What is SelfKey? In-depth Analysis of SelfKey & KEY

I. What is SelfKey?

SelfKey is a blockchain-based personal identification system that was created to offer more secure digital data for individuals and to help them manage and control their own information. It is expected to provide access to over 250 integrated products and services for financial services that use personal data in the project. SelfKey ensures that personal data is decentralized by allowing users to store their ID attributes and related documents on their own devices rather than on SelfKey’s servers or blockchain. 

This ensures that users can decide when, what, and with whom they share their personal data securely. The SelfKey ecosystem is built on an open platform that comprises the SelfKey Foundation, Identity Wallet, Marketplace Electronic Exchange, JSON-LD Protocol, and the token “KEY” which is the main coin used for exchanging value and information in the SelfKey ecosystem.

II. History of SelfKey

SelfKey was founded in 2017 by Edmund Lowell, an entrepreneur with extensive experience in the fintech industry. The company was created with the goal of developing a decentralized, blockchain-based platform for identity management and personal data protection.

In January 2018, SelfKey conducted an initial coin offering (ICO) and raised $21.8 million. The ICO offered 6.75 billion tokens, with a total supply of 7.78 billion KEY tokens. The remaining tokens were allocated to the company’s founders, advisors, and future development.

In February 2018, SelfKey launched its first product, the SelfKey Identity Wallet, which allows users to securely store their personal identification documents and control who can access them. Later that year, the company launched the SelfKey Marketplace, which provides users with access to a range of products and services, including cryptocurrency exchanges, financial services, and corporate services.

Since then, SelfKey has continued to develop its platform and expand its partnerships with other companies in the blockchain and fintech industries. The company has also become involved in various initiatives related to digital identity and data protection, including the Decentralized Identity Foundation and the Trust Over IP Foundation.

III. Striking Features of SelfKey

By using the SelfKey system, the entire KYC verification process is made simpler and easier. It enables identity holders and validators to securely handle transactions that contain sensitive data in a private manner. 

The system includes an Identity Wallet that allows secure access to users’ ID properties and documents. In addition, the wallet enables verification and notarization of personal documents with qualified certificates. The storage module also provides users with the ability to manage their crypto portfolio, and receive, store, and send ETH or any ERC-20 token. 

SelfKey also has its own marketplace that offers over 300 products and services, such as buying a second passport, setting up a business or joint venture, opening a new bank account, trading cryptocurrencies, or participating in a token sale event. Using SelfKey’s sharing protocols, users can exchange personal documents with certified notaries to receive identity certificates and reuse certificate forms. 

All of these features can be accessed through a mobile phone or other handheld devices. Finally, as users’ data and documents are stored locally and not on a centralized server, they can be confident that their information is safe and not accessible to third-party agents.

IV. Core Technology of SelfKey 

SelfKey is a platform based on blockchain technology that offers identity management services through the concept of Autonomous Identity (SSID). This allows individuals and organizations to have complete ownership of their digital identities, providing them with greater privacy and freedom. The use of a “blockchain passport” eliminates the need for repetitive identity verification procedures, which involve uploading copies of electronic documents. 

The SelfKey technology enables users to enter their personal information only once into their identity wallet, which can then be securely accessed by third parties when required. SelfKey not only empowers its users within its ecosystem but also enables them to conduct transactions and provide services. 

Unlike similar systems that use public stores, SelfKey has its own data store, ensuring that user information is not leaked or used by third parties.

SelfKey Ecosystem

The platform is powered by the interaction between three main components:

• Personal data wallet.
• Platform Products (More than 300 products and services, including residency and citizenship through investment, company registration, bank account creation, etc.).
• SelfKey (KEY) cryptocurrency.

SelfKey Wallet is made to manage privacy settings and keep user identity information. They can be utilized for rapid registration and verification on currency exchange, for example, or to offer other platform users their products and services. Additionally, in addition to KEY and ETH, any ERC20 tokens can be stored, sent, and received via the wallet.

The SelfKey (KEY) cryptocurrency functions as both an access token and a unit to prevent SPAM. To increase their “reputation share,” each user must maintain a set amount of KEY cryptocurrency. This is required to guard against fraudsters who purposefully offer false information for identification. The token key is also employed to cover the cost of notarizing user documents.

V. What is KEY?

1. Detailed Information about KEY

KEY is the native cryptocurrency of the SelfKey network, which is an Ethereum-based blockchain project. It is a utility token that is used for various functions within the platform, such as paying fees, accessing services, and rewarding users. KEY tokens are ERC-20 compliant, which means they are interoperable with other Ethereum-based tokens and can be stored in any wallet that supports ERC-20 tokens. The total supply of KEY is capped at 8 billion tokens.

