What is SelfKey (KEY)?

SelfKey is a platform for managing digital identities, utilizing blockchain technology to securely store users' sensitive information in a unified location. This secure ecosystem enables individuals to establish their digital identity by safeguarding personal data. Additionally, the platform features a marketplace for diverse financial services and products, supporting users in their entrepreneurial endeavors.

The protocol is supported by two tokens: the native token KEY, serving as a utility token, and SELF (previously known as LOCK), contributing to the governance of the platform.

SelfKey represents a blockchain-based digital identity system utilizing AI technology. Its primary aim is to empower individuals and businesses to reclaim control over their identity data by establishing a private, secure, and decentralized identity protocol.

In pursuit of this goal, SelfKey has developed SelfKey DAO, inspired by decentralized autonomous organizations (DAOs) within blockchain technology. This framework enables collaborative efforts among individuals, facilitating democratic decision-making without a central governing authority.

The architecture of SelfKey DAO incorporates an AI-driven Zero Knowledge KYC system, allowing users to utilize web3 while safeguarding their personal data. Through active engagement in securing the network, participants can earn customizable SelfKey NFTs via the SelfKey DAO mechanism.

Critical to any identity verification system is the credential, validating an individual's information. Unlike conventional credentials vulnerable to forgery and authentication issues, SelfKey offers on-chain credentials verifiable across web3 platforms.

SelfKey addresses the pitfalls of centrally managed identity systems prone to hacking, data breaches, and restricted owner access to vast databases storing information.

Moreover, SelfKey endows individuals and businesses with authority over their identity data through the concept of Self-Sovereign Identity within the network, ensuring privacy, security, control, and transparency in handling digital identities.

The protocol involves two tokens: KEY, the native utility token, and SELF (formerly LOCK), facilitating governance on the platform.

Who is the founder of SelfKey?

SelfKey was established and introduced in 2017 as an initiative of KYC Chain, a sibling company. Edmund Lowell, a founder of KYC Chain, stands as the creator of SelfKey. Situated in Mauritius, the project boasts an extensive team. Edmund Lowell and the group are actively seeking additional members to contribute to the ongoing development of the SelfKey identity management protocol.

The primary aim of the endeavor is to streamline the KYC (Know Your Customer) procedure and safeguard the digital identities of both individuals and businesses. SelfKey has already forged partnerships with prominent entities in the blockchain industry, including Polymath and Kyber Network.

What is the working mechanism of SelfKey?

The landscape of digital identity is ever-evolving, leading SelfKey to consistently update its white papers to align with these changes. Presently, the SelfKey network encompasses three white papers: SelfKey, POI, and the latest addition, SelfKey DAO, introducing an AI-powered identification engine.

At the heart of SelfKey’s functionality lies Self-Sovereign Identity (SSI), employing blockchain technology to generate private and public keys stored in a digital identity wallet (SelfKey Identity Wallet). This wallet acts as a user's unique "digital signature" for online transactions.

SelfKey also adopts the concept of Proof of Individuality to bolster the governance and security of decentralized applications (DApps) functioning as DAOs, safeguarding them against Sybil attacks. 

Proof of Identity (POI) ensures single logins to DApps by individuals proving their individuality. Attempts at multiple logins are promptly identified and stopped.

Upon joining SelfKey’s POI system, users submit a selfie, undergo automated machine learning algorithm verification, and receive a temporary credential upon acceptance. However, the full credential is issued after staking KEY tokens as collateral, transforming it into a Metaproof.

In addition, SelfKey combines POI identity verification with NFTs, issuing a Living NFT—a unique avatar used for personal identification. Users can personalize this avatar by embedding specific information to verify select attributes about themselves.

Recent enhancements in the SelfKey Network integrate AI into the POI system, enabling innovative checks to ensure the uniqueness of Living Avatar NFTs and POI credentials.

What are the use cases of Self Key?

• Users benefit from a unified system and application for verifying their digital identity on demand.

• They can securely store their sensitive personal information without any threat of data breaches or identity theft.

• The platform streamlines the KYC process, granting users complete autonomy over their identity data.

• Utilizing a decentralized approach, the platform cuts costs, enhances security, and elevates the overall customer experience.

  To read more information about Selfkey, visit Suncrypto Price Explorer