What is Selfkey (KEY)?

Introduction

In today’s digital world, our identities are increasingly at risk. With every click, every swipe, and every piece of personal information we share online, we are leaving a trail that cybercriminals can exploit. Data breaches are becoming more common, and the information that is stolen can be used to commit identity theft, fraud, and other crimes. In some cases, data breaches can even lead to physical harm.

Hackers are becoming more sophisticated with advanced tools targeting user privacy. The growing challenge needs a robust solution to mitigate the exploits of these attackers. Selfkey stands as a revolutionary platform that allows individuals and corporate bodies to take full control and management of their digital identities in a decentralized and secure manner, eliminating the need for third parties to store sensitive data.

What is SelfKey? Empowering Self-Sovereign Digital Identity

SelfKey is a blockchain-based self-sovereign identity platform that enables users to securely own and protect their data away from the reach of third-party interference. In a world fraught with identity theft, internet fraud, and distrust, SelfKey offers a robust solution to combat these threats, providing users complete control over their digital identities through end-to-end encryption and a secure verification method.

The SelfKey platform operates on the blockchain, offering a self-sovereign identity system that keeps personal data beyond the reach of hackers and fraudsters. Also, SelfKey ensures utmost security and privacy, empowering corporate entities and individuals to regulate and protect their identities securely. Say goodbye to identity theft and embrace a secure way of verifying your identity with KYC procedures across different platforms, ensuring a safer digital experience.

Essentially, SelfKey empowers users to protect their personal information from unauthorized access and fraudulent activities. As the platform continues to develop and gain popularity, it stands as a beacon of trust and security in the digital age for individuals and corporate bodies.

Also, Selfkey is the future of identity management. Its secure, decentralized platform gives users control over their personal information.

History of SelfKey

SelfKey was launched in 2017 as an affiliate of the KYC Chain. It quickly established itself as a full-fledged blockchain platform, registered on the island of Mauritius but operates from Hong Kong. Selfkey was founded by the CEO of the KYC Chain, Edmond Lowell, a successful entrepreneur who has launched several companies within the digital identity space.

Over the years, SelfKey has successfully partnered with numerous blockchain networks, reinforcing its commitment to eradicating identity theft. By implementing a Know-Your-Customer (KYC) verification system, SelfKey ensures that users’ identities remain protected and unassailable.

Further, Selfkey has a team of over 80 employees from different countries and works in several departments, namely, development, growth, legal, and Advising. One-third of the workforce comprises developers and engineers who ensure the efficient management of Selfkey’s technologies.

How Does Selfkey Work?

Understanding Selfkey’s Self Sovereign Identification System (SSID)

Selfkey is a self-sovereign identity platform where users take full control and management over their digital identity and information. The focus of Selfkey (KEY) is ideally on enabling individuals to take full ownership and control over their digital identities without trespass by third parties, as is occasionally seen with centralized platforms.

SelfKey uses blockchain technology and robust verification methods to create a secure and decentralized platform for storing and managing digital identities. This means that users are in full control of their data and can only share it with those they trust. Also, Selfkey has made its source code and API open source, thereby allowing other projects to build on the Selfkey application layer.

Setting up Digital Identity on Selfkey

To set up your digital identity on the Selkey platform, users need to carry out the KYC verification process. This process involves document verification, facial recognition, fingerprints, and One Time Passwords (OTPs). Upon completion, Selfkey grants users complete authority over their data and thwarts any attempts at identity theft and unauthorized access. The user can simply share their Selfkey ID with requesting institutions or third parties.

Source: investinblockchain.com

Source: investinblockchain.com

For instance, an individual who has a bank account goes ahead and installs a bank app on his/her device to carry out financial services easily. Such a user will make use of passwords and certain key phrases to be able to access the app at any given time without his identity being revealed. The user takes custody and ownership of his digital assets without the interference of a third party. This is typically how selfkey (KEY) works.

With SelfKey, you can do the following:

• Create a secure digital identity that is owned and controlled by you
• Store your personal information in a secure, decentralized vault
• Share your identity information with trusted parties, such as banks, employers, institutions, and government agencies
• Verify your identity with anyone, anywhere in the world

Case Studies

Here are some practical examples of how SelfKey can protect user identity and enable self-sovereign identity.

Loan Application

When applying for a loan, SelfKey can be used to share users’ verified identity information with the lender. This will help to speed up the approval process and reduce the risk of fraud.

Job Application

Also, SelfKey can be used to share users’ personal data with the employer. This will help to prove that the applicant has the required certifications and qualifications for the job.

Storing Patient Data

Selfkey innovation can be applied in healthcare for storing patients’ medical records and sharing the same with other health institutions. This data is entirely managed by the user, limiting any interference or data breach.

Interaction with Government Agencies

SelfKey self-identity can be used to share verified identity information with immigration officials. This will help to speed up the border crossing process and reduce the risk of identity theft.

The SelfKey Ecosystem

Source: blockonomi.com

The SelfKey ecosystem comprises two main components, each playing a crucial role in the platform’s functionality. Those two components are the SelfKey Wallet and the SelfKey Marketplace. The KEY token, Selfkey’s utility token, facilitates seamless interactions within the ecosystem, enabling the optimal use of these components discussed below:

Source: blockonomi.com

SelfKey Wallet

Source: blockonomi.com

SelfKey Wallet is a non-custodial wallet that enables users to securely store and manage their identity documents and information, as well as cryptocurrency portfolios, on the user’s device, ensuring privacy and total control over their information, and providing enhanced security. With Selfkey, users retain ownership of their private keys and share personal information and assets with relying parties on the Selfkey marketplace.