2. KEY Allocation

SelfKey allocated 33% of the total supply of KEY tokens for sale during its initial coin offering (ICO) in January 2018, raising a total of $22 million. The remaining tokens are allocated as follows: 

• 33% for the ecosystem development
• 15% for the team and advisors
• 10% for the SelfKey Foundation
• 9% for marketing and community development.

3. KEY Noticeable Milestones

SelfKey has achieved several notable milestones since its launch in 2017. These include:

• Launching its ICO in January 2018, which raised $22 million
• Listing KEY on several cryptocurrency exchanges, including Binance, KuCoin, and BitMax
• Developing and releasing the SelfKey Identity Wallet, which allows users to store and manage their personal identity documents securely
• Building a marketplace of over 300 products and services that can be accessed using KEY tokens
• Forming partnerships with other blockchain projects, such as Polkadot and Chainlink, to enhance the functionality and interoperability of the SelfKey network

4. Use Cases of KEY

KEY tokens have several use cases within the SelfKey ecosystem. These include:

• Paying fees for using the SelfKey platform and accessing its services
• Rewarding users for participating in the ecosystem, such as by completing identity verification or referring new users
• Providing access to exclusive products and services on the SelfKey marketplace
• Staking KEY tokens to participate in governance decisions and earn rewards
• Using KEY tokens to participate in token sales and other investment opportunities on the SelfKey platform.

VI. How to earn & own KEY?

At the moment, you can trade KEY on 5 world exchanges including Kucoin, OKEx, Tidex, Gatecoin, and RightBTC through KEY/BTC and KEY/EHT pairs mainly. And KEY Coin is also about to be listed on Binance – the world’s largest cryptocurrency exchange.

VII. Which Crypto Wallets are suitable for KEY?

The most popular wallets used today are MyEtherWallet, Trezor, Ledger Nano S, ImToken, or Metamask. Since KEY is an ERC20 token, the wallets used to store them must comply with the ERC20 standard.

If you are a frequent trader, you can keep the KEY coin right on the exchanges’ e-wallets. Use the separate wallets that we have advised using above if you are a long-term investor and do not need to trade frequently.

VIII. See more information about Selfkey (KEY) cryptocurrency

Website chính thức: https://selfkey.org/

• White paper: https://selfkey.org/wp-content/uploads/2017/11/selfkey-whitepaper-en.pdf
• Twitter: http://twitter.com/SelfKey/
• Telegram: https://t.me/selfkeyfoundation
• Linkedin:
• Reddit: https://www.reddit.com/r/selfkey/
• Medium: https://medium.com/selfkey

IX. Teams, Funds & Partners of KEY

1. Team

The project’s founder, Edmund Lowell, was one of the first people to show interest in using blockchain technology to simplify the KYC process. Lowell is well-known online for being a successful businessman who actively advocates for individual freedom and the market.

Aside from Lowell, other important members of the project include:

• Jonas Routsalainen, Vice President at KYC Chain and a previous employee at Tiksis Technologies, Lean Development, and Iglu.
• André Gonçalves, Lead Developer and an experienced follower of Instant Weather Inc. and artweb.com.

In total, the project has a team of over 40 skilled programmers and 70 advisors who support the implementation of SelfKey. Some notable advisors include:

• Virgil Griffith, one of the lead developers at Ethereum who is responsible for implementing the Casper protocol.
• Chris Skinner, a well-known financier.
• Douglas Arner, who promotes financial projects in the East and collaborates with major banks in the Asia region.

SelfKey is proud of its professional team and experienced advisors who are able to deliver a successful project.

2. Investment Funds & Partners

SelfKey has received funding from several investors and venture capital firms, including Blockchain Financial Services, Kenetic Capital, and BnkToTheFuture. The project has also partnered with various entities, including:

• Kyber Network – a decentralized exchange platform that enables the exchange of cryptocurrencies and digital assets.
• Polymath – a platform that provides tools for issuing and managing security tokens.
• AirSwap – a decentralized exchange platform that allows users to trade Ethereum-based tokens without the need for an order book.
• Wanchain – a platform that enables the exchange of digital assets across different blockchain networks.
• Ledger – a hardware wallet manufacturer that provides secure storage for cryptocurrencies.
• Civic – a blockchain-based identity verification platform.
• BitGo – a digital asset custody and security company.

Conclusion

The above is Waytrade’s comment on the SelfKey project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions. 

___