It has become fairly obvious that despite the advancements being made in virtually every technological domain today, the identity systems we rely upon presently are archaic and do not make full use of the disruptive power that has been presented to us by blockchain technology.
SelfKey is an all-new blockchain-based identity management platform that makes use of a concept known as Self-Sovereign Identity (SSID). Through the use of an SSID protocol, users are no longer bound to traditional legacy systems which still make use of paper documents.
Not only is SelfKey a completely digitized system, but it also makes use of certain modules that deliver a higher level of:
- Privacy
- Security
- Transparency
SelfKey consists of certain key components including:
- SelfKey Foundation: a non-profit foundation whose charter and governance enshrines the principles of self-sovereign identity
- Technology stack: this includes a free and open source identity wallet for the identity owner
- Native marketplace: a decentralized trading avenue where people can buy/sell real products and services
- JSON-LD: a machine-readable protocol that helps establish a connection between the platform and other third party identity microservices which comply with KYC laws and regulations
- Native currency: all transactions taking place within the SelfKey ecosystem are driven via a token called KEY. This currency allows users to exchange value and information in an efficient, digital, and self-sovereign manner.
Overview of SelfKey
- The platform makes the process of KYC onboarding extremely streamlined.
- It allows users to participate in multiple token sales via the native Identity Wallet.
- Sending and receiving payments as well as identity documents can be done with the simple click of a button.
- Users have the opportunity to stake their KEY tokens to access the network as well as to verify and notarize their ID documents.
- KEY tokens can also be used to purchase services such as state residencies or even to create an exchange or bank account.
Key Features
SelfKey makes the entire KYC verification process simple, easy, and streamlined. To be more specific, it allows certifiers and identity owners to process transactions containing sensitive data in a highly secure, private and decentralized manner.
A simplified overview of the SelfKey system
The platform comes with an Identity Wallet that provides users with secure access to their ID attributes and documents. Not only that, the wallet also allows for the verification and notarization of personal documents via qualified certifiers. Other key attributes of this storage module include:
- Easy management of one’s cryptocurrency portfolio
- Receiving, storing and sending ETH or any ERC-20 token with the touch of a button.
Additionally, SelfKey comes with a native marketplace which has more than 300 products and services on offer. Some of the listed services can allow users to:
- Procure a second passport
- Set up a business or establish a fresh start-up venture
- Open a new bank account
- Trade cryptocurrencies or join token sale events
Decentralized structure employed by the platform
Through the use of its sharing protocols, this platform allows users to exchange their personal documents with verified notaries to receive certified and reusable identity notarizations. All of this can be done quite simply through the use of one’s mobile phone or any other handheld device.
Lastly, since all of one’s data and documents are stored locally and not within a centralized server, users can be sure that no third-party agent has access to their information.
How SelfKey Works
To use this platform, all one has to do is simply download the SelfKey Wallet application on his or her personal device.
Visual representation of how the platform works for an individual
Once the installation is complete, users then have the option to store their identity data locally on their smartphone, tablet, etc. Not only that, all of this data can be backed up on another device so that in the case of an emergency, users always have access to their personal documents.
In terms of the security of this platform, the core privacy module makes use of a public/private key pair— also known as the SelfKey. This SelfKey serves as a user’s digital “pen” that can be used to apply an identity owner’s unique digital signature to documents.
When compared to a traditional username-password based system, SelfKey offers enormous benefits:
- Each SelfKey is unique to its owner.
- While a username/password combination is normally contained within a third-party database, a SelfKey remains independent and is owned exclusively by the platform operator.
Lastly, users have the option to store their attestations within the SelfKey wallet. These attestations are machine-readable, digitally-signed identity claims that can be used for a specified period of time, depending upon the duration of authorization.
About the project
Edmund Lowell is the founder of SelfKey. On his LinkedIn page, Edmund describes himself as an entrepreneur whose “skill sets lie at the crossroads of finance, technology, and law/regulations.” Additionally, he has been involved with other projects related to personal data protection, self-sovereign digital identity systems, blockchains, and distributed ledgers.
Terry Lin is the product manager for this venture. In the past, Terry has been associated with many established projects including:
- AMZ Tracker — Manager and head of sustainable growth
- UBS — Involved with trade and equity
- Build My Online Store — Growth marketing consultant
Lastly, Ari Propis is the accounting backbone of SelfKey. He has been in the crypto domain for more than five years and has previously worked as a consultant for various blockchain and international accounting startups.
Token Performance History
Introduced into the market earlier this year, KEY tokens were initially traded at a modest price of US$0.08 per token.
KEY token lifetime performance chart (courtesy of CoinMarketCap)
Since their strong start in January, KEY tokens have been decreasing steadily in value. As of April 7, 2018, the price of a single KEY token is US$0.006.
Final thoughts
With its unique and powerful platform, SelfKey is empowering individuals as well as organizations to find more freedom and privacy through complete ownership of their ID documents, digital identity details, personal information, etc.
Owing to its decentralized setup, it would not be surprising to see SelfKey gain traction within the crypto market and become widely adopted by professionals from various industries by the end of this year.
If you would like to start investing in SelfKey, KEY trading pairs are currently being exchanged on KuCoin, OKEX, Tidex, and Gatecoin.
