SelfKey is a blockchain-based identity platform. The technology provides individuals, companies, exchanges, fintech startups, and banks - with a platform to manage identity data (oftentimes KYC).

The core team has worked on decentralized identity since 2014 across companies such as Standard Chartered Bank, Bitmax exchange, EQIBank, and GSR.

The SelfKey wallet (SelfKey.org/selfkey-wallet) is a free, open-source, non-custodial wallet that allows users to securely store and transmit both digital assets, and their digital identity. Users can interact in the SelfKey marketplace - to ‘one-click’ apply for products such as a real-world bank account or company incorporation and pay with KEY.

A traditional KYC process is costly, and oftentimes unsafe - as data is stored in centralized databases. SelfKey leverages a decentralized approach and cryptographic technologies with the goal of dramatically lower the cost, improve the security, and customer experience of an identity interaction.

SelfKey aims to revolutionize the KYC on-boarding process and remain true to the ethos of Self Sovereign Identity - that each individual should be able to own and control their identity.

What is SelfKey?​

SelfKey (KEY) redefines digital identity management through its decentralized, blockchain-based platform. At its core, SelfKey empowers individuals and organizations to truly own, control, and manage their personal data. This self-sovereign identity system ensures that data remains in the hands of the user, stored locally and securely.

The SelfKey Marketplace, driven by the KEY token, offers a transparent environment where users can access a variety of services. This includes clear documentation requirements, costs, and processing times, enhancing user experience and trust. The SelfKey Identity Wallet, available for Windows, Linux, and Mac, along with the SelfKey ID App, provides a free, open-source solution for managing digital identities and assets.

SelfKey's decentralized approach addresses the inefficiencies and security risks associated with traditional KYC processes. By leveraging cryptographic technologies, SelfKey aims to lower costs and improve the security and customer experience of identity interactions. The platform facilitates seamless applications for real-world services, such as bank accounts or company incorporations, with just a single click, all payable with KEY.

The team behind SelfKey has extensive experience in decentralized identity, having worked with notable institutions like Standard Chartered Bank, Bitmax exchange, EQIBank, and GSR since 2014. Their expertise underpins the platform's robust and innovative approach to identity management, making SelfKey a leader in the field of self-sovereign identity.

What is the technology behind SelfKey?​

SelfKey, represented by the ticker KEY, is a blockchain-based identity management system that aims to revolutionize how individuals and organizations handle identity data. At its core, SelfKey leverages blockchain technology to provide a decentralized and secure platform for managing identity information. This approach contrasts sharply with traditional methods, which often rely on centralized databases that can be vulnerable to hacks and data breaches.

The blockchain on which SelfKey operates is designed to ensure the integrity and security of identity data. Blockchain technology uses a distributed ledger system, where data is stored across multiple nodes in a network. Each node holds a copy of the entire ledger, making it extremely difficult for bad actors to alter or corrupt the data. This decentralized nature of blockchain ensures that no single point of failure exists, significantly enhancing security.

To prevent attacks from malicious entities, SelfKey employs cryptographic techniques. Each transaction or data entry on the blockchain is encrypted and linked to the previous one, forming a chain of blocks. This cryptographic linkage ensures that any attempt to alter a single block would require altering all subsequent blocks, which is computationally infeasible. Additionally, consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) are used to validate transactions, ensuring that only legitimate entries are added to the blockchain.

SelfKey's technology also includes a free, open-source, non-custodial wallet known as the SelfKey Wallet. This wallet allows users to securely store and transmit both digital assets and their digital identity. By using the SelfKey Wallet, individuals can interact with the SelfKey marketplace, where they can apply for various products such as real-world bank accounts or company incorporation with just one click, paying with KEY.

One of the significant advantages of SelfKey's decentralized approach is its impact on the Know Your Customer (KYC) process. Traditional KYC procedures are often costly and insecure, as they rely on centralized databases that can be easily targeted by hackers. SelfKey's decentralized system, on the other hand, dramatically lowers the cost and improves the security and customer experience of identity interactions. By leveraging cryptographic technologies, SelfKey ensures that identity data is securely stored and only accessible to authorized parties.

The SelfKey platform is not just limited to individuals; it also serves companies, exchanges, fintech startups, and banks. The core team behind SelfKey has extensive experience in decentralized identity, having worked with organizations such as Standard Chartered Bank, Bitmax exchange, EQIBank, and GSR since 2014. This expertise has been instrumental in developing a robust and secure identity management system.

SelfKey's commitment to the ethos of Self-Sovereign Identity means that individuals have complete control over their identity data. This principle ensures that users can manage their identity without relying on third parties, reducing the risk of data breaches and unauthorized access. The platform's decentralized nature also means that users can share their identity data securely and selectively, only providing the necessary information to the required parties.

The SelfKey ecosystem includes various components that work together to provide a comprehensive identity management solution. The SelfKey Marketplace, for example, allows users to access a wide range of services and products, from banking to company incorporation, all while maintaining control over their identity data. This marketplace is designed to be user-friendly, enabling seamless interactions and transactions.

