SelfKeyPrice

(SELF)

SelfKey is a decentralized identity network and self-sovereign identification system built on blockchain technology. Its primary goal is to empower users to own, control, and manage their digital identity and personal data, enhancing privacy, security, and anonymity in online interactions. It aims to resolve issues like inefficient Know Your Customer (KYC) processes, security vulnerabilities of centralized databases, and complexities of diverse data protection regulations.

The KEY token is the native utility token of the SelfKey network, an ERC-20 token on the Ethereum blockchain. It functions as currency for all transactions within the SelfKey marketplace. Users must stake KEY tokens to access services and products. It's also used for payments for verification, certification, notarization services, and fees like opening bank accounts. Service providers stake KEY tokens, acting as a trust mechanism and "proof of reputational stake" to prevent malicious activity and incentivize good behavior.

Key components include the SelfKey ID, a universal digital identity for securely storing identification documents and attributes, streamlining identity verification. The Identity Wallet (SelfKey Wallet) is a secure digital wallet for KEY tokens and other ERC-20 tokens, managing user identity and transactions. It's available on desktop and mobile, supporting hardware wallets. The SelfKey Marketplace allows users to access services like financial services and token sales using their SelfKey ID. SelfKey also utilizes open-source technology, enabling other projects to build upon its application layer.

KEY tokens are available on several cryptocurrency exchanges, including LBank. Users can also purchase KEY directly from their SelfKey wallet using debit or credit cards via Moonpay. For storage, KEY tokens can be held in the official SelfKey Identity Wallet or any ERC-20 compatible cryptocurrency wallet. Popular options include MetaMask, Trust Wallet, Ledger, or Trezor, providing flexible and secure storage solutions for users.

SelfKey aims to resolve several critical issues. First, it streamlines inefficient and repetitive Know Your Customer (KYC) processes. Second, it enhances data security and privacy by protecting user data from breaches and unauthorized access. Third, it provides individuals with full ownership and control over their digital identities, letting them decide what to share, with whom, and for how long. Finally, it addresses the complexities and inconsistencies of various data protection regulations, offering a more compliant and user-centric approach.

While some sources describe SelfKey as a continuously developing digital identity solution with ongoing updates and roadmap goals, other reports from 2024 indicate a degree of uncertainty regarding its future. These reports cite challenges in adoption, ecosystem growth, and investor sentiment. One source even marked the dApp as "inactive" due to a lack of recent on-chain activity, suggesting mixed perspectives on its current development status and overall activity.