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SmartKey

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Discover SmartKey'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 SmartKey?

SmartKey (SKEY) is a cryptocurrency that combines decentralized finance (DeFi) with the Internet of Things (IoT) through its innovative "Blockchain of Things" (BoT) concept. It enables the tokenization of real-world assets (RWA) on the blockchain, allowing each object to have its own unique NFT token. This platform aims to transform ownership and asset management in the digital ecosystem, with applications in various sectors, including smart cities and urban infrastructure optimization.

How is SmartKey used?

SmartKey (SKEY) is a cryptocurrency that operates on the Skey Network, a blockchain platform that combines decentralized finance (DeFi) with the Internet of Things (IoT). This platform enables the tokenization of real-world assets (RWA) on the blockchain, allowing each object to have its own unique NFT token. This tokenization transforms the landscape of ownership and asset management in the digital ecosystem.

The Skey Network technology has various applications across different sectors. For instance, it can be used to integrate and optimize urban infrastructure and traffic systems within the IoT ecosystem, utilizing blockchain for efficiency and sustainability. This makes it a fundamental element for the smart cities of the future.

In essence, SmartKey (SKEY) is used to facilitate the interaction between the digital and physical worlds, enabling a decentralized, efficient, and interconnected future.

How do I store SmartKey?

To store SmartKey (SKEY) tokens securely, consider using a hardware wallet. Hardware wallets are physical devices designed to store private keys offline, protecting them from online attacks and malware. They are highly secure and can support multiple types of cryptocurrencies, including SKEY tokens.

Here are the steps to store SKEY tokens in a hardware wallet:

  1. Choose a Hardware Wallet: Select a reputable hardware wallet such as Ledger Nano S, Ledger Nano X, or Trezor. These devices are known for their robust security and user-friendly interfaces.

  2. Set Up the Hardware Wallet: Follow the manufacturer's instructions to set up your hardware wallet. This typically involves creating a PIN, generating a recovery seed, and setting up the device.

  3. Add SKEY Tokens: Use the hardware wallet's software to add the SKEY token to your wallet. This may involve importing the token's details or using the wallet's built-in token support.

  1. Store Private Keys: The hardware wallet will securely store your SKEY tokens' private keys. Ensure you keep the recovery seed and PIN safe to prevent unauthorized access.

  2. Use the Wallet for Transactions: When you need to make a transaction, use the hardware wallet's interface to sign and authorize the transaction. This ensures your private keys remain secure and offline.

By following these steps, you can safely store your SKEY tokens in a hardware wallet, protecting them from potential security threats and ensuring you maintain full control over your digital assets.

How to buy SmartKey?

To buy SmartKey (SKEY) tokens, you can follow these steps:

Buying SKEY on a Centralized Exchange (CEX)
  1. Find a Reliable CEX: Look for a centralized exchange that lists SmartKey (SKEY) for trading. You can refer to Coinmarketcap.com's Markets section to find the list of exchanges that support SKEY.

  2. Register and Set Up an Account: Create an account on the chosen CEX and set it up according to their guidelines.

  3. Deposit Fiat or Base Currency: Deposit the required fiat currency or a base cryptocurrency like USDT or BTC into your CEX account.

  1. Swap for SKEY: Use the deposited currency to swap for SKEY tokens on the exchange.
Buying SKEY on a Decentralized Exchange (DEX)
  1. Choose a DEX: Select a decentralized exchange that supports the blockchain where SKEY is listed. For example, if SKEY is on the Ethereum blockchain, you can use Uniswap or Sushiwap.

  2. Download and Set Up a Web3 Wallet: Download and set up a Web3 wallet like Metamask or Trust Wallet, which is supported by the chosen DEX.

  3. Buy the Mainnet Cryptocurrency: Purchase the mainnet cryptocurrency of the blockchain where the DEX runs. For example, if the DEX runs on Ethereum, buy ETH.

  1. Transfer to Your Wallet: Transfer the purchased cryptocurrency to your Web3 wallet address.

  2. Connect to the DEX: Connect your wallet to the DEX by clicking "Connect Wallet" and following the instructions.

  3. Swap for SKEY: On the DEX, select the mainnet cryptocurrency as the "From" token and SKEY as the "To" token. Enter the desired amount and confirm the swap.

Remember to always be cautious of scams and ensure you are using the official contract address for SKEY.

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History of SmartKey

SmartKey (SKEY) is a cryptocurrency that operates on the Skey Network, a platform that combines decentralized finance (DeFi) with the Internet of Things (IoT). This innovative concept, known as the 'Blockchain of Things' (BoT), allows for the tokenization of real-world assets (RWA) on the blockchain, giving each object a unique NFT token. This technology has far-reaching applications, including the integration and optimization of urban infrastructure and traffic systems within the IoT ecosystem, utilizing blockchain for efficiency and sustainability.

The Skey Network represents a significant step forward in the convergence of RWA with IoT and DeFi, offering a new paradigm for asset management and urban development. It aims to transform the interaction between the digital and physical worlds, pointing the way to a decentralized, efficient, and interconnected future.

In terms of its market performance, SKEY has experienced significant price fluctuations. As of June 19, 2024, the current price of SKEY is around $0.023068. According to price predictions, the price of SKEY is expected to rise by 231.92% and reach $0.076191 by July 19, 2024. The Fear & Greed Index is showing 64 (Greed), indicating a bullish sentiment, although the current sentiment is bearish. The price volatility over the last 30 days has been 18.02%, with 9 out of 30 days being green.

The Skey Network has a market capitalization of $4,143,447 and a 24-hour trading volume of $356,370.93. The circulating supply of SKEY is 181,631,354, with a total supply of 1,000,000,000. The fully diluted market capitalization is $22,812,401.

