What Is a Selfkey Token (KEY)?
The Selfkey (KEY) platform is an identity system built on blockchain technology. In other words, the platform seeks to enable users to own, manage, and control their digital identities.
According to the whitepaper, the identity systems the majority of the population depend upon are paper based. Also, numerous people cannot use the identity systems due to insufficient innovation and contemporary technology infrastructure. Most identity systems do not provide power and entitlement to the owners as these are centrally managed and planned, while some even have security issues. Moreover, the identity systems of recent times have failed to provide the basic needs such as security, ownership, privacy, protection, access, or connect data transferability to identity owners. Thus, Selfkey came up with a solution of a digital identity system seeking to provide privacy and security to its users. The platform aims to introduce a new concept of identity management process known as Self-Sovereign Identity (SSID), created using blockchain technology.
One of the main features of Selfkey is that there is no centralized control or management; hence, it is open-source that any individual can use. Selfkey platform seeks to offer the identity owners complete control and consent of their identity. The platform's distributed network aims to enable numerous small storages. Moreover, the owners can be authenticated via a single key pair secured within a wallet. In addition to this, the identity owners get accessibility to a marketplace related to identity services and fintech products.
The native token of the platform is KEY. KEY is significant for the entire ecosystem as every product or service of the platform is accessible via a minimal payment in the form of KEY tokens.
KEY is used for certain activities on the platform, such as payment for request attestations, price for marketplace listings, or acquiring identity claims. The token can also exchange value and incentivize the users to use the platform.
History of a Selfkey Token (KEY)
The team of Selfkey comprises experts from the fields of technology, blockchain, finance, legal, design, and marketing.
Edmund Lowell, the platform's founder, is also the head of the product. The Selfkey platform was founded in 2017. The maximum total supply of the token is six billion.
In the token sale, the platform raised $21.7 million. The coin's initial coin offering (ICO) took place on January 14, 2018. ICO is the way to raise funds for all those services or products associated with cryptocurrency.
