Coin Analysis: Selfkey Review – Master The Crypto

Selfkey Analysis: A comprehensive review and analysis on Selfkey, which aims to provide a universal solution to digital ID.

This represents the writer’s personal opinions and does not – in any way- constitute a recommendation of an investment or financial advice. Please assume caution when investing in cryptocurrencies and do so at your own risk, as it is extremely volatile and you can lose your money.

What is Selfkey?

Selfkey is a decentralized, blockhain-based Self-Sovereign IDentification System (SSID) that enables individuals to have total and full control in owning and managing their identities. With Selfkey, users can store their identification attributes and documents in a single location on their device(s), requiring users to only input their information once. A central part of the Selfkey network is an integrated financial services marketplace, allowing users to access a wide-range of products and services using their universal digital ID.

Selfkey is the brainchild of KYC Chain, an established KYC solutions-provider for businesses that have been operating since 2013. KYC’s client base includes global banks, law firms, and immigration firms.

Selfkey is developed to address the limitations of current centralized identity systems, that include:

Security Risks: Centralized identity systems are more vulnerable to hacks and data breaches since centrally-managed databases are a single point of failure. There have been many cases – such as the case of Equifax – of personal data breaches that leads to identity thefts and significant liabilities to the system operator.

Restricted Access: Linked data is a core component of digital identity since it facilitates a more holistic verification process. However, identity owners (like you & me) are exposed to tremendous limitations to access our own linked data, which is often instituted by operators to prevent unauthorized access.

Data Protection Regulations: The differences in laws across different jurisdictions creates inefficiencies such as higher costs for small businesses and the inability of users to have total control over their identity rights.

Inefficient User Know-Your-Customers (KYC): KYC is a mandatory requirement for a wide-range of legal entities across many jurisdictions. However, the KYC process is time-consuming and costly; users must always upload the sensitive documents repetitively towards any services which are extremely inefficient and increases the risks of it landing in the wrong hands.

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Application

Selfkey’s ecosystem is made up of 2 core components, aside from their native token which will be explored in the next few sections:

Selfkey Wallet

An open-source digital ID wallet where users can manage and securely access their identity attributes and documents from their own personal device(s). All of the documents relating to users’ identity attributes will be stored locally in their devices, ensuring security, privacy and total control over their data. Additionally, the wallet also allows for the verification and notarization of personal documents via qualified certifiers.

A major feature of Selfkey’s wallet is that users can seamlessly and efficiently access a variety of products and services – through Selfkey’s marketplace – much more quickly since the Selfkey wallet is a universal digital ID. Selfkey’s wallet has been released (currently in beta mode) and can be downloaded here.

Here is how Selfkey’s application work:

Selfkey Marketplace

A marketplace where users can use their universal Selfkey digital ID to access a wide-range of products and services that require KYC processing, from incorporating a business to opening a cryptocurrency exchange account. There are over 300 products and services that can be accessed via the marketplace.

The marketplace feature various services that include:

• Bitcoin and Digital Asset Exchange Signup
• Citizenship by Investment programs
• Citizenship through Investment in Real Estate Applications
• Company incorporation (including companies limited by shares, foundations, LLC’s and Trusts)
• Bank account introduction and application
• Residence Permit Applications for more than 50 countries
• E-Wallets or Stored value facilities
• Gold and Precious Metals purchase and storage
• International insurance applications
• Money Remittance & Transfer services
• Token Sales

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Technical Overview

The technology stack of Selfkey are as follows:

Blockchain Layer: The Selfkey pairs will be derived from the Ethereum public blockchain

Validating Nodes: After testing various consensus protocols that include Ethereum’s Virtual Machine (EVM), Eris, Monax, and Tendermint, Ethereum’s normal consensus mechanism is preferred

Storage: Storage of their data is entirely up to the discretion of identity owner; users will have the complete autonomy to choose their preferred storage methods

Protocols: In a bid to ensure interoperability across different applications, Selfkey has instituted multiple standards and continual, operating work on the protocol layer with other leading identity systems. They are currently working with Sovrin, W3C, Uport and Tierion

ID Wallet: Selfkey’s open-source, native wallet is the starting point for all identity transactions. It has launched its beta version recently. KEY tokens can also be stored in the ID wallet.

ID Microservices: The company behind Selfkey’s technology and the foundation – KYC Chain – has built and provided some initial microservices such as sanction list screening (the remediator), company registry lookup, and document collection and validation (the collector)

Application Layer: Any applications or decentralized applications (dApps) can be developed on the SelfKey platform through its open API’s and open source code.

Unique Selling Point:

One-Time Digital ID for Easy Access Across Various Services: Selfkey allows users to have a single, integrated digital ID which is easily created and can be used across a wide range of services (such as financial products, exchanges, token sales).