With the rise of modern technology, it’s becoming progressively more difficult to retain your own, personal privacy. Individual people struggle to keep their private information intact every single day - imagine the amount of work that huge, popular and world-renowned companies have to put in to keep their data secure. In this situation, cryptocurrencies and the people that stand behind them often become the main preservers of privacy. Certain companies are dedicated to the solemn purpose of creating data preserving technology. In this guide, we’re going to talk about one such company - SelfKey, and the Key coin behind it.
We’re going to cover the origins of SelfKey and the general definitions surrounding the company and the whole ecosystem. I’m going to tell you about the original purpose of the Key coin, what it stands for and what are the features that make it unique.
We’ll also talk about the Key ICO and do a full-on SelfKey ICO review.
What are SelfKey and the Key coin?
SelfKey is defined as an ecosystem designed to preserve the user’s digital identity and privacy. It is based on the blockchain technology - this is the backbone of the entire project and its success.
The company that SelfKey (and the Key coin) belongs to is called SelfKey Foundation. This foundation, together with some stakeholders and investors, keeps the ecosystem alive and running.
The company is composed of similar-minded people who all share the same goal - to make digital privacy the utmost priority when it comes to identity preservation, be it for companies or individual users.
SelfKey foundations are also concerned with transactions - the company wants to make them fully decentralized, secure and private. They see digital identity preservation as a fundamental human right - this helps the team to focus on and easily express their goals.
The SelfKey coin (or more commonly referred to as simply “Key coin”) is a token used in the ecosystem to manage the events happening inside of it and to ensure fluid transaction procedures. You could buy a second passport, pay for bank transactions and even attain companies or residences with the Key coin - all while preserving and keeping your ID a secret.
Why use SelfKey?
There is a very wide variety of reasons that could influence the usage of Selfkey and its token. They all follow one single logic, though.
Everybody wants their identity to be secure and private. Whether you were trying to emigrate or buy some bread and butter at the local supermarket - nobody wants their names and other private information plastered all around.
SelfKey provides its users with the opportunity to not only remain private on the ecosystem that they have created but to also perform transactions and provide services - all while having a peace of mind concerning security and anonymity.
SelfKey has a private data storage that they own, while similar systems use public storages. This means that there is no way of your information leaking out and being exploited by third parties, which might happen during a data breach with some other company or system.
Another great thing about SelfKey is that it allows for a very fluid and personalized KYC process.
“KYC” stands for “know your customer”. It is a process in which public domains, for example, banks, verify the identities and addresses of their customers and clients. This process tends to become quite tedious if done the traditional way, but this is where SelfKey steps in.
With the help of SelfKey, you can purchase a separate ID from verified providers and then provide it to your institution of choice. These IDs are usually reusable, so you don’t need to stress about getting a new one every single time for when you need it at different locations.
This type of process is great because SelfKey lets you minimize the amount of data that you provide to the institution. You can be sure that your private information (or simply information that you want to keep intact) won’t leak.
What is the Key coin?
The Key coin (or the Key token) is the currency used to perform transactions within the SelfKey ecosystem. Having a decentralized, encrypted currency lets you remain assured that all of the processes you perform on the platform’s marketplace are going to remain secure and private.
The Key ICO
The initial coin offering (ICO) for the Key coin happened on January 14, 2018. There was a pre-sale, pre-public sale and a public sale. Let’s do a quick SelfKey ICO review.
During the initial ICO, both BTC and ETH were accepted as currency for purchasing Key coins (except for the public sale, when only ETH was accepted). Given that the token is based on the same technical parameters (ERC20) as Ethereum, this streamlined the process and made it pretty straightforward.
The total supply of the Key tokens was 6 billion, the initial price per token - $0,015.
The ICO deemed itself to be a success. The hype level that had built up for the Key ICO was surprisingly high - the idea of a decentralized platform built with the solemn intention of privacy and security seemed to have worked.
It is still somewhat tough to do an objective SelfKey ICO review because of a considerably low time that has passed after it. Although, by the looks of things, people truly did pitch in and believe in the mission of SelfKey.
Taking a look at the price chart above, we can see that the Key coin had its ups and downs through ought its short lifespan. At the time of writing this, the token is currently valued at $0,005 - that’s a considerable drop from the initial price of $0,015.
These cryptocurrency price drops aren’t all that rare - the crypto market has seen its fair share of swings over the last few years. There are thousands of different reasons for why this happens - it could be anything, from a loss of interest to global events. My point is that the crash of value that the Key coin experienced isn’t some sort of an ultimatum - the price might fluctuate in the current area of value, or might one day skyrocket to the moon.
How to buy Key tokens?
