SelfKey
SelfKey is a digital identity management platform built on the blockchain that lets its users centrally store all of their private data. It gives people a safe and secure ecosystem to store their personal information, which helps them build their digital identity. SelfKey is a blockchain-based decentralized identity management system with the goal of restoring individuals' ownership over their own data in the digital worlds of Web3 and the Metaverse. With its current and working parts, like the KEY token, the SelfKey Wallet, and the SelfKey Marketplace, as well as the latest ideas in the POI whitepaper, SelfKey has the ability to become the provider of digital identities on Web3 and the Metaverse.
SelfKey was introduced in 2017 by its sibling company KYC chain, with Edmund Lowell serving as a co-founder of both companies. The primary objective of the platform based in Mauritius is to streamline the Know Your Customer (KYC) process and safeguard digital identities. SelfKey's founding team consists of industry veterans from Standard Chartered Bank, BitMEX Exchange, EQIBank, and GSR, and has been developing decentralized identity technology since 2014.
Identity theft has become a major concern in recent years, with the rate of this fraudulent conduct increasing in the United States. SelfKey gives you a safe and secure place to store your personal information and create your digital identity. The system also supports a marketplace for numerous financial services and products, allowing consumers and businesses to set up a bank account on the decentralized platform.
The goal is to make it easier for customers to validate their digital identities and complete the Know Your Customer procedure. Simultaneously, the system ensures the safety of crucial data and personal identification information for its users.
Proof of Identity (POI): Proof of Identity (POI) is a mechanism that allows users to log in to a decentralized application (dApp) only once by demonstrating their individuality. Those who repeatedly attempts to log in are promptly identified and prevented from doing so.
The SelfKey Network has recently incorporated AI into its POI system to offer an inventive approach to validate the authenticity of Living Avatar NFTs and POI credentials.
Upgraded POI with AI technology: As the web3 space develops at an incredible pace, SelfKey has opted to update its POI system by including a robust AI engine in its identification system. The goal of this move is to keep up with the constantly changing identity verification environment. Therefore, the SelfKey DAO will control the entire SelfKey ecosystem, including the identity system driven by AI.
SelfKey is a tool for managing your identity that lets you store all of your data and information about your identity in one secure location. The platform is safe and private, enabling access to critical data via public and private cryptographic keys. Users can handle their digital identity and identification information, as well as control who has access to their information and how.
In addition to its identity management features, SelfKey also provides a marketplace where its customers may access over 300 different products and services, such as bank accounts, cryptocurrency exchange accounts, document verification, business formation, and more. One of the major uses of SelfKey is that it lets you verify your identity with just one click when KYC is needed.
DATE NEWS/EVENTS IMPACT 09/03/2023 SelfKey introduces AI and zk-based solutions for safe digital ID verification +40% Increase 07/05/2022 TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath -62% Decrease 18/02/2021 SelfKey announced the successful completion of an airdrop for users who had successfully verified their credentials on the KeyFi platform +98% Increase 26/06/2018 SelfKey is now available on the Binance exchange +251% Increase
The SelfKey platform is continually expanding, and it appears to be dedicated to give advanced solutions to assist identity owners in keeping sensitive KYC data safe. Its SelfKey DAO technique can be used by community-governed decentralized apps. The platform's POI mechanism has been improved by the use of AI in its identity verification system. It also makes sure that everyone involved is working with clear and correct data. In today's world, where personal data privacy is more important than before, SelfKey is a great innovation, and the protocol is going in the right direction.
