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.
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.
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.
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.
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:
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 .
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
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.
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:
Looking for more information...
Would you like to earn KEY right now! ☞ CLICK HERE
Top exchanges for token-coin trading. Follow instructions and make unlimited money
Thank for visiting and reading this article! I'm highly appreciate your actions! Please share if you liked it!
Can I write on a Bitcoin Blockchain? Can I drop down a message? Yes, Luca of course you can! You can leave a message on a Bitcoin blockchain using a particular op code, called OP_RETURN.
In all the market sectors, Blockchain technology has contributed to the redesign. The improvements that were once impossible have been pushed forward. Blockchain is one of the leading innovations with the ability to influence the various sectors...
Our Blockchain Online Training will provide you to learn about Blockchain technology aspects with realty. Our Blockchain Course also includes live sessions, live Projects
Get hands on experinece on block chain live industry experts with real world example at Block chain online Training. Enroll for free demo
P2P lending has the potential to turn into a huge source of revenue for you, so why leave it untapped? The conventional banking model has serious limitations, so it is time to deploy technology like blockchain to simplify things for a large number of lenders and borrowers, and in the process, make some money (a lot of it in fact) for yourselves as well.