What is cryptocurrency SelfKey (KEY), how does it work, and what sets it apart?

What is SelfKey (KEY)?

SelfKey is a decentralized identity management platform built on blockchain technology, offering users a secure way to store and manage their sensitive data. With the increasing integration of the internet into daily life, new challenges emerge regarding data security and privacy.

Identity theft has become a significant concern, particularly in the US, where instances of this type of fraud have risen in recent years. SelfKey addresses this issue by providing a secure environment for storing personal data and creating digital identities. Additionally, the platform features a marketplace for various financial services and products, allowing users and businesses to, for example, open a bank account within the decentralized ecosystem.

The platform aims to streamline the Know Your Customer (KYC) verification process, enabling users to verify their digital identities with ease while ensuring the security of their personal information. Alongside the KEY token, SelfKey includes two main components: SelfKey wallets and the SelfKey marketplace.

How does SelfKey work?

SelfKey utilizes a distributed network architecture akin to Bitcoin, distributing information across network nodes. It employs public and private key cryptography to restrict access to critical data and files stored on the platform. SelfKey also features a specialized system for users to promptly share essential information, such as name, gender, age, or other ID data, with third parties as necessary, effectively preventing data leaks and identity theft.

Comprising the utility token KEY, which powers the network, the SelfKey wallet, and the SelfKey marketplace, SelfKey's ecosystem is multifaceted. The SelfKey wallet plays a crucial role, connecting users with their data and the marketplace securely. Users can access, manage, and store their identity information and private data within the wallet, ensuring privacy, transparency, and security, with all data stored locally on the device. Moreover, the SelfKey wallet serves as the gateway to the SelfKey marketplace, where users can access a plethora of financial products and services.

The SelfKey marketplace boasts over 300 diverse products and services, including opening a bank account and registering on a cryptocurrency exchange. Through the SelfKey wallet, users can access the marketplace and utilize their identity to access products and services without undergoing a full KYC verification process.

SelfKey's utility token KEY operates on the ERC-20 standard and is the primary payment method within the platform, unlocking various services and products in the marketplace. The SelfKey identity management protocol is built on the Ethereum blockchain.

Who founded SelfKey?

SelfKey, launched in 2017, was founded by KYC Chain, a sister company. Edmund Lowell, the founder of both KYC Chain and SelfKey, leads the project. Based in Mauritius, the SelfKey team is extensive and actively seeking new members for further protocol development.

The project aims to streamline the KYC process and safeguard digital identities. SelfKey has partnered with notable blockchain entities like Polymath and Kyber Network.

What sets SelfKey apart from other identity management platforms?

SelfKey's distinctiveness lies in its utility and overarching goal: providing users with a single system and application for verifying their digital identity whenever necessary, alongside a secure environment for storing important data and sensitive information, minimizing the risks of data leaks and identity theft.

The platform enables users to verify their identity with a single click for all services requiring KYC verification, simplifying the process and granting users full control over their data and identity information. SelfKey addresses the increasing demand for solutions that mitigate identity theft and data leaks.

What factors contribute to the value of SelfKey?

SelfKey derives its value from its technology, technical capabilities, use cases, and level of mainstream adoption. The intrinsic value of SelfKey is influenced by the activities of its development team, as well as relevant updates, developments, and the progress of its roadmap.

The market value of SelfKey often differs from its intrinsic value due to the volatile nature of the cryptocurrency market. Various factors can impact the value of KEY in the market, and traders may use techniques like technical analysis to forecast its future price. The ability for users to selectively share their ID details while securely storing all important information in one place is a key factor that underpins the value of SelfKey.

How many SelfKey (KEY) coins are currently in circulation?

There are currently loading KEY tokens in circulation out of a total supply of loading KEY. Similar to Bitcoin, SelfKey has a limited supply, which acts as an anti-inflation measure and could potentially make KEY a valuable long-term store of value. The fixed total supply means that no new coins should be created unless determined otherwise through network governance.

The market cap of SelfKey is calculated by multiplying the number of circulating KEY tokens by the current market price. This metric determines SelfKey's ranking among other cryptocurrencies and defines its market share.

Other technical data

SelfKey undergoes regular security updates and audits to ensure user data remains safe and regulatory KYC requirements are simplified. Data is distributed across the network to enhance security, ensuring it is not stored in a single location. Users access their data using private cryptographic keys.

Users have complete control over their data, deciding who can view their information and to what extent. The SelfKey wallet serves as a direct entry point to the SelfKey marketplace, offering access to over 300 products and services using the KEY token.

How is the SelfKey Network secured?

The SelfKey network employs public and private cryptographic keys to safeguard data and ensure user identities remain protected. At the core of this system is the utility token KEY, which users can purchase to spend and earn KEY for products and services within the SelfKey marketplace.

Users retain complete control over their data, determining who they share it with and to what extent. Data uploaded is processed and distributed across the network, preventing all information from being available in a single location. However, users can access all their files and data in one place through the SelfKey wallet app.

How to use SelfKey?

SelfKey is an identity management platform that allows users to store all their data and identity information securely in one location. Using public and private cryptographic keys, the platform ensures the security and privacy of important data. Users have control over their digital identity and can determine who has access to their information and to what extent.

In addition to its identity management tools, SelfKey features a marketplace where users can perform various actions such as opening a bank account, creating an account on a cryptocurrency exchange, verifying documentation, starting a business, and accessing over 300 different products and services. One of SelfKey's key features is its one-click verification process for KYC requirements.

How to choose a SelfKey wallet?

SelfKey provides its own official, non-custodial wallet app where users can store their KEY and other ERC-20 tokens. This wallet enables users to access the marketplace and purchase hundreds of services and products.

As an ERC-20 token, KEY can also be stored in various other Ethereum-compatible wallets. The choice of wallet depends on the user's needs and the amount of KEY they intend to store.

Hardware wallets like Ledger or Trezor offer the highest level of security with offline storage and backup. However, they may be more complex to use and are more expensive, making them better suited for storing larger amounts of KEY for experienced users.

Software wallets, available as smartphone or desktop apps, offer a free and user-friendly option. They can be custodial, where the service provider manages and backs up the private keys, or non-custodial, which store the private keys on the user's device. While convenient, software wallets are considered less secure than hardware wallets and are more suitable for smaller amounts of KEY or novice users.

Online wallets, or web wallets, are another free and easy-to-use option accessible from multiple devices. However, they are considered less secure than hardware or software wallets as users must trust the platform to manage their KEY. Reputable services with a strong security and custody track record are recommended for online wallets, which are best suited for holding smaller amounts of cryptocurrencies or for frequent trading.

Kriptomat offers a secure storage solution for KEY tokens, allowing users to store and trade their tokens with ease. Storing KEY with Kriptomat provides enterprise-grade security and user-friendly functionality, enabling quick buying, selling, or trading of KEY and other cryptocurrencies.

SelfKey staking

Users stake their KEY tokens to participate in the SelfKey marketplace, encouraging responsible behavior from service providers and preventing spam and abuse. Staking can be done directly through the SelfKey wallet, enabling users to unlock services on the marketplace. Providers can set the staking amount required for users to access their services.

In conclusion, SelfKey offers a solution to prevent data leaks and identity theft, along with providing one-click KYC software. The project's identity management platform allows users to securely store their data and personal information, retaining full control over who can access it.

SelfKey is a valuable tool for protecting identities and asserting ownership over data in an era of widespread online data exchange. With the internet leaving users vulnerable due to data handling practices, SelfKey offers a solution to this pressing issue.

Join the crypto revolution and embark on your SelfKey journey today!