Selfkey is an identity platform based on blockchain. It provides users, companies, exchanges, fintech projects, and banks - with a platform to manage KYC identity data in one place. You can go through the project's Whitepaper and POI Paper to learn about the platform a lot more.
What is Selfkey?
Selfkey is supposed to be a solution to solve the safety problems connected to accessing data and information quickly.
Data breaches issue is getting bigger, and fraudulent activity is increasing. SelfKey supplies an extremely safe and secure ecosystem for storing your data and creating your virtual identity. The system is diverse and flexible. It also has a marketplace for different financial services and products, so users and businesses can facilitate setting up a bank account on the decentralized platform.
The Know Your Customer (KYC) verification process becomes more accessible, and the platform allows users to verify their virtual identity with ease. The main point is that all those things are achieved with the solid protection of users' identities, and it offers security for sensitive data and ID information. Your data is locked securely.
How does it work?
SelfKey spreads information across the network nodes. It uses public and private key cryptography to limit essential data and files stored within the platform. On top of that, SelfKey has a specially-built system to enable users to immediately share their basic information like name, gender, age, or other ID data with others when it's necessary. The system prevents data leaks and stealing of identity.
SelfKey includes three major components: the utility token KEY that powers the network, a wallet, and a marketplace. Important to note that the SelfKey wallet is a part of the ecosystem, and it allows connecting users with their data and the SelfKey marketplace. Users enjoy privacy, transparency, and security to use, manage, and store their identity information and data. All the information is available on the device where the wallet is set up. The wallet is also the gateway to the SelfKey marketplace to access various financial products and services right away.
The SelfKey marketplace hosts 300+ products and services, including opening an account in a bank and creating an account on a cryptocurrency exchange. Users access the marketplace using SelfKey wallet and use their ID to access products and services instead of giving a full KYC verification.
SelfKey has its own token, KEY, which is an ERC-20 token, while the SelfKey identity management protocol runs on the Ethereum blockchain. KEY is the main platform's payment. It can unlock services and products in the marketplace, as well.
What can it be used for?
SelfKey is a platform that empowers users to store all their data and identity information within one place. The platform is definitely trusted and private, granting access to important data using public and private cryptographic keys. Users can manage their digital identity and identity information and decide who and how is going to see their info.
Apart from that, SelfKey has its own marketplace where users can set up a bank account, create an account on a crypto exchange, check the documentation, start a business, and access 300+ different products and services. SelfKey allows one-click verification where KYC is needed, which is one of its main use cases.
Main Selfkey features
- An extra secure key to all your personal data and ID
- All your information is stored in one place
- Living Avatar NFT is supported
- The network has a native governance coin called KEY
- It has its wallet integrated with the Moonpay — Selfkey
- Mobile wallet is also available
- The platform has its own marketplace
- Passport and Residence marketplaces
- Protects your ID and data even in Web 3.0 and the Metaverse
Is it useful within Web 3.0 & the Metaverse?
No doubt. Being a part of the Metaverse is an exciting thing, of course, but what about security? New places ask for new rules and laws that should be applied. Have you ever thought about what can happen to your personal data in the digital world? It could be stolen and used by third parties the same way it does in the real one. Who's going to shield your interests? Those questions were worked out by the Selfkey team, so they offered a decent solution and built a platform to serve all your needs within Web 3.0 and the Metaverse.
SelfKey provides the participants with a great opportunity to display details of their identity on the custom-minted NFT, which makes them truly individual and impossible to replicate.
In addition, users will have complete control over what data the NFT reveals, ensuring maximum privacy and control over their personal data. In these ways, Living Avatar NFTs can evolve into a significant tool and key component of Web 3.0 and the Metaverse, which would in turn position SelfKey as one of the leading digital identity providers of Web 3.0 and the Metaverse.
- Living Avatar NFTs — a combination of ID with NFTs. POI Platform users can get custom-minted NFTs to make their avatar one of a kind.
How do you get KEY?
Selfkey can only be purchased with another cryptocurrency via decentralized exchanges (DEXs) such as Binance, Bitlocus, CoinTiger, CoinSpot, and alike. First, you'll need to first buy Ethereum (ETH) and then use them to buy KEY. Get a self-custody wallet to store, send and manage your KEYs.
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