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Direct Swapping Between BNB Chain And ShareLedger Is Now Available, After ShareRing Released an ID Feature Update Earlier.

Mon 26 Sep 2022 ▪ 8h32 ▪ 3 min read — by Katharina Haas

ShareRing recently launched the Near Field Communication (NFC) technology and they improved the functionality of the FaceMatch feature.

In an earlier announcement, ShareRing divulged that access to NFC technology and revamped FaceMatch will only apply to users who register using their government-issued documents like passport and national identity cards, thereby permitting them to use any of ShareRing’s tools, including ShareRing ID and ShareRing Vault.

ShareRing is at the forefront of guarding user privacy and is building an expansive ecosystem reliant on blockchain technology with features that allow individuals and entities to use their digital identities in the real world. At the core of ShareRing is the ShareRing ID, a solution for users to issue, store, verify, and share critical information like bank details safely and securely. Through the ShareRing Vault anchored on the ShareLedger leased Proof-of-Stake blockchain, data will be stored securely and only shared with those authorized by the owner.

To better deliver to users and safeguard their details in the increasingly interconnected world, ShareRing will use NFC technology to build a robust electronic KYC solution. Through the properties made possible by NFC, ShareRing will, at any point in time, prove that the owner of any of its accounts is who they claim to be because registration was based on government-issued and stamped documents. The NFC technology introduces another layer of security, leading to more trustworthiness and effectively weeding out fraud. Because provenance will be a two-step process, ShareRing released an improved version of its face-recognition tool, FaceMatch, reducing errors and ensuring a smooth onboarding process.

ShareRing has also revealed that from September 22th, 2022, $SHR holders can directly swap between BNB Smart Chain to ShareLedger, the native blockchain of the utility token. $SHR is used to pay transaction fees, and all related transactions are tracked on ShareLedger. The announcement is a relief for $SHR holders who had to move tokens between the BNB Chain via the open source, non-custodial Binance wallet before converting to an ERC-20 token through the Multichain Bridge and moving them to ShareLedger (ShareRing app).

The decision, ShareRing reveals, will save valuable time for holders while also improving efficiency. Most importantly, the platform developers note that users won’t be exposed to the fluctuating Gas fees in Ethereum. It is common for transaction fees to shift by huge margins in the first smart contracting platform, inconveniencing users. Because of the latest linkage, $SHR holders won’t have to worry about scaling or fees problems when transferring coins from BNB Smart Chain to ShareLedger, and vice versa.

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Katharina Haas avatar
Katharina Haas

Lorsque j'ai commencé à travailler dans la crypto en 2017, 95% des gens ne savaient presque rien à ce sujet. À vrai dire, peu de choses ont changé depuis. Cependant, il semble y avoir une lumière au bout du tunnel, et je tiens à l’opportunité d’y être impliquée

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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