. What is SelfKey (KEY)? Here is the KEY Token in full detail – In this article, What is SelfKey (KEY)? We will try to answer the question and provide detailed information about the project.
In this article, What is SelfKey (KEY)? We will try to answer the question and provide detailed information about the project.
What is SelfKey (KEY)?
SelfKey empowers organizations and individuals to discover additional privacy and freedom by giving them full ownership of their digital identity. SelfKey is a self-sovereign identity system based on blockchain and capable of providing users with control and management of digital identities. Additionally, users can use SelfKey to securely manage a crypto portfolio and provide instant resident, cryptocurrency and financial services.
Behind SelfKey you will find the SelfKey Foundation and its stakeholders. This entire group wants to work for a free world with decentralized, private and secure identity processes. In other words, they really want individuals to be the sole owner of their identity. The SelfKey Foundation was established to promote human rights and fundamental freedoms in relation to digital identity and data. The team working on the project; It is made up of experts in a range of fields including blockchain, finance, law, marketing, technology, and design. SelfKey also has a long list of partners that includes consolidated tier 1 global firms with an established history, as well as promising blockchain and Fintech startups.
What Makes SelfKey Unique?
One of SelfKey’s unique aspects is its ability to work as an all-in-one identity solution for self-dominance. SelfKey uses a new approach to identity management while solving problems with existing central identity management systems. These include the lack of access to financial services and tedious paper-based KYC processes.
SelfKey Key Features
One of the highlights of SelfKey is its self-hosted data storage. This allows you to secure your identity documents and assets locally so there is no huge risk of data breach as with other similar systems.
SelfKey also allows sharing documents via a public / private key mechanism. This gives you peace of mind as the business owner knowing that third parties can only view data if you have given your consent.
KYC processes within SelfKey also stand out with their efficiency. Qualified validators can provide you with reusable authentication on request. You can then share this authentication multiple times with several service providers. This saves you time and effort with a traditional KYC sign-up process that is typically tedious.
SelfKey minimizes data due to its blockchain-based verifiable claims protocol. This protocol allows you, as an ID holder, to prove that you meet the identity specifications required for a particular service or product without actually having to share your identity document. In other words, you can provide proof of your identity without sharing identity by keeping the data you send to a minimum.
SelfKey also offers one-click app access thanks to its ability to quickly prove your identity.
Of course, SelfKey provides the full functionality you want from a cryptocurrency wallet, including the ability to securely manage cryptocurrency assets such as ETH, KEY and other ERC-20 tokens.
Identity Card
ID Wallet is an important aspect of SelfKey and provides users with the ability to securely access documents and identity assets, as well as notarize and verify them using qualified validators. With ID Wallet, users can also share these documents and assets with the trusting parties on the SelfKey Marketplace to quickly access services and products. With the ID Wallet, users can also manage their cryptocurrency portfolios, including sending or receiving KEY, ETH, and other ERC-20 tokens.
Selfkey Wallet
SelfKey ID Wallet is already available in beta for both Mac and Windows. You can easily download the wallet directly from the SelfKey website. However, you can start creating your SelfKey ID and manage your crypto portfolio to use in the future when the SelfKey Market is launched.
SelfKey Marketplace
The marketplace allows users to access and compare a range of services related to finance, cryptocurrencies, and immigration. Just a few of the services available on the market are starting a business, opening a bank account, obtaining an additional passport, and trading with cryptocurrencies.
SelfKey Ecosystem
With the SelfKey Ecosystem, identity holders can regain and maintain control of their identity. They gain the confidence of knowing that they have more security and privacy than a traditional database that can be hacked. Also, navigating the various KYC applications becomes fast and hassle-free.
The SelfKey Ecosystem allows certifiers to issue certificates quickly. They can be verified and can easily monetize these certificates, including in time-limited situations.
Relying parties can use the SelfKey Ecosystem to save money and time by using internationally compliant automated KYC processes. This helps those who rely on efficiency and customer service, as they are able to get customers engaged quickly and efficiently.
KEY Token
The KEY Token is responsible for powering the SelfKey ecosystem. It enables the participants to exchange value while at the same time providing reputation and trust. Users can use the KEY to access the network, purchase services, and notarize and verify their identity documents. Only some of the services users can purchase with KEY tokens include residences, companies, bank accounts, and currency accounts.
Result
SelfKey is an identity platform that allows users, whether individuals or organizations, to retain full ownership of their identity. It provides benefits for individuals who own their ID, those who validate their ID documents for profit, and for companies looking to modernize their KYC systems to reduce wasted time and resources.
To get the latest news To our Telegram channel, To our Twitter page and To our Facebook page You can subscribe.
