SelfKey (KEY)
Basics
"SelfKey is a blockchain-based identity platform. The technology provides individuals, companies, exchanges, fintech startups, and banks - with a platform to manage identity data (oftentimes KYC)."
History
- SingularityDAO, Cogito Finance and SelfKey planned a merge (15-10-2024). The planned consolidation will see SelfKey's existing token KEY become Singularity Finance's new token SFI. SingularityDAO's SDAO and Cogito's CGV will merge into SFI at ratios of 1:80.353 and 1:10.89 respectively.
- From CMC (22-3-2021):
"The core team has worked on decentralized identity since 2014 across companies such as Standard Chartered Bank, Bitmax exchange, EQIBank, and GSR."
Token
Launch
- From their website (22-3-2021):
"In January 2018, a public token sale took place in which the ‘Public Sale Max Cap’ was reached in 11 minutes, raising $22M.
Utility
"The KEY token is the native token for the SelfKey identity ecosystem. Users can pay using the KEY tokens to Relying Parties for availing services offered by them. Similarly, users can also pay with KEY tokens to notarize their documents with the help of Certifiers in the ecosystem."
Coin Distribution
- Has 11490 holders according to Etherscan (22-3-2021). There is one address with 29.7% of the supply. The next two biggest holders are Binance accounts (22.4 & 21.4%). Number four has 3.66%.
Technology
- Whitepaper can be found here (11-9-2017).
- Code can be viewed here.
Implementations
- Built on: Ethereum, ERC20. The founder has mentioned that they are testing with Polkadot (19-1-2021).
How it works
"The SelfKey wallet is a free, open-source, non-custodial wallet that allows users to securely store and transmit both digital assets, and their digital identity. Users can interact in the SelfKey marketplace - to ‘one-click’ apply for products such as a real-world bank account or company incorporation and pay with KEY."
"The SelfKey identity ecosystem is comprised of primarily three components:
- Identity Owners — Users or Businesses.
- Relying Parties — Relying parties are entities whose services a user can utilize without oversharing and with complete control over the data.
- Certifiers — Certifiers are independent third party notaries who verify the data of the user for utilizing the services offered by the relying parties."
- From their blog (28-11-2018):
"More specifically, the Wallet lets you save all the information which is typically required to register for a service on your local devices. All data and documents remain on your devices – not on a SelfKey server or on the blockchain. No one has access to your information but you and it can never be shared without your consent. This includes identification documents, proof of residence, name, email address and a host of other data points.
The SelfKey ID will also come into play for Login with SelfKey. Have you ever registered or logged into a service using Login with Google or Facebook? Well, as recent data breaches show, logging in with the help of centralized platforms like Google and Facebook poses significant security risks. With Login with SelfKey you get the same level of convenience but with blockchain level encryption."
Staking
- From their blog (7-1-2021):
"The newly launched KeyFi platform became the first relying party to use the SelfKey Credentials verification system. SelfKey Credentials integration to the KeyFi platform enabled eligible users to stake KEY tokens on the KeyFi platform for rewards. The Credentials verification process is a user-centric and privacy-preserving process that gives the user complete control over the data shared during the verification process."
Compliance
- From their website (22-3-2021):
"The SelfKey Foundation has obtained the Regulatory Sandbox License (RSL) from the Board of Investment of Mauritius. This RSL license allows SelfKey to develop identity products with a greater level of regulatory certainty, in line with our mission to allow individuals to truly own and control their digital identity. Being approved by the Mauritius BOI, reaffirms our project’s potential and positions us under the scrutiny and monitoring of a regulator, which can help us to meet established milestones. Mauritius has been referred to as “Ethereum Island” and is becoming an international hub for blockchain startups."
Their Projects
Certifiers Platform
- From their blog (7-1-2021):
"The long-awaited Certifiers platform was also launched this year. The Certifiers platform is the third major party in the SelfKey identity ecosystem, with the first two being Identity Owners and Relying parties. The Certifiers platform enables SelfKey users to get their documents verified through a real-life notary. It also makes things like setting up a company in the incorporations marketplace (already serving 11 jurisdictions via the SelfKey Wallet) or setting up an offshore bank account super fast, secure, and easy."
KeyFi
"KeyFi is an upcoming addition to the SelfKey marketplace. KeyFi is a DeFi aggregator powered by advanced AI and analytics tools that lets users with SelfKey Credentials earn KEYFI token rewards."
SelfKey Marketplace
- From their blog (7-1-2021):
"The Exchanges and Loans Marketplace went live in 2020. SelfKey Marketplace enables the users to register for a variety of financial services using the SelfKey Wallet and KEY token. Since its launch, more than 30 exchanges and platforms have been added to the list on the SelfKey Marketplace."
Governance
"The project is quite decentralized. SelfKey does not own or control any user identity data, but merely provides the ‘digital rails’ for data to travel, and technology to minimize the data shared, and protect user privacy along the way."
Roadmap
- Can be found here (22-3-2021), however, since the roadmap only goes up to 2019 and speaks of '2020 and the road beyond', it is outdated.
Competition
Team, Funding, Partnerships, etc.
Team
"The SelfKey team is spread across 20 countries – we love being an international team." Their Github shows 3 active contributors.
- Virgil Griffith; listed as one of the many advisors (22-3-2021).
- Trevor Koverko; advisor
Partners
- Can be viewed on their website (22-3-2021), however it seems outdated.
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