SelfKey

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Discover SelfKey's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is SelfKey?

SelfKey (KEY) is a blockchain-based identity management platform that empowers individuals and organizations to control and manage their digital identities securely and privately. It utilizes a self-sovereign identity system, allowing users to store and manage their identity documents and attributes on their own devices, ensuring full control and ownership. The platform includes a digital wallet and marketplace, where users can access various services and products using their universal digital ID, all powered by the KEY token.

How is SelfKey used?

The crypto SelfKey (KEY) is a utility token built on the Ethereum blockchain. It serves several purposes within the SelfKey ecosystem:

  1. Access to Services: KEY tokens are used to access goods and services in the SelfKey marketplace. This includes notarization, verification, and certification services, as well as fees for opening bank accounts or starting insurance policies.

  2. Staking: Companies offering services in the marketplace are required to lock a certain amount of KEY tokens in a smart contract. Users and certifiers also stake KEY tokens for various purposes, which is expected to increase the token's value as network usage grows.

  3. Payment: KEY tokens can be used as payment for services within the SelfKey marketplace, such as incorporating a new business.

  1. Verification: KEY tokens are used for verification purposes, ensuring that users and certifiers are authenticated and trusted within the network.

Overall, the KEY token plays a central role in facilitating transactions and interactions within the SelfKey ecosystem, which focuses on self-sovereign identity management and digital asset control.

How do I store SelfKey?

To store SelfKey (KEY) tokens, you can use the SelfKey Identity Wallet, which is available for both desktop and mobile devices. The desktop wallet allows you to manage all your ERC20 tokens, including KEY, from one convenient location. It provides an intuitive interface with the Ethereum blockchain and shows the real-time fiat value of your tokens. The wallet also includes an Address Book that lets you store commonly used addresses, saving time when performing transactions.

For mobile devices, the SelfKey Mobile Wallet is available for both Android and iOS. This wallet allows you to easily manage your ERC20 tokens, including KEY, from anywhere in the world. It also allows you to import your Desktop Wallet onto your mobile device, giving you complete clarity over your token portfolio.

Additionally, the SelfKey Wallet supports hardware wallets like Ledger Nano S and JSON Keystore files, ensuring secure storage and management of your KEY tokens.

How to buy SelfKey?

To buy SelfKey (KEY) tokens, you can follow these steps:

  1. Create an Account:

    • Register for a free account on a cryptocurrency exchange that supports KEY, such as Kraken, Kriptomat, Bit2Me, or Binance.
  2. Add Funds:

    • Deposit funds into your account using a credit/debit card, bank transfer, or other supported methods.
  3. Select SelfKey:

  • Choose SelfKey (KEY) from the list of available cryptocurrencies on the exchange.
  1. Set the Amount:

    • Enter the amount of KEY you want to purchase and preview the transaction details.
  2. Confirm Purchase:

    • Confirm your purchase and wait for the transaction to be processed.

These exchanges provide a secure and user-friendly environment to buy KEY tokens.

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History of SelfKey

SelfKey (KEY) is a decentralized identity management system that allows users to have full control over their personal data. The project was founded in late 2017 by Edmund Lowell, a serial entrepreneur with extensive experience in blockchain-based KYC solutions. Lowell is also the founder and CEO of KYC-Chain, a Hong Kong-based provider of blockchain-based KYC solutions for financial institutions and other enterprise clients.

The SelfKey Foundation, registered in Mauritius, conducted an initial coin offering (ICO) of its KEY token in early 2018. The ICO raised $22 million in just 11 minutes without any significant venture capital or whale support, making it a community-driven effort.

Following the ICO, the SelfKey team launched its wallet for various platforms, including MacOS, Windows, Linux, iOS, and Android, along with a Chrome extension. They also developed a marketplace for incorporations and bank accounts using the KEY token. Additionally, their decentralized identifier (DID) methods were added to the World Wide Web Consortium (W3C) specifications registry.

SelfKey's ecosystem consists of identity owners, certifiers, and relying parties. The foundation focuses on strengthening the economic system through incentive engineering, integrations, and partnerships. The project also uses KYC-Chain as a native provider of verification.

In terms of tokenomics, SelfKey has proposed the introduction of a new token called $LOCK, which will incentivize DeFi use cases related to SelfKey. Users will need to stake their KEY tokens to earn LOCK tokens, with the rate of accumulation dependent on the percentage of KEY being staked in aggregate.

Overall, SelfKey aims to empower individuals and organizations to manage their identities securely and efficiently, leveraging blockchain technology to ensure confidentiality and control over personal data.

