Selfkey is the ecosystem and cryptocurrency, using the technology of smart contracts, is introduced into the sphere of personal data — processing, control over privacy and security. The KeyCoin will be the project's main digital asset, having value within the SelfKey platform for the exchange of goods and services. Their number is limited and mining is impossible.
- Year of Foundation 2017
- ERC20 token standard
- Number of coins 6 000 000 000
- Coins in circulation 1 912 808 301
- Price (23.05.18) 0,0073 USD
- Market capitalization (23.05.18) 14 001 432 USD
According to the world Protocol KYC, the user must provide information to identify the supplier of products or services, which he, in turn, must process and verify the accuracy. And the transfer of personal information to third parties is contrary to the rules of data protection. This problem is solved by SelfKey — ensuring the confidentiality of private information with the ability to quickly identify on any of the platform's partner services.
The team is headed by Edmund Lowell - entrepreneur, CEO of KYC-Chain Ltd. He became a pioneer in the field of blockchain technology implementation in the KYC processes in order to simplify the work with data for all participants of the program. Also, he is known as a fighter for personal and market freedom through the project flagtheory.com.
The goal that Edmund Lowell managed to realize is to solve the problem of personal data availability and convenience of working with it, subject to control over confidentiality. His idea was implemented thanks to blockchain technology and using smart contracts. The essence of SelfKey technology is that a private user or company will be able to enter their personal information into the SelfKey identity wallet once, and then securely provide access to third parties if necessary. All information will be stored only on the user side, so a high level of data security is achieved.
The work of the platform is provided by SelfKey interaction between three key components:
- Personal data wallet;
- platform products;
The SelfKey Wallet is designed to control the privacy and storage of user identification data. It can be used to provide other participants of the platform offering their products and services, for example, for instant registration and verification on the currency exchange. Due to this, the KYC procedure will be completely automated. Also, the wallet can be used to store and send/receive not only cryptocurrency KEY and ETH, but also for any ERC20 token. The products of the SelfKey platform will allow users to use their services without requiring the provision of data in paper form or for manual processing. The project plans to enter into partnerships with various structures that will support automated processing of personal information:
- financial and banking institutions;
- insurance, legal and notary companies;
- organizations dealing with citizenship, registration and registration of real estate.
SelfKey cryptocurrency (KEY) acts not only as a unit for payments within the network, but also as a confirmation of access rights to prevent spam. All users will have to constantly hold a certain amount of cryptocurrency KEY to reinforce the “reputation share” — this is necessary to protect against fraudsters who intentionally provide incorrect data for identification. Also, the token will be required to pay for notarization of user documents.
ICO and token sale
The total amount of SelfKey cryptocurrency (KEY) — 6 billion units. The only way to get Key coins is to buy them at any stage of the sale, mining is not provided. The ICO campaign was divided into three stages:
- Closed presale. It lasted a month — from November 15 to December 14, 2017. The price of 1 KEY was 0.01 USD, the amount of the minimum investment was 10 thousand dollars. Payment was accepted in BTC, all participants received a 50% bonus.
- Open presale. It was held from 15 to 24 December 2017. The cost of 1 KEY increased to 0.0136 USD, and the minimum investment amount decreased to 1 thousand dollars. Payment methods — BTC and ETH, the bonus was 30%.
- Open sale. It started on January 15 and ended on February 1, 2018. 1 KEY cost 0.015 USD, the amount of investments was reduced to $100, users could pay only ETH.