What Is SmartKey (SKEY)?
Skey Network (SKEY) is a platform that connects physical assets with decentralized finance (DeFi) projects operating on the Ethereum blockchain. According to the whitepaper, Skey Network seeks to maximize the opportunities offered by DeFi. The network intends to let users create new business models around traditional car rental, carsharing, and home rental services. Further, Skey network claims to utilize BIoT (Blockchain Internet of Things) technology to create a unique smart contract in the form of an NFT token. Internet of Things is the concept of linking any device to the Internet and other connected devices.
As per the whitepaper, an NFT access token is a mixture of three technologies. The first is BIoT, which connects an IoT device’s unique IT record to the Blockchain. The users can install the devices in cars, gates, homes, etc. The second technology Skey Network utilizes is Oracle II, used to verify elements that impact the value, such as weather conditions or seasonality. It can also be used to verify information about the user, such as a credit record, which is especially important when creating smart contracts to rent an apartment or a car. The third technology utilized to make the access token is the smart contract conditions. The conditions can be decided by the person issuing the contract with various levels of customization. These conditions contain contract expiration time, access time, price, user verification rules, deposit amount, and others. Combining these three technologies creates a smart contract in an NFT token called the Skey Network.
The Skey Network intends to solve the problem of the transactions between physical and digital assets that often require multiple stages, such as, converting one digital asset to another and then converting a digital asset into the traditional currency. A value is lost at every stage of this transaction via intermediates that charge fees or commissions. Skey Network solves this problem by acting as a single bridge between physical and digital assets, significantly reducing the network fees accrued by asset holders.
SKEY is the native token of the Skey Network. The total supply of the SKEY token is 1,000,000,000 SKEY. Of all the tokens 30% is distributed to the BoTGlobal company, 20% is allocated to the team, and 10% to the marketing team. Further, 10% each were distributed to the Pre-sale Stage A, Stage B, and UniSwap. Apart from this, 5% each was distributed among the Exchange and reserve.
