There is a new cryptocurrency in town, the Selfkey (KEY). It was released on 1st December 2017 and it is showing a lot of enthusiasm.
What is SelfKey (KEY)?
It is a blockchain based cryptocurrency that aims at enabling investors and businesses to enjoy the full potential of a cryptocurrency. It provides a platform for individuals to store and share information/documents besides investing.
It uses encryption to secure data. The data is always stored in the user’s device rather than on the blockchain or external servers. The user is actually the only person who decides whom to share the information with.
To access the services of SelfKey network, you have to acquire the KEY token. “Key” is the token used in SelfKey cryptocurrency ecosystem to access, verify and authenticate the ID documents as well as purchase products.
Selfkey system uses an Identity Management Process known as Self-Sovereign (SSID) in protecting the users’ identity. The user is actually placed right at the centre of the whole system.
How does SSID work?
The SSID is a way of ensuring that the user’s ID documents are secure and free from any kind of data breaches not even the likes of Equifax types of data breaches.
In SSID systems, the users ID documents are stored in the user’s devices rather than external servers. This ensures that only the user has access to the ID documents. For anybody to access the ID documents, the owner has to give consent.
The key features of the Selfkey ecosystem
SelfKey (KEY) network comprises of the following features:
This is where the users store their ID documents and attributes so as to later authenticate them with qualified certifiers before sharing the documents and attributes with trusted parties in the SelfKey Marketplace so as to intern access their products.
It allows users to manage their portfolio, as well as acquiring, storing and transferring Ethereum and ERC-20 Tokens.
It is a place where users can access and compare the many products and services available via the network.
SelfKey ICO distribution
SelfKey token, the KEY, was launched on 1st Dec, 2017. Its total mined (total supply) tokens are 6,000,000,000 KEY.
The foundation had placed a hard sale cap of the Selfkey (KEY) Tokens at $21, 780, 00 while the soft sale cap was at $2,500,000.
The soft cap was surpassed since the pre-public sale hit $15,840,000 and there was also an additional 5,940,000 sold during the public sale.
At the time the “KEY” Token was introduced to the public, it was going at $0.015. But at the moment, a single token is going for $0.031145 USD which is a great improvement considering it is just about a month now since it was opened to the public. The market cap has also increased greatly to $55,522,416 USD with a circulating supply of 1,782,724,371 KEY.
SelfKey 2018 – 2019 roadmap
1st quarter 2018
- Public SelfKey Token Sale on 14th January, 2018
- Launch of the SelfKey Desktop app
- Launch of the Exchanges Marketplaces
2nd quarter 2018
- Integration with handpicked crypto product provider partners
3rd quarter 2018
- Launch of SelfKey mobile app
- Launch of SelfKey Corporate Identity Wallet desktop app
- Setting up partnerships with governments and utility providers
- Launch of Trusts, Companies, Foundations, Passport and Residencies verticals in SelfKey desktop app
4th quarter 2018
- Rolling out of dedicated functionality for service providers
1st quarter 2019
- Launch of precious metals vertical in the SelfKey apps
2nd quarter 2019
- Launch of wallets and money transmission verticals in the SelfKey apps
3rd quarter 2019
- Introduction of the SelfKey Reputation system
4th quarter 2019
- Launch of POI proof of concept