SelfKey (KEY)

Deprecated

Identity Management

SelfKey is used to manage digital identities securely and privately. It allows users to control their personal data and share it only when needed.

Access to Services

SelfKey lets users access financial, immigration, and other services easily by using their verified digital identity without repeating paperwork.

Token Utility

The SelfKey token (KEY) is used within the ecosystem to pay for services, verify identities, and participate in the platform’s governance.

Decentralized Identity

SelfKey supports decentralized identity, meaning users own and control their identity data instead of relying on a central authority.

Pros

• SelfKey offers a decentralized self-sovereign identity system, giving users full control over their digital identity and data.
• It provides a non-custodial wallet that securely stores identity documents and supports managing cryptocurrency portfolios (ERC-20 tokens).
• The platform aims to lower costs and improve security and user experience in identity verification and KYC processes.
• SelfKey has a marketplace with over 300 services accessible using the SelfKey digital ID, including business incorporation and financial services.
• The project has a strong team with experience in finance, technology, and law, and has been developing identity solutions since 2014.
• It supports Web 3.0 and metaverse readiness, allowing users to control their data in emerging digital environments.
• The wallet and dApp are free, open-source, and available on multiple platforms (Windows, OSX).
• SelfKey is continuously evolving with ongoing development and partnerships to enhance its ecosystem.

Cons

• The token price has experienced significant volatility and price drops since its ICO.
• The KYC process, while improved, can still be time-consuming and requires users to upload sensitive documents repeatedly.
• The community and social presence are relatively small compared to larger crypto projects, which may affect liquidity and adoption.
• Some users find the current user base and community engagement limited, with less active discussion on major social platforms.
• The project is still in development phases for some features, and the wallet is in beta, which may affect user experience.
• Market competition is strong with many other identity and KYC blockchain projects aiming for similar goals.

For more details, visit SelfKey's official website.

Founders

SelfKey was founded by Edmund Lowell. He is an entrepreneur known for creating SelfKey and other projects like KYC-Chain. Edmund has been actively involved in the development and promotion of SelfKey since its start in 2017.

Key Team Members

Besides Edmund Lowell, Terry Lin has served as a product manager, and Ari Propis has been involved in accounting for the project.

Edmund Lowell is the main founder associated with SelfKey.

Institutional Investors

SelfKey has three main institutional investors: Signal Ventures, Rhapsody Ventures, and 08 Capital.

Fundraising and Token Sale

SelfKey raised about $21.78 million USD during its token sale in January 2018, which helped fund the project and its development.

Other Investors

AlphaCoin Fund is also noted as a funder of SelfKey.

These investors support SelfKey’s mission to provide blockchain-based self-sovereign digital identity solutions.

Halal Status of SelfKey

• Yes, SelfKey is generally considered halal because it provides a clear utility by enabling identity verification and management services on a blockchain.
• It aligns with halal principles as it involves the exchange of real services rather than speculative or interest-based activities.
• Islamic finance experts note that projects offering tangible utility and compliance with Shariah principles are more likely to be halal.

For more detailed personal guidance, consulting a qualified Islamic finance scholar is recommended.