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How SelfKey works

SelfKey (KEY) is a blockchain-based identity management platform designed to empower individuals and organizations to control their digital identities securely and efficiently. Here's how it works:

Key Components
  1. SelfKey Wallet:

    • The SelfKey wallet is a non-custodial, decentralized storage solution where users can securely manage their digital assets and identity documents. It supports ERC-20 tokens and allows users to manage their cryptocurrency portfolios.
    • The wallet is available for Windows, macOS, and Linux, ensuring cross-platform compatibility.
  2. SelfKey Marketplace:

    • The marketplace is a platform that connects users to various financial services, such as opening bank accounts, incorporating businesses, and accessing cryptocurrency exchanges. It leverages the KEY token for seamless transactions.
    • The marketplace simplifies the Know-Your-Customer (KYC) process by allowing users to verify their identities once and then access multiple services with a single click.
Decentralized Identity Management
  • Self-Sovereign Identity (SSID):
    • SelfKey's core concept is based on the principle of self-sovereign identity, where users have full control over their identity data. This approach ensures that sensitive information is not stored centrally, reducing the risk of data breaches and identity theft.
    • Users can store their identification documents and attributes securely on their own devices, ensuring privacy and control.
Security and Verification
  • Public/Private Key Cryptography:
    • SelfKey uses public/private key cryptography to share documents with third parties securely. This ensures that only authorized parties have access to personal data when users grant permission.
    • The claims protocol allows users to share only necessary information with third parties, preventing the unnecessary sharing of data and reducing the risk of data leaks.
KEY Token
  • Utility Token:
    • The KEY token is an ERC-20 token built on the Ethereum blockchain. It serves as a utility token, facilitating transactions and access to services within the SelfKey ecosystem.
    • The token is used to verify documents, access the network, and purchase additional services through the marketplace.
Benefits
  • Security and Privacy:

    • Decentralized identity management reduces the risk of data breaches and identity theft by removing centralized storage of sensitive information.
    • Users have full control over their data, ensuring that only authorized parties have access.
  • Efficiency and Convenience:

    • The SelfKey marketplace simplifies the KYC process, allowing users to verify their identities once and access multiple services with a single click.
    • The platform reduces paperwork and delays inherent in traditional KYC processes.

Overall, SelfKey (KEY) offers a secure, decentralized, and efficient solution for identity management, empowering users to take control of their digital identities and access financial services seamlessly.

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SelfKey's strengths

The token SelfKey (KEY) has several strengths that contribute to its potential success:

  1. Unified Digital ID Solutions: SelfKey's universal digital ID allows users to seamlessly and efficiently engage in Know Your Customer (KYC) processes across multiple service providers. This ensures greater security as users fully control and manage their personal data on their local devices.

  2. Backed by an Established Business: SelfKey is developed by KYC Chain, an established KYC solutions provider with the necessary infrastructure, experience, and expertise in the KYC business. This backing provides a solid foundation for the project.

  3. Extensive Partnerships: SelfKey has formed an extensive list of partnerships with service providers that will utilize the KYC functionalities of the SelfKey ID. This demonstrates traction in the project's development and potential for future growth.

  1. Comprehensive Markets: SelfKey has identified 22 market categories in its marketplace, providing users with access to a wide range of services using their digital ID. This comprehensive approach enhances the token's utility and value.

  2. Token Utility: KEY tokens are required for various purposes within the SelfKey network, such as accessing services, paying for verification and certification, and staking for participation. As the network grows, the demand for KEY tokens is expected to increase, driving up their value.

These strengths position SelfKey as a promising project in the digital identity and KYC space, with a robust ecosystem and a well-designed token economy.

SelfKey's risks

SelfKey (KEY) is a cryptocurrency that operates on the Ethereum blockchain. It is a utility token used to access goods and services within the SelfKey ecosystem, which focuses on decentralized identity management. Here are some key financial risks associated with investing in KEY:

  1. Market Volatility: Cryptocurrencies are known for their high volatility, which means that the value of KEY can fluctuate rapidly and unpredictably. This volatility can result in significant losses if the market moves against your position.

  2. Risk of Hacking and Errors: As a digital asset, KEY is susceptible to hacking and errors. This can lead to the loss of tokens or unauthorized access to user data, which can negatively impact the value of the token.

  3. Regulatory Risks: Cryptocurrencies are largely unregulated, which can lead to uncertainty and potential legal issues. Changes in regulations or government policies can affect the value of KEY.

  1. Forks and Discontinuation: KEY, like other cryptocurrencies, is vulnerable to forks or discontinuation events. These events can lead to the creation of new tokens or the loss of value in the original token.

  2. Liquidity Risks: KEY is traded on several exchanges, but liquidity can be limited. This can make it difficult to buy or sell the token quickly, potentially leading to losses.

  3. Competition: SelfKey operates in a competitive space, with other projects like Civic (CVC) also addressing digital identity management. This competition can impact the adoption and value of KEY.

  1. Development Risks: The development process for SelfKey is ongoing, and delays or setbacks can negatively impact the value of the token.

  2. Risk of Manipulation: The value of KEY can be influenced by market manipulation, which can result in artificial price movements. This can be particularly problematic for tokens with lower trading volumes.

It is essential to carefully consider these risks before investing in SelfKey (KEY) or any other cryptocurrency.

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Did SelfKey raise funds?

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SelfKey’s team

  • Edmund Lowell: Founder and Head of Product at SelfKey, leading the development of decentralized identity solutions since 2014.

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