If, after reading the SelfKey ICO review, you’ve decided to buy some Key coins, be warned - the process might be a bit trickier than you expect.
In this context, the Key coin is very similar to that of Ripple (XRP). Because Ripple isn’t decentralized (meaning that it’s owned by a private company), you couldn’t simply buy XRP with fiat currencies like USD, EUR, etc.
This same problem arises with the Key coin. Although it isn’t privately owned, the Key token belongs to an enclosed ecosystem - this eliminates the possibility of acquiring it with standard currencies.
If you want to buy Key coins, you’ll first of all need to purchase some other cryptocurrency - Bitcoin and Ethereum (especially the latter one) are the two that you’ll find most often referenced.
There are a lot (and I do mean A LOT) of internet marketplaces that offer to buy, sell or trade different cryptocurrencies for fiat currencies, but many people recommend using coinbase.com. It is one of the more well-known and trusted crypto trading sites and it offers decent exchange rates and good customer service.
After you’ve acquired the amount of crypto that you want, you can now head over to cryptocurrency exchange sites that list the Key coin as a possible option for purchasable tokens. Select the amount you want to buy and simply perform the trade - you provide Bitcoin or Ethereum (or any other suitable cryptocurrency) while receiving Key coins. And that’s it!
The SelfKey Wallet
Before you decide on venturing out and buying all the Key coins you can afford, do keep in mind that this token requires a specific digital wallet!
The SelfKey wallet is called the Identity wallet. It is a special, specifically designed digital storage that lets you not only keep your Key coins safe and sound, but also perform various transactions within the SelfKey marketplace.
The Identity wallet can be found on the official SelfKey website (selfkey.org). You can also store other ERC20-based cryptocurrencies in the wallet (i.e. Ethereum), which makes it a viable and versatile choice for when it comes to digital cryptocurrency storages.
The wallet is available on both Windows and iOS and is currently in the BETA version.
Let’s run down a quick summary of SelfKey and the Key coin.
SelfKey is an ecosystem created to preserve and further the privacy of individual people and companies when it comes to their IDs. The company behind SelfKey (SelfKey Foundations) is keen on making an ecosystem in which people and organizations could feel safe and secure while performing transactions and interactions in the meantime.
SelfKey features a marketplace which is the main platform of performing the above-mentioned transactions. In the marketplace, you can find different service providers that offer their expertise and products for a fee. These services and products include (but are not limited to) residence or business purchases, second ID providing, etc.
The currency used in the market transactions is called Key coins. These coins are used for a variety of reasons, and ensure both safety and trust within the ecosystem.
The ICO of the Key token happened in mid-January of this year. All things considered, you could call it a success.
If you want to purchase and use Key coins yourself, you will have to do it using other main types of cryptocurrencies (i.e. Bitcoin, Ethereum, etc.). Before doing so, however, don’t forget to create your Identity wallet - the hot wallet for storing your Key coins and other ERC20 cryptocurrencies.
With a noble cause of preserving privacy in mind, SelfKey continues it's development and is constantly being looked after by the creators. Having an actual applicable usage, it is probably safe to say that the platform and token aren't going anywhere any time soon.
We’ve covered SelfKey from many different aspects - I’ve told you about the company's goals and reasoning behind the creation of SelfKey, did a short SelfKey ICO review, talked about the Identity wallet and marketplace.
People often speculate about the longevity of one or another cryptocurrency. Price fluctuations, negative reviews, and world events often place people into one of two camps - they either think that cryptocurrencies are the future and that they shall withstand any problems in their way or they say that cryptos are a scam and a bubble that has already “burst a long time ago”.
Some cryptocurrencies are more prone to speculations than others (when have you ever heard anyone talk about VeChain?), but there is one golden rule that the crypto communities around the world believe in:
As long as a cryptocurrency is useful, it will survive.
As time goes on, we see more and more cryptocurrencies that are created with purposes that are of very high interest for the common person - security, anonymity, availability, fast transactions, etc.
SelfKey fits into this context pretty well. It is becoming increasingly tougher to keep your identity safe and secure (let alone private) in the modern world. If you want to perform any of the more high-tier transactions or interactions (banks, hospitals, residence purchases, etc.), you immediately become subject to a wide variety of exposure.
This is where the whole concept of SelfKey and SelfKey coins step in. Projects like this allow you to maintain a high level of privacy while still being fully functional and operational in the society.
Always remember to do a ton of research if you ever think about investing in SelfKey, or participating in its transactions. Read what the general population has to say about the project and the company itself - don’t just blindly trust one opinion.
I hope this guide was helpful for you, and that now you know a lot more about SelfKey, the Key coin and everything in between. Don’t hesitate to check the project out yourself!