In addition to its practical applications, SelfKey's technology is built on a foundation of transparency and trust. The open-source nature of the SelfKey Wallet and other components ensures that the code is publicly available for scrutiny, fostering trust among users and developers alike. This transparency is crucial in building a secure and reliable identity management system.

SelfKey's innovative use of blockchain technology and its commitment to decentralization and self-sovereignty make it a powerful tool for managing identity data in a secure and efficient manner.

What are the real-world applications of SelfKey?​

SelfKey (KEY) is a blockchain-based identity management platform designed to empower individuals and organizations to take control of their personal data. It offers a decentralized approach to identity verification, which can significantly enhance security and privacy.

One of the primary real-world applications of SelfKey is in the realm of identity management. Users can securely store and manage their personal data and documents through the SelfKey wallet, a free, open-source, non-custodial wallet. This wallet allows users to store digital assets and their digital identity, ensuring that sensitive information is kept safe from centralized data breaches.

SelfKey also facilitates the process of starting a new business. Through its marketplace, users can apply for products such as company incorporation with just one click, streamlining what is traditionally a cumbersome process. This feature is particularly beneficial for entrepreneurs and startups looking to establish their businesses quickly and efficiently.

Opening a new bank account is another practical application. The SelfKey platform allows users to apply for real-world bank accounts directly through its interface, simplifying the often complex and time-consuming process of banking onboarding. This is especially useful for individuals and businesses operating in multiple jurisdictions.

The platform also offers services for getting documents notarized. By leveraging blockchain technology, SelfKey ensures that notarization processes are secure and verifiable, reducing the risk of fraud and enhancing trust in document authenticity.

Managing personal data and privacy is a core feature of SelfKey. The platform's decentralized nature means that users retain control over their data, deciding who can access it and under what conditions. This is a significant improvement over traditional systems where data is often stored in centralized databases, vulnerable to hacks and unauthorized access.

SelfKey's use of blockchain technology for identity management aims to revolutionize the Know Your Customer (KYC) onboarding process. Traditional KYC processes are costly and often insecure, but SelfKey's decentralized approach lowers costs and improves security and customer experience. This is particularly relevant for financial institutions, exchanges, and fintech startups that require robust identity verification systems.

The SelfKey mobile app extends these functionalities, allowing users to manage ERC20 tokens and access various financial services on the go. This makes it easier for users to interact with the blockchain ecosystem and utilize their digital identities in everyday transactions.

What key events have there been for SelfKey?​

SelfKey (KEY) is a blockchain-based identity platform designed to empower individuals and organizations to manage their identity data securely and efficiently. The platform leverages decentralized technology to enhance the Know Your Customer (KYC) process, making it more secure and cost-effective. The journey of SelfKey has been marked by several significant milestones.

In 2017, SelfKey published its whitepaper, laying the foundation for its vision of a decentralized identity ecosystem. This document outlined the technical and philosophical underpinnings of the platform, setting the stage for future developments.

Following the whitepaper, SelfKey launched its SelfKey Wallet. This free, open-source, non-custodial wallet allows users to store and transmit digital assets and digital identities securely. The wallet also provides access to the SelfKey marketplace, where users can apply for products such as bank accounts or company incorporation with a single click, using KEY for payments.

Partnerships have played a crucial role in SelfKey's growth. The platform has collaborated with various companies, including AlphaKEK.AI, to enhance its offerings and expand its reach. These partnerships have helped integrate SelfKey's technology into broader financial and identity management ecosystems.

SelfKey has also established relationships with several cryptocurrency exchanges, facilitating the trading and liquidity of KEY. These partnerships have made it easier for users to acquire and utilize KEY within the SelfKey ecosystem.

In June 2023, SelfKey announced an upcoming development, signaling ongoing innovation and commitment to its mission. While the specifics of this announcement are yet to be disclosed, it underscores the platform's continuous evolution and dedication to improving identity management solutions.

Throughout its journey, SelfKey has remained focused on revolutionizing the KYC onboarding process. By leveraging cryptographic technologies and a decentralized approach, SelfKey aims to lower costs, enhance security, and improve the customer experience in identity interactions. The platform's core team, with experience in decentralized identity since 2014, has worked with notable entities such as Standard Chartered Bank, Bitmax exchange, EQIBank, and GSR, bringing a wealth of expertise to the project.

SelfKey's commitment to self-sovereign identity—where individuals have control over their identity data—remains at the heart of its mission. This ethos drives the platform's ongoing efforts to provide secure, efficient, and user-friendly identity management solutions in the blockchain space.

Who are the founders of SelfKey?​

SelfKey (KEY) is a blockchain-based identity platform designed to manage identity data securely and efficiently. The core team has extensive experience working with major institutions such as Standard Chartered Bank, Bitmax exchange, EQIBank, and GSR. Their collective expertise has been pivotal in creating a platform that aims to revolutionize the KYC onboarding process through a decentralized approach.