SelfKey is a digital identity system based on the Etherium Blockchain technology. The company allows its users to manage, control and therefore truly own their digital identity. In a world where one can get electronic residencies, this product will provide a secure and instant way of buying financial services, residency, sign up for coin exchanges and even buy passports. In the following post, we have reviewed SelfKey’s Initial Coin Offering and its details.
What Is SelfKey?
SelfKey offers multiple, digital services to its user. At launch, there will be over 250 products and services to choose from. Reaching from residency and citizenship by investment applications to company incorporation and more. SelfKey’s identity system is built on an open platform and exist of multiple major components, one of them being the SelfKey Foundation. The foundation is a non-profit and cherishes the principle of self-sovereign identity (SSID), a technology with the following functions:
- Identity Wallet – through Key Tokens, users have the ability to securely access ID documents
- SelfKey Marketplace – the marketplace offers digital services and products e.g. buying and storing physical gold, instant access on e-wallets or founding a company or LLC
- The Key token – can be used to pay for all services in the marketplace and to notarize your identity documents
SelfKey provides the option of linked identities and multilevel verification for companies to easily and effortless set up subsidiaries and open bank accounts. All data and documents will be stored and encrypted on the user's device and will not be on a SelfKey server or on in the Blockchain. Until the user decides to share information, only they will have access to it.
Through these offered services, SelfKey puts its users in the center of an Identity Management Process, a concept that is called Self-Sovereign ID (SSID) and enables an ecosystem in where users can transfer value with the KEY token.
SelfKey ICO Details
SelfKey tokens called “KEY” (ERC-20) will launch on December 1st, 2017, the initial sales will run until December 15th.
The ICO distribution will be the following:
- 33% Crowdsale – 3,299,999,670 KEY
- 33% SelfKey Foundation (staff and business) – 3,299,999,670 KEY
- 33% SelfKey Foundation (support and network) – 3,299,999,670 KEY
- 1% legal costs – 99,999,990 KEY
- Price of KEY: 0.015
The total raised capital for SelfKey lais at $ 2,000,000, at the moment the ICO is not tradeable on an exchange just yet.
Selfkey Tokens go out on sale on 14th january, 2018.
Self-Key provides decentralization of identity management, thus allowing users to control what personal data they would like to share. This has many applications including a faster KYC process thus limiting costs on the vendor end. Users will also be able to digitally sign documents and request identity checks. It will rely on its token KEY.
The team has worked on identity systems in the past and have developed platforms contributing towards personal identity freedom and free markets since 2013. They have already showcased product readiness. They have a promising roadmap and schedule ahead of them extending up until the end of 2019. While it might feel that we are yet, far away from seeing the full potential and use of Selfkey, the promises and technological advances it brings will certainly be an improvement to the existing ones and something worth investing and looking forward to.