THEKEY is a decentralized identity ecosystem that works as a verification tool using big data and blockchain technology. Find out how it works today in our review.
What is THEKEY?
THEKEY, found online at THEKEY.vip, is an identification verification (IDV) tool in active development. The project seeks to create a blockchain-based verification system using personally identifiable information (PII) that is exclusively authorized by government authorities.
Basically, THEKEY will take personally identifiable information from governments, then place that information on blockchain technology. This ensures that the data posted on the blockchain has not been edited or altered: it comes straight from government-verified sources.
THEKEY is already running test projects across China. The company behind THEKEY was first formed in 2014, and they’ve already collected the PII data of 210 million people in 66 cities. However, they also see potential in blockchain technology.
That’s why THEKEY has scheduled an ICO. They plan to use their ICO for TKY tokens to raise funds to migrate the platform to blockchain technology. A pre-ICO is taking place from October to December 2017, with a general ICO scheduled for February 2018.
Benefits of THEKEY
THEKEY aims to offer three core advantages over the competition, including:
More Reliable Results:
Supporting data is gathered in real-time in a comprehensive, accurate, and reliable way. The data is also validated in advance by government agencies or other public institutions.
THEKEY takes full advantage of existing data sources, which means they can avoid duplicate work for data collection, processing, and authentication. There are no extra, unnecessary steps involved in the data collection process.
Better User Experience:
Individuals users do not need to install any application or upload any information.
THEKEY’s platform already exists. The company currently provides identity verification services for use in mobile social insurance payment systems in two cities. Using the system, people can receive payments for their pension, or a healthcare insurance reimbursement, after verifying their identity.
Today, THEKEY is a working platform. However, it’s not based on a distributed ledger (blockchain). The company has scheduled an ICO to migrate their platform onto blockchain technology.
Some of the core features of the platform so far include:
- 23 copyrights have been obtained, including 15 patents accepted by the State Intellectual Property Office (SIPO) of China
- First-generation IDV solution is already being used for mobile social insurance payments (healthcare reimbursements and pension payments) in two cities in China; the next step is to deploy THEKEY in 41 more cities covering more than 130 million people
- Contains the personal identity data of 210 million people in 66 cities, authenticated by relevant government authorities and connected on a real-time basis; this is the foundation of THEKEY’s unique solution – it connects directly to government data sources
- Commercial contracts have been signed with world-leading firms and businesses, according to the official THEKEY website
- “Six relevant national laboratories have been set up together with government agencies, banks, insurance companies and one university” leveraging THEKEY platform
Who’s Behind THEKEY?
THEKEY is led by Catherine Li (CEO), Xu Guochun (CTO), Chen Kun (CMO), Zuo Lin (COO), and Huang Yuli (CDO). Catherine Li was chosen as one of “The Most Outstanding Women Entrepreneurs in China, 2017”, according to the All-China Women’s Federation, while her company, THEKEY, was chosen as “The Most Commercial Valuable Project of the Year, 2017”, also chosen by the All-China Women’s Federation.
THEKEY was formed in November 2014. By December 2016, they had collected the PII data of 210 million people, covering 66 cities.
THEKEY is headquartered in Singapore.
THEKEY Token Sale
The main token sale, however, is scheduled for February 2018. The specific dates have not yet been announced.
There’s a total supply of 10 billion TKY tokens. THEKEY has already raised 10 million RMB in seed funding, with an additional $25 million USD raised to date.
The ICO is available through NEO. Following the announcement of the ICO, the company did an AMA on the /r/NEO subreddit. That AMA was led by company CEO Catherine Li.
THEKEY is a project that seeks to create an identification verification (IDV) tool on the blockchain. The tool is already available today – although it’s not built on the blockchain. The ultimate goal of THEKEY is to create a decentralized ecosystem of identity verification tools using data collected directly from government sources.
THEKEY was founded in 2014 and already holds 15 patents and 23 copyrights. The Singapore-based company is seeking to raise money through its pre-ICO and ICO for TKY tokens.
To learn more about THEKEY and their upcoming TKY sale, visit online today at THEKEY.vip.