Quick Guide about Decentralized Identity Management Tool Selfkey (KEY)
SelfKey is a decentralized identity management tool whose purpose is to streamline the “Know Your Customer” verification procedure and enable consumers to instantly confirm their online identity.
What is Selfkey (KEY)?
SelfKey is a decentralized identity management tool built on the blockchain that enables users to centrally store and secure their private information.
With the benefits of readily available data and knowledge come a new set of issues as the internet becomes a bigger part of modern life.
As the prevalence of this fraudulent conduct has risen in the US over the past several years, identity theft is becoming a bigger worry. SelfKey offers a safe and secure ecosystem for the creation of your digital identity and the storage of your personal information. A marketplace for different financial services and goods is also hosted by the system, allowing consumers and businesses to, for example, open bank accounts on the decentralized platform.
The purpose is to streamline the "Know Your Customer" verification procedure and enable consumers to instantly confirm their online identity. The technology safeguards users’ identities while also offering security for crucial data and personal information. Apart from the KEY coin, the two key components are SelfKey wallets and the SelfKey marketplace.
How Does SelfKey Work?
Similar to how the Bitcoin (BTC) system handles things, SelfKey distributes data around network nodes. SelfKey limits access to crucial information and files that are kept on the platform using public and private key cryptography. Additionally, SelfKey features a mechanism that was specially designed to let users rapidly communicate their basic information, such as name, gender, and age, with third parties if and when necessary.
Over 300 different goods and services, including opening a bank account and setting up an account on a cryptocurrency exchange, are available on the SelfKey marketplace. Through the SelfKey wallet, users may enter the marketplace and utilize their identity to access goods and services that would otherwise require a thorough KYC verification.
Utility Token from SelfKey The SelfKey identity management protocol is developed on top of the Ethereum blockchain, and $KEY is an ERC-20 token. The primary means of payment on the platform, $KEY, can be used to access services and goods in the market.
Team
By means of its sister company, KYC Chain, SelfKey was established and released in 2017. SelfKey and KYC Chain both have founders who are named Edmund Lowell. The staff for the project is sizable and is situated in Mauritius. The SelfKey identity management system is currently being developed, and Edmund Lowell and the team are looking for new members to help.
Roadmap
The project’s goal is to protect the digital identities of people and businesses while streamlining the KYC procedure.
SelfKey has already formed partnerships with a number of well-known companies in the blockchain industry, including Polymath and Kyber Network.
Where to store Selfkey (KEY)
SelfKey provides its own official, non-custodial wallet app where users can store their KEY and other ERC-20 tokens. The SelfKey wallet allows users to access the marketplace, where they can buy hundreds of services and products. The SelfKey wallet is completely cooperative with the leading hardware wallets such as Ledger and Trezor.
Dedicated wallet providers such as Metamask or Guarda are also great for storing, sending, and receiving any Selfkey you may already have or are looking to purchase. It is always recommended that you use a secure wallet, create backups, and store any sensitive recovery information. As well as completing your own research and due diligence.
Where to Buy and Sell Selfkey (KEY)
You can Buy & Sell Selfkey (KEY) here at BC Bitcoin.
You can Buy Selfkey by heading over to the Buy Coins page of our website. Selfkey is available on BC Bitcoin, trading against major fiat currencies: GBP and EUR. Buying Selfkey has never been easier, simply place your order and provide your wallet address. Once your payment arrives, Selfkey will be sent directly to your wallet.
If you choose to Sell Selfkey (KEY), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.
Selfkey (KEY) Resources
Website: https://selfkey.org/
Block Explorer: https://etherscan.io/
GitHub: https://github.com/SelfKeyFoundation
Twitter: https://twitter.com/SelfKey
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers' responsibility to complete their own research and due diligence.
