. The Peer Mountain founders are the current beneficial owners of the structure and the governance of the assets in the structure will follow a two signature requirement for access to funds that will be implemented with a series of multi-signature enabled hardware wallets, some of which shall be kept in traditional safe deposit boxes.
Cross-Chain Compatibility
Different blockchains are not compatible across chains, and are incapable of handling cross-chain transactions across multiple chain instances.Peer Mountain overcomes this challenge. Chains and storage make up the operating layer of each instance. The patent-pending PeerchainTMProtocol then enables Peer Mountain users to communicate across instances, so they can transmit digital assets across chains. In addition, digital signatures recorded in one instance remain legally binding throughout the Peerchain
Latency in communication between a blockchain’s nodes nodes as it establishes consensus across the chain limits its transaction capacity. This means that blockchains seem unable to process transactions at the speed required for large-scale transaction processing systems.
We’ve taken an innovative approach to addressing this limitation. We believe that a blockchain does not need to operate globally on every possible node. Instead, Peerchains™can co-exist and work in harmony, each focusing on a part of the larger ecology of trust.
Each Peer Mountain instance operates a Peerchain™ that we can deploy to a service provider, their regulator, their auditors, and any appropriate industry watchdog or consumer protection group. Anyone wishing to review the integrity of the chain can access a publicly available chain explorer.
Peerchain™ Technology
ALLOCATION
We will allocate proceeds across four principal areas of interest:
40%
Technology, which includes the development and audit of Peer Mountain smart contracts, blockchain nodes, application architecture, mobile and enterprise clients, and other milestone objectives
25%
Corporate development, which includes typical company expenses such as office space and equipment, administrative and managerial salaries, fees, and taxes
25%
Marketing, which includes PR, marketing, and partnership initiatives
10%
Regulatory and legal, which includes lobbying and development of regulatory suggestions
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