Source: Coin Bureau

Additionally, the Selfkey wallet notarizes and verifies users’ documents using qualified certifiers and ensures easy access to products and services within the Selfkey ecosystem.

Source: Coin Bureau

Selfkey Wallet allows users to manage their cryptocurrency portfolios or digital assets and currently supports ERC-20 tokens — ETH, ERC-20 tokens, KEY, etc. You can download the wallet from the Selfkey website and it is available for Mac and Windows.

Note: Data stored on the Selfkey wallet is immutable, secure, and safe as it is stored on the blockchain.

SelfKey Marketplace

Source: blockonomi.com

The SelfKey Marketplace is accessible through the SelfKey Wallet. It enables users to access various services related to financials, cryptocurrencies, and immigration. Selfkey Marketplace offers a wide array of products and services, which include setting up a business, opening a bank account, getting a passport, trading cryptocurrencies, and lots more.

The Selfkey ecosystem puts together a marketplace according to their blockchains, to enable individuals to have personal access to a host of products displayed therein.

Source: Coin Bureau

Features of Selfkey

Selfkey offers a variety of features to protect users from identity theft, including:

• KYC Verification: Selfkey uses KYC verification to verify the identity of users before they can access the platform. This helps to ensure that only legitimate users can create a Selfkey ID.
• Biometric Authentication: Selfkey supports biometric authentication, such as fingerprints and facial recognition, to add an extra layer of security to user accounts.
• Encrypted Data Storage: Selfkey stores all user data in encrypted form, so it is protected from unauthorized access.

In addition to protecting user identities, Selfkey also offers a variety of other features, such as:

• Digital Signature: Selfkey users can use their Selfkey ID to sign documents digitally, which provides a secure and tamper-proof way to verify their authenticity.
• Access Control: Selfkey users can control who has access to their data and when. This is useful for businesses that need to share data with employees or partners, but want to restrict access to certain individuals.
• Identity Verification: Selfkey can be used to verify the identity of users for a variety of purposes, such as opening a bank account or applying for a loan.

Advantages of SelfKey

Selfkey offers numerous advantages, including but not limited to the following:

• Increased Privacy: Selfkey gives users more control over their data. They can choose who they share their data with and for what purpose. With SelfKey, you can be confident that your identity is safe and secure.
• Improved Security: SelfKey offers robust security measures to protect against identity theft, internet fraud, and unauthorized access. Also, Selfkey uses blockchain technology to protect user data from unauthorized access. It employs a user-controlled verification system that safeguards personal data and information.
• Convenience: Selfkey can be used to verify your identity for a variety of purposes, such as opening a bank account or applying for a loan. This can save you time and hassle.

Disadvantages of SelfKey

However, there are also potential risks:

• Complex User Interface: Third parties can still navigate the network, and the platform’s structure may seem complex to some users. Nonetheless, the platform’s emphasis on privacy and security outweighs these concerns.
• Loss of Seed Phrase: In the event of loss of seed phrase, users might not be able to recover their Selfkey wallet and digital identities.

What is KEY Token?

KEY is an ERC-20 token powering the SelfKey network. The KEY token facilitates activities within the ecosystem and grants users access to the marketplace.

Further, the SelfKey utility token serves as the gateway to exploring and engaging with SelfKey’s features. KEY tokens can be staked, bought, sold, and utilized for identity verification and service purchases.

Tokenomics

SelfKey’s token economy model promotes a fair network for all participants while ensuring sustainable growth and development. With a limited supply of KEY tokens, SelfKey maintains a strong market position.

SelfKey held an initial coin offering (ICO) in January 2018, raising $21.8 million and selling 2 billion KEY tokens at $0.015 each.

Source: investinblockchain.com — A Graphical Representation of the Price Movement of KEY Token

Partnerships

Source: Selfkey

The platform’s partnerships with various corporate entities and exchange platforms have significantly contributed to its popularity and value, reinforcing its commitment to eliminating identity theft.

Is Selfkey a Good Investment?

Source: blockonomi.com

Amidst this digital battleground, your identity is the ultimate prize. Today’s reality demands a new approach. SelfKey harnesses the power of blockchain to create an impenetrable fortress for your identity. You dictate who has access, ensuring only trusted individuals share your information.

As stated, SelfKey provides a decentralized, tamper-proof environment to safeguard your digital identity. No more reliance on third parties to store and manage your data; you are in complete control. It further allows corporate bodies to regulate and safeguard their identities and data storage.

If you are looking for a secure and convenient way to protect your digital identity, Selfkey is a great option. It is a versatile platform that can be used by individuals and businesses alike. However, it is pertinent to consult a financial advisor and conduct proper risk assessments before investing in any crypto project or buying a cryptocurrency.

Highlight

There have been recent additions to the Selfkey Marketplace. These innovative features have been added to increase Selfkey’s efficiency and to meet user demands.

• Passport and Residence Marketplaces

The addition of two new marketplaces in the Selfkey ecosystem allows SelfKey Wallet users to apply for short-term or lasting residencies and citizenship in several regions of the world. Just like other components in the Selfkey ecosystem, the passport and residence marketplaces allow users the opportunity to gain full control and ownership over their personal information.

• Loans Marketplace

In the same vein, the Loans Marketplace has been added to the Selfkey Marketplace. The Loans Marketplace enhances the impressive functionality of the SelfKey Wallet, making it easy for users to collate notable crypto lending platforms. This gives users direct access to most of the favorable cryptocurrency lending platforms in the crypto market.

Take Action on KEY

Check out KEY price today and start trading your favorite currency pairs:

• KEY/USDT
• KEY/ETH