SelfKey KEY Price

What is SelfKey (KEY)?

SelfKey (KEY) is a blockchain-based identity management system that empowers individuals and businesses to manage, control, and protect their digital identities. Launched in 2017, SelfKey uses decentralized technology to provide secure identity verification solutions, enabling users to access various services such as banking, cryptocurrency exchanges, and ICOs without compromising their personal information. SelfKey's native token, KEY, is utilized for transactions within the SelfKey ecosystem, facilitating services like identity verification and document storage.

Who are the Founders of SelfKey?

SelfKey was co-founded by Arthur Crowson and other key team members who have extensive backgrounds in finance, technology, and blockchain. Arthur Crowson has played a vital role in shaping the vision of SelfKey, focusing on the importance of personal data privacy and security in the digital age. The team includes experts in areas such as software development, data security, and regulatory compliance, all working towards creating a robust identity management platform.

How does SelfKey Work?

SelfKey operates on the Ethereum blockchain, leveraging smart contracts to facilitate secure identity management. Users create a digital identity on the SelfKey platform, which can include personal information, documents, and verification credentials. The platform utilizes a decentralized approach, ensuring that users maintain control over their data without relying on centralized authorities. When a user needs to verify their identity for a service, they can share specific information without revealing their entire identity, enhancing privacy and security. Additionally, SelfKey features an Identity Wallet that allows users to store and manage their digital identities and related documents securely.

Key Components of SelfKey:

• Identity Wallet: A secure wallet for managing digital identities and documents.
• Marketplace: A platform for accessing services like banking, crypto exchanges, and legal services.
• Decentralized Identity: A system that allows users to control their identity data without intermediaries.

Top Use Cases of SelfKey

SelfKey offers a variety of use cases that cater to both individuals and businesses:

• Digital Identity Verification: Users can verify their identities for accessing financial services, such as opening bank accounts or trading on exchanges.
• ICO Participation: SelfKey enables users to participate in Initial Coin Offerings (ICOs) securely by providing verified identities.
• KYC Compliance: Businesses can streamline their Know Your Customer (KYC) processes, reducing costs and improving efficiency.
• Document Storage: Users can securely store and manage important documents, ensuring they are easily accessible when needed.
• Cross-Border Services: SelfKey allows users to access services globally by providing verified identities without geographical restrictions.

How to Keep your SelfKey Safe?

Ensuring the safety of your SelfKey identity and tokens is crucial. Here are some best practices:

• Use Strong Passwords: Create complex passwords for your SelfKey wallet and associated accounts.
• Enable Two-Factor Authentication (2FA): Use 2FA wherever possible to add an extra layer of security.
• Keep Software Updated: Regularly update your SelfKey application and any related software to protect against vulnerabilities.
• Backup Your Wallet: Regularly back up your SelfKey wallet and store the backup in a secure location.
• Be Wary of Phishing Attempts: Always verify the authenticity of websites and communications claiming to be from SelfKey.
• Store Tokens in Hardware Wallets: For added security, consider using a hardware wallet to store your KEY tokens offline.