In this article, we tried to answer questions such as what is KEY coin, what is a cryptocurrency SelfKey (KEY), how to buy KEY coin. Here are the comments and details about the future of KEY coin…
How much is KEY Coin?
According to current crypto money market data, 1 KEY Coin 0.067164 TL is traded in TL. KEY Coin price has fluctuated -5.28% in the last 24 hours. The trading volume of KEY Coin in the last 24 hours is 3,263,621 $ dollars, and its total market cap is . ) 24,583,536 $ dollars.
KEY Coin How Much?
According to current crypto money market data, 1 KEY Coin 0.004091 $ is traded at $.
What is SelfKey (KEY)?
SelfKey is working to create a blockchain-based, decentralized Self-Sovereign Identification System (SSID) where all identity information remains under the control of the person it belongs to.
SelfKey technology will enable people to store all their credentials and documents on their own devices, meaning that the information only needs to be entered once and it becomes indelible on the blockchain. This becomes increasingly valuable as you see the market for SelfKey, which will give users access to a wide variety of services and products using their universal digital identity.
SelfKey was created by KYC Chain, a Hong Kong solutions provider in the Know Your Customer space that has been operating since 2013. KYC Chain’s client base uses global banks, immigration and law firms.
KYC
The team at KYC Chain developed SelfKey to address the limitations of existing identity systems.
Inefficient KYC Processes: Although KYC has become a mandatory requirement for many industry segments, the process remains time-consuming and expensive. Physical documents have to be loaded, processed and stored repeatedly, creating inefficiencies in the KYC process. There are also security risks associated with submitting identity documents to meet KYC requirements.
Security Risk : Centralized databases used for identity systems are currently a single point of failure, making them more vulnerable to large-scale data breaches. Consider the recent data breaches at Equifax and Facebook. Centralized identity systems are a liability and cause of many identity thefts.
Data Protection Regulations: Of course, regulations have been developed to protect data from the above security risks, but these regulations differ from one jurisdiction to another. This created inefficiencies and higher costs, especially for small businesses. It also prevents users from having full control over their identity data.
Restricted Access: Central storage operators have restricted access to identity data to prevent identity theft and data breaches in most cases. This created a problem for identity holders, who found excessive limitations on accessing their identity data due to access restrictions imposed by data collectors.
SelfKey Ecosystem
SelfKey will consist of two different components besides the native token that will facilitate actions in that ecosystem. These two components are the SelfKey wallet and the SelfKey Marketplace.
SelfKey Wallet
In beta since June 2018, the SelfKey wallet is where users can securely store and manage their identity documents and features. Additionally, it will allow users to manage their cryptocurrency portfolio (currently supports ERC-20 tokens).
Wallet is currently available for Windows and OSX. It will securely store all user identification documents and information on the user’s own device and maintain confidentiality and full control over their own information. The wallet also offers notarization or simple verification of documents through qualified certificate providers.
SelfKey Wallet Interface
The SelfKey wallet will act as a universal identity and provide users with seamless access to a variety of services and products through the SelfKey marketplace. The data remains secure, but the data stored on the user’s device is in no way tied to the SelfKey ID.
Control Panel is clean and simple, giving users easy access to both identity data and cryptocurrency assets.
SelfKey Marketplace
The SelfKey market is already in the alpha testing phase. It will allow Safekey users easy access to services and products and will greatly reduce the paperwork and delays inherent in current KYC/AML processing as credentials are already securely stored. SelfKey has identified 22 categories of services it will offer in its market, half of which have already established partners.
SelfKey ID
The identity portal in the SelfKey wallet is very user-friendly and easy to navigate. It also allows for quick and easy edits to identity attributes as needed. Most users can fill in all fields and attach all required documents in less than 5 minutes.
Once the SelfKey ID is complete, it can be used across the entire range of goods and services available in the SelfKey market. This would be a huge time and money saver feature. Of course, this all depends on Safekey being able to forge partnerships and attract providers to their market.
As the SelfKey ID remains in beta, it’s not yet possible to see the full range of products and services that will eventually be available, but the SelfKey team has broad expectations. In theory, any business that needs to use KYC or any form of authentication would be a good fit for SelfKey, which includes banking, financial services, legal services, immigration services, insurance, and even healthcare.
Selfkey has open sourced its source code and API; this can increase adoption as any company can build the SelfKey application layer to incorporate new services.
SelfKey Team
SelfKey has a large team of more than 80 employees in Development, Growth, Legal and Consulting. About a third of the team is made up of developers and engineers who helped the project move quickly. Although the team is based in Hong Kong, the SelfKey foundation is a registered entity in Mauritius.
Head of the SelfKey team is Edmund Lowell, CEO of KYC Chain. He is a serial entrepreneur who has founded a number of companies within the identity space.
SelfKey also has a large and diverse group of consultants who help guide the project. These consultants span industry groups and geographies who can assist not only in advancing technology but also in engaging with necessary regulatory bodies.
What is KEY Coin?
The native SelfKey token goes with the KEY stock token and is an ERC-20 token built on the Ethereum blockchain. KEY is a utility token that serves to provide value on the SelfKey network.
Currently, KEY tokens are expected to be used to access goods and services in the SelfKey market. It will also be used for notarization, verification and certification services, as well as fees such as opening a bank account or initiating an insurance policy.
Companies offering services in the SelfKey market are expected to lock a certain amount of KEY tokens in a smart contract. Users and validators will also be expected to stake KEY tokens for various purposes and this is expected to cause the value of KEY to increase in direct relation to network usage. The token supply is pegged at 6 billion, so increased demand from the network should drive up the price of the KEY token.
Pros of SelfKey
SelfKey’s most distinctive strength is that its universal digital identity solution enables users to efficiently and seamlessly complete KYC requirements across a range of service providers. More importantly, the user always has full control over their data.
SelfKey was not started by a small group of developers, it was the brainchild of an already functioning company. It provides access to experience, expertise and infrastructure in the KYC industry with KYC Chain supporting the SelfKey development process.
SelfKey has already created an extensive list of partners to join the SelfKey ecosystem and market. This indicates that the project is gaining traction and will have a strong launch once the beta testing period ends.
Finally, with 22 market categories already defined, half of users in development can expect to access a wide variety of services and products using their universal digital identity.
Cons of SelfKey
On the downside, SelfKey is in a highly competitive niche. They are far from being the only project trying to solve the digital identity problem. For example, Civic (CVC) has been around much longer than SelfKey and is further along in product development. However, the pace of development in SelfKey has been such that it soon surpasses and surpasses the Civic and other competitors.
Another disadvantage is the long development process. A completed product probably won’t be released until 2020, but that’s true for many blockchain-based products.
SelfKey (KEY) Coin Review and Future 2022
SelfKey is working to solve the expensive KYC processing issue. Universal identity solutions are expected to provide users with seamless access to a wide variety of services and products that require identification documents. Given that KYC requirements are only increasing, the SelfKey solution should become more and more useful.
SelfKey is backed by an established business and experienced team and has already formed several strong partnerships. The development team is getting the product to market faster than its competitors, which could put SelfKey ahead of the industry next year.
