KEY SelfKey

SelfKey Overview

SelfKey is a blockchain-based identity management platform that allows users to securely store and manage their identity documents and attributes.

Key Features

• Universal ID: SelfKey provides a single, integrated digital ID that can be used across various services, eliminating the need for repetitive KYC (Know Your Customer) processes.
• Secure Storage: Users store their identity documents and information securely on their own devices, ensuring privacy and total control over their data.
• Marketplace: The SelfKey marketplace offers access to a wide range of products and services that require KYC processing, including company incorporation, bank account applications, and cryptocurrency exchange signups.
• Claims Protocol: SelfKey's claims protocol allows users to share only necessary information with third parties, preventing data leaks and potential identity theft.
• One-Time KYC: Users can validate their KYC claims once and then use that proof across multiple services with just a few clicks.

Supported Services

• Company Incorporation: Includes companies limited by shares, foundations, LLCs, and trusts.
• Bank Account Applications: Facilitates bank account introductions and applications.
• Cryptocurrency Exchange Signups: Simplifies the process of opening cryptocurrency exchange accounts.
• Residence Permit Applications: Supports residence permit applications for over 50 countries.
• E-Wallets and Stored Value Facilities: Enables access to e-wallets and stored value facilities.
• Gold and Precious Metals Purchase and Storage: Allows for the purchase and storage of gold and precious metals.
• International Insurance Applications: Facilitates international insurance applications.
• Money Remittance and Transfer Services: Supports money remittance and transfer services.
• Token Sales: Includes token sales and other financial services.

Technical Details

• Blockchain Layer: SelfKey pairs are derived from the Ethereum public blockchain.
• Validating Nodes: Uses Ethereum's normal consensus mechanism.
• Storage: Users have complete autonomy to choose their preferred storage methods.
• Protocols: Works with multiple standards and protocols for interoperability across different applications.
• ID Wallet: SelfKey's open-source, native wallet is the starting point for all identity transactions and can store KEY tokens.

Pros of SelfKey

• Increased Privacy: SelfKey gives users more control over their data, allowing them to choose who they share their data with and for what purpose. This ensures that personal information remains secure and protected from unauthorized access.
• Decentralized Identity Management: SelfKey operates on the blockchain, offering a self-sovereign identity system that keeps personal data beyond the reach of hackers and fraudsters. This empowers users to regulate and protect their identities securely.
• Efficient KYC Procedures: SelfKey enables users to efficiently and seamlessly complete KYC requirements across various service providers, reducing paperwork and delays.
• User Control: Users maintain complete control over their own data at all times, ensuring that their digital identities are managed securely and privately.
• Extensive Partnerships: SelfKey has created an extensive list of partners involved in the SelfKey ecosystem and marketplace, indicating strong traction and a robust launch.

Cons of SelfKey

• Dependence on Third-Party Services: SelfKey relies on third-party services for the certification of input information, which can limit its independence and efficiency.
• Non-Mineable Token: The KEY token is not mineable, which may deter users engaged in the mining process of digital assets.
• Limited Adoption: As a relatively new platform, SelfKey may face challenges in achieving widespread adoption and integration across various industries.

Founders of SelfKey

The founder of SelfKey is Edmund Lowell, who is also the founder of KYC-Chain. He has a background in finance, technology, and law, and has been instrumental in developing the SelfKey project.

Investors in SelfKey

• Digital Renaissance Ventures Capital: Participated in the token sale as a Tier 3 venture capital firm.
• Astronaut Capital: Involved in the token sale, though not rated.
• Signal Ventures: Participated in the token sale as a venture capital firm, though not rated.
• AlphaCoin Fund: Participated in the seed round announced on December 6, 2017.

Halal Status of SelfKey

• Halal Status: Yes
• Reason: SelfKey is a blockchain-based digital identity management system that provides identity verification services and marketplace transactions. It does not involve activities prohibited by Islamic law, such as interest-based lending or gambling. The project's focus on identity verification and its operational marketplace suggest a moderate level of real-world adoption and utility, which aligns with Islamic finance principles.