Selfkey (KEY) Crypto Review: Digital Identity Systems
Selfkey (KEY) Crypto Review: SelfKey is an up and coming blockchain based digital identity system that will include many integrated functions.It aims to be a financial services marketplace, created to put identity owners in control of their data, and to allow them to request identity claims and enable users of the platform to instantly apply for passports, residency, and financial services in a safe and secure environment.
I have been increasingly interested in blockchain related identity services such as Selfkey as I believe they could provide a vital service to mainstream consumers outside of crypto. After the recent Equifax data breach, I think consumers will be looking for alternative options where they feel comfortable providing their data in a secure decentralized manner.
When I was reading up on the Selfkey whitepaper the use cases were vast and interesting, I feel that this crypto project could be a good longterm investment as once the platform goes live I can envision many companies and even governments using Selfkey services.
Some of the Selfkey use cases that will be available once the platform launches its digital identity system include the following:
* Verifying identity on crypto trading exchanges
*Applying for Bank accounts and investment products
*Processing permanent citizenship& residency applications in eligible locations across the globe (50 countries listed so far)
* Applying for International insurance applications
Selfkey digital identity systems if adopted by mainstream audiences could be well positioned to dominate this emerging sector and since the platform has a wide array of use cases the token should further increase in value for its token holders.
I will be reviewing the Selfkey project, and it’s token (KEY) as a crypto investment. When I review crypto projects, I like to cover four key areas that I find necessary before deciding to invest in a project. Some of the following criteria that I will cover in my review will be as follows:
* Introduction to the Selfkey token
*The Team- Who are they?
* Marketing- Can they market their product successfully?
*Investment Analysis- My personal opinion(not investment advice) and final thoughts on the project.
Selfkey (KEY) Token Review: Introduction
I believe I have explained the benefits of the Selfkey platform well but if you’re interested in learning more about the objectives of the project then be sure to visit the in-depth white paper by clicking here. Moving along I would like to discuss the KEY token and why it’s essential to the Selfkey platform.
So let’s get started the KEY token can be described as a utility token it runs on the Ethereum network thus making it an ERC-20 token. ERC-20 tokens can be safely stored in popular online wallets such as myetherwallet. The easiest place to purchase the KEY token seems to be the kucoin exchange although I have a feeling it will be listed on larger exchanges in the future.
KEY is the primary token utilized on the Selfkey digital identity platform, some of the functions that it performs are listed below:
* The KEY token is used to apply for citizenship and Permanent residency applications.
*KEY can be used to incorporate a business
*KEY is used to open up bank accounts remotely and other financial products such as credit cards.
*KEY can be used to participate in ICOS and token sales.
The list of KEY functions seems to be never-ending furthermore as a crypto investor; this project has potential. At the moment the current market cap is valued at approx USD 44,075,149, and the Key tokens have a current circulating supply of 1,785,293,554 tokens with a total fixed amount of 5,999,999,954 KEY tokens in existence.
The project at the moment seems to be undervalued with a low market cap it could easily have room to grow in size especially if it can reach mainstream adaptation.
Selfkey (KEY) Cryptocurrency Review: The Team
It’s not surprising that given the potential scope of the Selfkey platform that the team is vast in size they seem to be growing and hiring, but for the moment I was able to discover over 48+ employees working on the project. Below I have listed some of the prominent team members, advisors, and partnerships.
Founder: Edmund Lowell
Product Manager: Terry Lin
Blockchain Developer: Edmund To
Co-founder of IOTA- Per Lind
Polymath founder-Trevor Koverko
Former SWIFT Asia Lead- Daniel De Weyer
Selfkey (KEY) Crypto Review: Marketing Strategy
With the recent ICO being completed the project is just getting noticed unfortunately due to market conditions I believe many investors may be hesitant to purchase KEY tokens at this time, but for those bullish investors, Selfkey could now be considered a good buying opportunity.
The team has hired experienced marketers with proven industry-wide experience so I believe that they will be able to execute proper marketing strategies that will be essential for growing the Selffkey platform.
At the moment Selfkey has a large presence on popular social media sites such as Twitter, Reddit, and Facebook. I like the fact that they already have uploaded a fair amount of Youtube videos this is a good strategy for companies to follow since it can help bring in new users to the platform.
Selfkey (KEY) Review: Investment Analysis
I’m admittingly pretty bullish in regards to the Selfkey project if it can reach it’s milestones successfully, and it’s ambitious roadmap then this project should increase in usage and value especially over the long term. I feel at the moment due to market conditions this project is not getting the attention it deserves but what that means is smart investors might be able to capitalize on this excellent buying opportunity as the token value will likely increase as developmental milestones are reached, and market conditions improve.
(As always please do your research before investing in crypto projects this review is my own opinion and is not meant to be taken as investment advice.)