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What Is Selfkey?

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Nov 24, 2022
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4 min read
what-is-selfkey

This blog post will cover:

  • About Selfkey (KEY)
  • Where did Selfkey (KEY) come from?
  • What are the advantages of Selfkey (KEY)?
  • What are the disadvantages of Selfkey (KEY)?
  • How to buy Selfkey (KEY) on SimpleSwap?

About Selfkey (KEY)

SelfKey is a decentralized user identification service where people can fully manage their personal information. There are such products and options as financial services, exchanges, token sales, passport/citizenship registration, and more. Every user has the right to decide when, to whom, why, and what kind of personal data to transfer. No one has access to this information without the user's consent - this is what SelfKey calls "self-restricted identity".The SelfKey network includes the Identity Wallet - a wallet that allows users to request identity certificates. There is also the Marketplace which provides an opportunity to buy products and services.

Where did Selfkey (KEY) come from?

The creators of the SelfKey crypto project are programmers from KYC Chain, which has been providing KYС (know your customer) services to various commercial entities since 2013.The SelfKey team is quite big — it includes more than 40 participants working on the creation and development of various sectors of the project.The team is led by Edmund Lowell, an entrepreneur and CEO of KYC-Chain Ltd. He was the first in the field of Сrypto implementing blockchain technology in KYC processes to simplify data processing for all participants of the program.The SelfKey (KEY) cryptocurrency was first introduced to the crypto market in early 2018 at a modest price of $0.08 per token.

What are the advantages of Selfkey (KEY)?

  • Ensures reliability and security
    
    SelfKey is using a decentralized information storage structure.
  • Use of a digital document flow optimization algorithm
    
    This helps to avoid wasting time on collecting the necessary supporting documentation to provide it to the relevant services and government agencies.
  • Ensures confidentiality
    
    This guarantees users that their personal information will not fall into the hands of third parties.

What are the disadvantages of Selfkey (KEY)?

  • The need for third-party services
    
    There is a strong dependence on third-party services that provide services for the certification of input information. Because of this, the platform works on a similar principle with modern services, the only factor that speeds up the process of entering and issuing information is the use of blockchain technology.
  • Non-mineable
    
    There are no proposals for crypto mining of the internal KEY token. This situation automatically cuts off a part of the user audience engaged in the mining process of the digital assets.

How to buy Selfkey (KEY) on SimpleSwap?

In this article, we have reviewed SelfKey. If you are interested in the KEY token, we suggest you go to SimpleSwap and make an exchange of your cryptocurrencies using the instructions below:

  • For example, you want to swap BTC for KEY. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select KEY in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. KEY will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to KEY exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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