SelfKey (KEY), established in 2017 by Edmund Lowell, is a decentralized identity platform that provides users the ability to own, control, and manage their digital identity. At its core, SelfKey leverages blockchain technology to enhance security and privacy.
The project's foundation is built on the principle of self-sovereign identity, allowing individuals and organizations to store their personal information securely on their devices, rather than on centralized servers. Lowell's early recognition of blockchain's potential to enhance security, privacy, and efficiency in the digital verification domain, positioned KYC-Chain as a pioneer in applying blockchain for compliance and identity verification.
SelfKey's ecosystem is fueled by its native token, KEY, which facilitates transactions within the network, including access to a marketplace for financial services, cryptocurrency exchanges, and document notarization. The platform's innovative approach addresses critical issues in the current identity verification processes, such as data breaches and privacy concerns, making it a significant contributor to the advancement of digital identity solutions in the blockchain space.
The SelfKey ecosystem, utilizing KEY, is expanding with the introduction of LOCK, a new governance token aimed at providing holders with both economic and voting rights, akin to company equity. This move aligns with SelfKey's mission to offer secure digital identity management. As an ERC-20 token, KEY is transferable across various wallets like MetaMask and Ledger. SelfKey's structure includes identity owners, certifiers, and relying parties, with the SelfKey Foundation focusing on ecosystem growth through strategic partnerships and incentive engineering, leveraging KYC-Chain for verification services.
