SelfKey (KEY)

The exchange rate of one KEY at 12:51 UTC is 0.006638$

Chart | Average rate

“SelfKey” is a blockchain-based decentralized identity management platform that allows users to store and protect their sensitive data in one place. As the Internet becomes a larger part of modern life, a number of new challenges are emerging with regard to the availability of data and information.

Identity theft has become an increasingly serious problem as the scope of this fraudulent activity has grown in recent years. SelfKey provides a secure and trusted ecosystem for storing your personal data and creating your digital identity. The system also hosts a marketplace for various financial services and products, so users and businesses can, for example, open a bank account on a decentralized platform.

The idea is to simplify the user verification process and allow users to verify their digital identity with a single click. At the same time, the system protects the identity of users and ensures the security of sensitive data and identities. The two main components, apart from the key token, are the SelfKey wallets and the SelfKey marketplace.

SelfKey distributes information across the nodes of the network in a similar way to how the Bitcoin system does. SelfKey uses public and private key cryptography to restrict access to sensitive data and files stored on the platform. In addition, SelfKey has a specially designed system that allows users to instantly share their basic information, such as name, gender, age, or other necessary identification data. It is this system that prevents data leakage and identity theft.

SelfKey consists of three main components: the KEY utility token that powers the network, the SelfKey wallet, and the SelfKey marketplace. The SelfKey Wallet is an integral part of the ecosystem and serves to connect users to their data and the SelfKey marketplace. Users can access their wallet data with maximum privacy, transparency and security to use, manage and store their identity and personal data. All data is available on the device on which the wallet is installed. The SelfKey wallet is also the gateway to the SelfKey marketplace, where users can access various financial products and services.

There are over 300 different products and services on the SelfKey marketplace, which include opening a bank account, creating an account on a cryptocurrency exchange, verifying documentation, starting a business, etc. Users can access the marketplace through the SelfKey wallet and use their identity to access products and services that would otherwise require full KYC verification.

“KEY” is an ERC-20 utility token of SelfKey. The SelfKey Identity Management Protocol is built on top of the Ethereum blockchain. KEY is the main payment method on the platform. It opens access to services and products on the market.

SelfKey was founded and launched in 2017 by a subsidiary of KYC Chain. Edmund Lowell is one of the founders of KYC Chain and also the founder of SelfKey. The project is based in Mauritius and the team is quite extensive. Edmund Lowell and his team are working to find new contributors who will work on further development of the SelfKey identity management protocol.

The idea of ​​the project is to simplify the KYC process and protect the digital identities of individuals and companies. SelfKey has already partnered with some of the big names in the blockchain sector such as Polymath and Kyber Network.

The uniqueness of SelfKey lies in its usefulness and design purpose - users can rely on a single system and application to verify their digital identity when needed, while at the same time they can store all their important data and confidential information in a secure environment without the risk of data leakage and identity theft.

SelfKey allows users to verify their identity with one click for all services that require KYC verification, thus simplifying the process and allowing users to have full control over their data and identity. SelfKey responds to the growing demand for solutions that help prevent identity theft and data breaches.

SelfKey is regularly updated and security tested to help users keep their data safe and secure. To improve security, SelfKey distributes user data across the network so that data is not stored in one partition. Users unlock their data and information with private cryptographic keys.

Users can manage their own data with full control over all the uploaded information they own. Users themselves choose who and to what extent can see their information.

The SelfKey network uses public and private cryptographic keys to secure data and identify users. The central element of this system is the KEY utility token. Users can buy a token in order to spend it and earn it for their products and services offered on the SelfKey marketplace.

Thus, SelfKey is a valuable tool for protecting personal data and data ownership in the era of constant information sharing on the Internet. Internet users are vulnerable due to how their data is handled when uploaded to the Internet, so SelfKey is a valuable solution to this problem.