Sovrin

The Global Identity & Access Management Market is estimated for $7.94 billion in 2016 and is expected to reach $20.87 billion by 2022 growing at a CAGR of 14.8% during the forecast period 2016 to 2022. The burgeoning prominence of compliance management and growing trend for mobility has given prominent importance for Identity and Access management. Moreover, Internet of Things (IoT), Bring Your Device and popularity of connected devices are estimated to drive the market in future scenario, whereas the threat of cyber attack or cybercrime is hampering the market growth.
The main competitors of Sovrin are KYC platforms, such as Coinfirm, KYC Legal, Civic.

Sovrin is building a decentralized protocol for self-sovereign online-identity. The Sovrin Protocol is based entirely on open standards and open source - the Hyperledger Indy Project. Sovring governance is based on a universal trust framework for SSI i.e. it can work with any blockchain or DLT capable of meeting fundamental principles. Sovrin will use zero-knowledge proofs to validate the necessary information. The Sovrin Network is designed to use two rings of nodes: a ring of validator nodes and a ring of observer nodes.
Evernym - the company predecessor of Sovrin - started working on a blockchain solution for self-sovereign identity in 2015. In September 2016, the Sovrin foundation was announced. In 2017, the Sovrin Foundation open source code was transferred to the Linux Foundation to become the Hyperledger Indy project. The Sovrin Network was launched in July 2017.

Evernym has existed for several years and is already working with clients like The US Department of Homeland Security, R3, the country of Finland (through the MyData initiative), and a number of leading global financial institutions including the entire U.S. credit union industry. It has a fully up and running business development function staffed by senior professionals in both North America and Europe.

Sovrin will form a marketplace where any source of trust—from a government to a family—can be exchanged for value. And those who have earned that trust—the identity owners—can now benefit from the ability to transfer that trust to other relationships. Verifiers, for their part, can now take advantage of a vastly expanded marketplace for trust information—a marketplace in which issuers are constantly competing to fill any “trust gaps.”

The token metrics have not been yet disclosed and will be available by the public sale announcement.

The team of Sovrin is based in Utah and there are more than 10 people working on the project development. The core team consists of people with long corporate careers. The list of past companies includes Symantec, Deloitte, Perfect Search, T-Mobile, MX Telecom, TeleSign, O2, Bank of America, and Starbucks.
The parental company of Sovrin - Evernym - has strong partnerships that include IBM, Homeland Security, Illinois Blockchain Initiative, CU Ledger, and others.
Most of the team members had corporate careers and do not have previous startup experience. The core team members do not have blockchain experience.