SelfKey is a decentralized identity system whereby users can instantly verify their identity.
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What does the company/project do?
SelfKey is a decentralized identity system whereby users can instantly verify their identity to access a variety of products and services such as financial services, exchanges, token sales, passport/citizenship registration, and more.
With SelfKey, the pain of KYC onboarding will be eliminated. Users only need to enter their information once, and their information can used for any products on the SelfKey marketplace.
SelfKey’s products include (1) an identity wallet, (2) a marketplace with over 300 products and services including residency and citizenship by investment, company incorporation, bank account set up, etc., and (3) a protocol and API built for KYC.
What are the tokens used for and how can token holders make money?
KEY tokens will be used to power the SelfKey network in a number of ways. Each member of the ecosystem, such as users, certifiers, and relying parties, will need to stake a certain amount of KEY tokens in order to participate.
KEY tokens are also used for payments on the SelfKey platform. Example of uses include paying for request attestations, receiving identity claims, and paying for marketplace listings.
As KEY tokens are needed for staking and transact on the SelfKey platform, the more usage and transaction the platform has, the more valuable KEY tokens should be.
- The team has proved their capabilities with KYC Chain which is already working with different blue-chip organizations. It is very difficult for startups to be commissioned by established financial institutions and government agencies, so this speaks to the team’s ability.
- The client base of KYC Chain is highly complementary to SelfKey. The partnerships that are in place with various ICO projects such as Kyber, AirSwap, Polymath and others should help drive the adoption of SelfKey quickly because the target users are already familiar with cryptocurrency.
- After the Equifax hack which allowed attackers to obtain crucial personal identity information for 143 million people, the public realizes the importance of a decentralized identity system.
- Going forward, SelfKey will be mentioned every time their technology is used in a token sale. In cryptocurrency, news flow is one of the main factors that drives valuation because the field is so speculative.
- The completed product won’t be finished until 2019 and beyond according to the roadmap, which is a fairly long time.
- There are other blockchain projects in the identity authentication space, including Civic and Sovrin, so SelfKey may not be the winner in the space. However, we believe SelfKey has a broader scope and is further along in development/adoption.
The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don't invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.