Overall, SmartKey (SKEY) is a cryptocurrency that operates on a unique platform, merging DeFi and IoT to create new opportunities for asset management and urban development. Its market performance is subject to fluctuations, but it has the potential for significant growth in the future.

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How SmartKey works

SmartKey (SKEY) operates as a decentralized platform that leverages blockchain technology to facilitate peer-to-peer transactions securely and transparently. It employs consensus mechanisms like Proof of Stake to ensure the integrity of these transactions without the need for intermediaries. This platform is particularly useful for managing access control and data sharing across various industries such as real estate, IoT, and cybersecurity.

One of the key features of SmartKey is its ability to securely store and transfer sensitive data, including access rights and permissions, across different platforms. This is achieved through its unique tokenomics, which allows investors to earn money along with the platform's growth. The platform also supports the creation of new economic models based on Ethereum contracts, bridging the gap between decentralized finance and physical objects.

SmartKey's ecosystem includes various tools and products, such as the Skey Keeper wallet, which can be used to save and manage access keys. Additionally, there is the Organization Manager, a control panel dedicated to service suppliers that allows them to generate and manage access keys for devices, as well as create smart contracts with specific parameters. These tools enable seamless interactions between DeFi projects and physical objects, opening up new possibilities for economic interactions and innovative applications.

Overall, SmartKey's decentralized nature and innovative functionalities make it a versatile and efficient solution for managing access control and data sharing in a trustless environment, distinguishing it from traditional financial systems.

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SmartKey's strengths

The token SmartKey (SKEY) has several strengths that make it a unique and valuable asset in the cryptocurrency market:

  1. Decentralized Platform: SmartKey operates as a decentralized platform, enabling peer-to-peer transactions through its underlying blockchain technology. This ensures secure and transparent transactions without the need for intermediaries.

  2. Tokenization of Real-World Assets: SmartKey facilitates the tokenization of real-world assets (RWA) on the blockchain, allowing each object to have its own unique NFT token. This transforms the landscape of ownership and asset management in the digital ecosystem.

  3. Integration of IoT and DeFi: SmartKey merges decentralized finance (DeFi) with the Internet of Things (IoT), introducing the innovative concept of the 'Blockchain of Things' (BoT). This platform enables the integration and optimization of urban infrastructure and traffic systems within the IoT ecosystem, utilizing blockchain for unparalleled efficiency and sustainability.

  1. Security and Data Management: SmartKey's unique features include the ability to securely store and transfer sensitive data, such as access rights and permissions, across various platforms. This enhances security and enables new business models in industries like real estate, IoT, and cybersecurity.

  2. Versatility and Efficiency: By leveraging its decentralized nature and innovative functionalities, SmartKey distinguishes itself from traditional financial systems by offering a versatile and efficient solution for managing access control and data sharing in a trustless environment.

  3. Potential for Growth: According to price predictions, SmartKey is expected to rise significantly in the future, indicating potential for long-term growth and investment opportunities.

These strengths position SmartKey as a key player in the intersection of decentralized finance and physical objects, offering a bridge that connects the two worlds and unlocks new possibilities for economic interactions.

SmartKey's risks

SmartKey (SKEY) is a cryptocurrency project that operates on the Skey Network blockchain, which aims to combine decentralized finance projects with physical assets. The financial risks associated with SmartKey can be broadly categorized into three areas: standard risks, value transfer risks, and smart contract risks.

Standard Risks

SmartKey, like any other blockchain-based project, is exposed to standard risks similar to those associated with current business processes. These risks include operational risks, such as the potential for technical failures or security breaches, and financial risks, such as market volatility and liquidity issues. These risks are inherent to the blockchain technology and must be managed effectively to ensure the stability and security of the project.

Value Transfer Risks

SmartKey enables peer-to-peer transfer of value without the need for a central intermediary. This new business model exposes the interacting parties to new risks that were previously managed by central intermediaries. For instance, the transfer of value could be assets, identity, or information, which can lead to risks associated with the loss or unauthorized access to these digital assets.

Smart Contract Risks

Smart contracts are self-executing code on the blockchain framework that allow for straight-through processing. They can potentially encode complex business, financial, and legal arrangements on the blockchain, which can result in risks associated with the mapping of these arrangements from the physical to the digital framework. Smart contracts rely on data from outside entities referred to as “oracles,” and can act on data associated with any public address or with another smart contract on the blockchain. This can lead to risks of unauthorized access or manipulation of the smart contracts, which can have significant financial implications.

Key Management Risks

Private keys are central to accessing and controlling digital assets on the blockchain. The risks associated with private keys include the potential for unauthorized access, loss, or theft. If a private key is compromised, third parties may be able to control the digital assets. It is therefore very important to create and store private keys and their backups in a secure manner to protect against these risks.

Audit and Control Risks

The auditor must carefully assess the probability of digital assets being lost in order to evaluate any impact on the financial statements, particularly with regard to the going concern assumption. This means that, when issuing an audit opinion, they must ensure that, based on the audited effective control system, there is no de facto possibility of a loss of digital assets within the next 12 months that would jeopardize the company’s ability to continue as a going concern.

In summary, SmartKey (SKEY) is exposed to a range of financial risks, including standard risks, value transfer risks, smart contract risks, key management risks, and audit and control risks. Effective management of these risks is crucial to ensure the stability and security of the project.

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Did SmartKey raise funds?

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SmartKey's ecosystem

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SmartKey’s team

  • Herman Sadik: Co-Founder and CTO of Skey Network, bringing over 15 years of experience in the field.

Whalee AI

The fundamental analysis assistant for crypto value investors.

SmartKey NEWS REPORT

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