What is cryptocurrency SelfKey (KEY) and how does it work?

What Is SelfKey (KEY)?

SelfKey is a blockchain-based decentralized identity management platform that enables users to store and secure their sensitive data in one place. As the internet becomes a bigger part of modern life, a set of new problems arises with the perks of easily accessible data and information.

Identity theft is becoming a growing concern as the rate of this fraudulent activity has increased in the US over recent years. SelfKey provides a safe and secure 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, set up a bank account on the decentralized platform.

The idea is to simplify the Know Your Customer verification process and allow users to verify their digital identity with a click. At the same time, the system protects users’ identities and provides security for important data and identity information. The two main components aside from the KEY token, are SelfKey wallets and SelfKey marketplace.

How Does SelfKey Work?

SelfKey distributes information across the network nodes similar to the way the Bitcoin system does. SelfKey uses public and private key cryptography to limit access to important data and files that are stored on the platform. In addition, SelfKey has a specially-built system to enable users to instantly share their basic information like name, gender, age, or other necessary ID data with third parties if and when needed. This system is what prevents data leaks and identity theft.

SelfKey has three main components, which are the utility token KEY that powers the network, SelfKey wallet, and SelfKey marketplace. The SelfKey wallet is an integral part of the ecosystem and it serves the purpose of connecting users with their data and the SelfKey marketplace. Users can access their data within the wallet with utmost privacy, transparency, and security to use, manage, and store their identity information and private data. All data is available on the device where the wallet is installed. The SelfKey wallet is also the gateway to the SelfKey marketplace, so users can access various financial products and services.

The SelfKey marketplace hosts over 300 different products and services, which include opening a bank account and creating an account on a cryptocurrency exchange. Users can access the marketplace via SelfKey wallet and use their identity to access products and services that would otherwise ask for a full KYC verification.

SelfKey’s utility token KEY is an ERC-20 token while the SelfKey identity management protocol is built on top of the Ethereum blockchain. KEY is the main payment method on the platform and can unlock services and products in the marketplace.

Who Are the Founders of SelfKey? (History of SelfKey)

SelfKey was founded and launched in 2017 by its sister company 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 the team are working on finding new members who will work on further developments of the SelfKey identity management protocol.

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

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What Makes SelfKey Unique?

The uniqueness of SelfKey comes from its utility and the project’s goal – users can rely on a single system and application to verify their digital identity when needed, while they can also keep all their important data and sensitive information in a secure environment without the risk of data leaks and identity theft.

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

What Gives SelfKey Value?

SelfKey gains value through its technology, technical capacity, use cases, and the rate of mainstream use. SelfKey’s intrinsic value is derived from the activity of its dev team, as well as relevant developments, upgrades, and roadmap updates.

SelfKey’s market value rarely coincides with its intrinsic value due to the volatility in the cryptocurrency market. A multitude of factors can affect the value of KEY in the market, while traders can use techniques like technical analysis to try and predict the future KEY price. The fact that users can choose with whom they share ID details while keeping all important information secured in one place is what gives SelfKey value in the first place.  

How Many SelfKey (KEY) Coins Are in Circulation?

There are currently KEY in circulation out of a total of KEY. SelfKey has a limited supply, much like the original cryptocurrency, Bitcoin. SelfKey uses this finite total supply as an anti-inflation mechanism, which could make KEY a good store of value in the long term. The limited total supply means that no new coins should be minted unless it’s decided otherwise through network governance.

The number of KEY coins in circulation multiplied by the current price in the market equals the market cap. The market cap determines the rank of KEY in comparison with its crypto peers and defines its market share.

Other Technical Data

SelfKey is regularly updated and audited for security to help users keep their data safe and protected, while simplifying KYC regulatory requirements. SelfKey distributes the data from users across the network so that the data is not stored in a single partition for increased security. Users unlock their data and information with private cryptographic keys.

Users can manage their own data with full control over all uploaded information for which they have ownership. Users choose who can see their information and to what extent. The SelfKey wallet provides a direct gateway to the SelfKey marketplace where users can access over 300 different products and services with the KEY token.

How Is the SelfKey Network Secured?

The SelfKey network uses public and private cryptographic keys to secure the data and protect users’ identities. The centerpiece of this system is the utility token KEY, as users can buy the token to spend it and earn KEY for their products and services offered in the SelfKey marketplace.

Users have full control over their data so they choose with whom they want to share it and to what extent. The uploaded data is processed and distributed across the network so that not all parts of the information are available in a single partition. On the other hand, users can access all their files and data in one place through the SelfKey wallet app.

How To Use SelfKey

SelfKey is an identity management platform that enables users to store all their data and identity information in one place. The platform is secured and private, granting access to important data with the use of public and private cryptographic keys. Users can manage their digital identity and identity information and decide who gets to see their info and how.

Aside from offering tools for identity management, SelfKey has a marketplace where users can open a bank account, create an account on a crypto exchange, verify documentation, start a business, and access over 300 different products and services. SelfKey allows one-click verification where KYC is needed, which is one of its main use cases.

How To Choose a SelfKey Wallet

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.

As an ERC-20 token, KEY can also be stored in plenty of other Ethereum-compatible wallets and the type you choose will likely depend on what you want to use it for and how much you need to store.

Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of KEY for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of KEY or more novice users.

Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your KEY, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.

Kriptomat offers a secure storage solution, allowing you to both store and trade your KEY tokens without hassle. Storing your KEY with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buying and selling KEY, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

SelfKey Staking

Users stake their KEY to participate in the SelfKey marketplace. This incentivizes service providers to act responsibly, while preventing spam and system abuse by consumers. Users can stake directly through the SelfKey wallet in order to unlock services on the marketplace and providers will be able to choose the amount that users have to stake.

Conclusion

SelfKey presents a solution for the prevention of data leaks and identity theft, while also representing software that allows one-click KYC. The project provides an identity management platform that allows users to store their data and personal info securely and with full ownership over who can see it.

As such, SelfKey makes a valuable tool for identity protection and data ownership in an age of perpetual exchanging of information on the internet. Internet users are vulnerable due to the way their data is handled when uploaded to the web, which is why SelfKey makes a valuable solution for this issue.

Join the crypto revolution and start your SelfKey journey today!

SelfKey FAQ

How To Buy SelfKey

Buying KEY is as easy as visiting Kriptomat’s how to buy SelfKey page and choosing your preferred method of payment.

How To Sell SelfKey

If you already own KEY and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

SelfKey Price

SelfKey price is subject to frequent changes in the market due to volatility. You can check live KEY prices on the Kriptomat exchange.

As well as traditional factors, such as market sentiment, the flow of assets on exchanges, and the economy in general, the price of KEY is also affected by the number of products and users on the SelfKey marketplace.

The current KEY price is EUR.

The 24-hour trading volume of KEY is EUR. KEY is currently ranked of all cryptocurrencies by total market cap, with a market cap of EUR. It has a circulating supply of .

Register now to begin your journey into the world of SelfKey and cryptocurrencies with Kriptomat!

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