What is Selfkey (KEY) | What is Selfkey token | What is KEY token

What is Selfkey (KEY) | What is Selfkey token | What is KEY token

SelfKey is a blockchain-based identity platform. The technology provides individuals, companies, exchanges, fintech startups, and banks - with a platform to manage identity data (oftentimes KYC). What is Selfkey (KEY) | What is Selfkey token | What is KEY token

The SelfKey ecosystem is a blockchain based identity management system that puts identity owners in control of their digital identity and allows them to request document certifications. After the user is verified, they can instantly and securely access products and services avoiding any repetitive and burdensome KYC process. Relying parties, certifiers and identity owners can transact in a secure, private, decentralized manner to exchange identity claims.

SelfKey runs on smart contracts with economic incentives powered by SelfKey tokens (KEY) and smart contracts run on the Ethereum Virtual Machine (EVM) and Ethereum Blockchain.

The SelfKey Network mainly consists in the Identity Wallet, the Marketplace and the KEY token — all of which are open source and fully auditable:

SelfKey Identity Wallet

The SelfKey Identity Wallet, an open-source digital identity wallet through with which identity owners can securely access and manage their identity attributes and documents, such as passports, stored on their personal device. This removes the need to have that sensitive personal data held by a third party on a vulnerable centralised database or in the blockchain.

In addition to access and share ID documents, the Identity Wallet is capable to store, send and receive ETH, KEY and any ERC-20 Token.

Through the SelfKey Identity Wallet and your cryptographic key pairing (private and public), users will be able to digitally sign documents, request identity checks and document certification from certifiers, such as eNotary services, and authenticate at multiple platforms.

These certified identity attributes and documents can be shared with relying parties offering services in the SelfKey marketplace in order to access to their products and services.

SelfKey enables automated processes that re-uses KYC data, allowing for a quicker KYC onboarding process and to save time to complete applications that are currently tedious.

The Corporate Identity Wallet will allow for linked identities that can provide multi level verification, ideal for organizations to easily and quickly have their documents notarized and open bank accounts or establish subsidiaries painlessly.

4 reasons why SelfKey is the identity management solution for you

Your data stored on your local device

Typically data is stored on servers that are vulnerable to hacks and data breaches. SelfKey operates locally, meaning your data is stored on your device. If SelfKey’s servers are hacked, your data is unaffected.

The Wallet is free and open-source

Top of the range identity management solutions are very expensive and often have recurring monthly costs. The SelfKey Identity Wallet on the other hand is completely free and open-source.

Your digital identity is secure

The SelfKey Identity Wallet has been audited by Uncloak.io, and was designed to protect your privacy. You have complete ownership of your digital identity and your ERC tokens.

Get access to the Marketplace

The SelfKey Identity Wallet is much more than just a place to store your identity and your tokens. It also allows you to open a business abroad through the Incorporations Marketplace.

The SelfKey Marketplace

The Marketplace allows users to compare and apply for products and services without having to go through the manual and paper-intensive KYC processing that service providers would require outside the SelfKey network. A pre-alpha version of the SelfKey marketplace is available at alpha.selfkey.org .

These products and services include but are not limited to: citizenship and residency by investment, company incorporation, bank accounts, fintech products, insurance, real estate, precious metals purchase and storage, among others.

In addition, the Identity Wallet will allow for an instant Exchanges account sign up and verification.

As the Identity Wallet is capable to store ETH and any ERC-20 Token, it enables instant onboarding to Token Sales. Being possible to whitelist an address sending KYC documents and transfer ETH to Token Sales, within the same App.

In fact, SelfKey has already powered/is powering several Token Sales KYC processes such as Airswap, Gatcoin, Polymath, AiX, Aditus and others.

SelfKey has already established partnerships with financial service providers, corporate services providers, registered agents, lawyers, consulting firms, notaries, exchanges to offer the aforementioned products and services.

Partnerships officially announced and not under NDAs include but are not limited to:

Blockchain space:

  • Gatecoin, a Hong Kong based exchange

  • Lykke: B2C Wallet

  • Polymath: B2B2C Securities Token platform

  • Zilla: B2B2C — Fundraising platform for various ICO’s

  • Kommerce — a trade finance blockchain venture for frontier markets

  • Malabar AI — B2B & B2C Roboadvisory

    Further details: The Growing SelfKey Ecosystem: The 10+ companies building on SelfKey Tech .

    Non-Blockchain space:

  • NTL Trust, one of the world’s leading Citizenship and Residency by Investment authorized agent

  • Harvey Law Group and Global Advisory Group, Immigration Services

  • Flag Theory/Far Horizon Capital Inc, Incorporation and Immigration Services

  • Levera Limited: Grenada government approved CBI real estate developer

  • DollarSmart: p2p money transfer services

  • TNG Hong Kong: eWallet covering 8 Asian countries

  • Titan FX: foreign exchange (forex), metal and commodities broker

  • ECI Developments — Real estate developer in Nicaragua

  • Varnavas Law firm — Greece Residency by investment provider

  • International Insurance — Insurance Broker

  • VoiceIt — Cloud based voice biometric services

Check out the SelfKey Marketplace Demo .

KEY Token

The native token KEY, an ERC-20 token used as access rights and payment unit within the network.

The SelfKey network will require participants to stake a certain amount of KEY tokens to access the network. This prevents spam, decreases the total amount of float, and encourages people to buy and hold KEY, and act in accordance with the trust framework (legal agreement) so that relying parties don’t for instance, misuse identity data — because if they do, they will lose their stake.

Participants will need to hold a certain amount of KEY to unlock marketplaces also. We call this, proof of reputational stake and bonded notaries.

Bonded notaries will work exactly how notaries work in the real world, except on chain. The notaries will need to stake a certain amount of KEY in order to become a notary — in the same way as it currently happens, where a notary has to post a surety bond with the government.

KEY will be also used as a payment unit for document notarization and for products and services offered by relying parties in the SelfKey marketplace. Marketplace listings will be either wholly or partially priced in KEY.

Each member of the ecosystem will have a valuable role to play utilizing KEY, enabling a feasible transactional economy between the parties.

Token Sale

The KEY Token Sale will be the only KEY token generation event. A total supply of 6,000,000,000 KEY will be generated and will be allocated in the following way:

  • 1,980,000,000 KEY (33%) to the Token Sale Purchasers
  • 1,980,000,000 KEY (33%) held in a pool to incentivize, support and build the SelfKey Network. This pool will be used at early stages to stake tokens required by Relying Parties and Certifiers, so they can participate in the network at no cost and therefore incentivize the maximum functionality and utility of the platform at its launch. These tokens will be staked in escrow.
  • 990,000,000 KEY (16.5%) to to the founding team, vesting over a 1-year period.
  • 990,000,000 KEY (16.5%) as a reserve and for expenses of establishing and maintaining the Foundation longer term (accounting, legal, marketing, advisors, development and reserve).
  • 60,000,000 KEY (1%) to cover legal costs of the Token Sale.

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