SelfKey provides organizations and individuals with complete ownership over their own digital identity, empowering them to discover additional privacy and freedom. SelfKey is a self-sovereign identity system that is based on the blockchain and can provide control and management of digital identities to users. Additionally, users can utilize SelfKey to securely manage a crypto portfolio and instantly onboard immigration, cryptocurrency, and financial services.

Selfkey

SelfKey Foundation

Behind SelfKey, you will find the SelfKey Foundation and its stakeholders. This entire group wants to work toward a free world that has decentralized, private, and secure identity transactions. In other words, they want individuals to truly be sole owners of their identities. The SelfKey Foundation was created to advance human rights and fundamental freedoms in relation to digital identity and data. The team working on the project is made up of experts in a range of fields, including the blockchain, finance, legal, marketing, technology, and design. SelfKey also already has a lengthy list of partners that includes consolidated tier-1 global firms with an established history as well as promising blockchain and Fintech startups.

What Makes SelfKey Unique?

One of the unique aspects of SelfKey is its ability to work as an all-in-one identity solution for self-sovereignty. SelfKey utilizes a novel approach to identity management while also resolving the issues related to existing centralized identity management systems. These include the lack of accessibility to financial services and the tedious KYC processes that are paper based.

Selfkey ID

Key Features of SelfKey

One of the standout features of SelfKey is the self-hosted data storage. This lets you secure your identity documents and assets locally, so there is no risk of a major data breach as with other similar systems.

SelfKey also allows for sharing documents via a public/private key mechanism. This lets you as the owner rest easy knowing that third parties only can view the data if you have given them consent to do so.

The KYC processes within SelfKey also stand out for their efficiency. Qualified certifiers can provide you with reusable identity authentication upon request. You can then share this authentication multiple times with several service providers. This, in turn, prevents you from wasting time and effort with a traditional KYC onboarding process that is typically tedious.

SelfKey additional minimizes data because of its blockchain-based verifiable claims protocol. This protocol lets you as an identity owner prove you meet the ID attributes required for a specific service or product without any need to actually share your identity document. In other words, you can provide proof of your ID without sharing the ID, keeping the data you send to a minimum.

SelfKey further offers a one-click application access via its ability to prove your identity in a quick manner. Unlike other systems, you only need to make a handful of clicks to gain access to the full range of services within the Marketplace, whether they are related to cryptocurrencies, finances, corporations, or immigration.

Of course, SelfKey also provides the full functionality you want from a cryptocurrency wallet, including the ability to securely manage cryptocurrency assets like ETH, KEY, and the other ERC-20 tokens.

Identity Wallet

The Identity Wallet is a key aspect of SelfKey, giving users the ability to securely access documents and ID assets, as well as notarize and verify them using qualified certifiers. With the Identity Wallet, users can also share these documents and assets with the relying parties found on the SelfKey Marketplace to quickly access services and products. With the Identity Wallet, users can also manage their cryptocurrency portfolios, including sending or receiving KEY, ETH, and other ERC-20 tokens.

Selfkey Wallet

The SelfKey Identity Wallet is already available for both Mac and Windows in the beta version. You can easily download the wallet right from the SelfKey website. With it, you can begin building your SelfKey ID to use in the future once the SelfKey Marketplace launches, as well as manage your crypto portfolio.

SelfKey Marketplace

The Marketplace lets users access and compare a range of services related to financials, cryptocurrencies, and immigration. Just some of the services available in the Marketplace include setting up a business, opening a bank account, getting an additional passport, and trading with cryptocurrencies.

Selfkey Marketplace

SelfKey Ecosystem

With the SelfKey Ecosystem, identity owners can regain and maintain control of their identity. They get the confidence of knowing that they have greater security and privacy than with a traditional database that can be hacked. It also becomes quick and seamless to navigate the various KYC practices.

Selfkey Ecosystem

The SelfKey Ecosystem lets certifiers grant certifications swiftly. They can also simply monetize these certifications, including in cases when they are verifiable and timebound.

Relying parties can utilize the SelfKey Ecosystem to save money and time by using the automated KYC processes that are internationally compliant. This helps those relying parties with efficiency as well as customer service since they can onboard customers quickly and efficiently.

KEY Token

The KEY token is responsible for powering the SelfKey ecosystem. It lets participants exchange value while also enabling reputation and trust. Users can stake the KEY to access the network, buy services, and notarize and verify ID documents. Just some of the services users can purchase with their KEY tokens include residencies, companies, bank accounts, and exchange accounts.

How to Buy Key Tokens

You are not able to purchase KEY with “Fiat” currency so you will need to first purchase another currency – the easiest to buy are Bitcoin or Ethereum which you can do at Coinbase using a bank transfer or debit / credit card purchase and then trade that for KEY at an exchange which lists the token.

Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100.

Coinbase Website

Once you have purchased Ethereum, you can trade for KEY tokens at the following exchanges:

Conclusion

SelfKey is an identity platform that lets users, whether they are individuals or organizations, retain full ownership of their identity. It provides benefits for individuals who own their identity, those who certify the identity documents for a profit, and companies that want to streamline their KYC systems to reduce wasted time and resources.

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Posted by Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

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