Binance offers a lot of ALT coins from small projects you probably haven't heard of with some of them trying to fix conventional problems with the blockchain.
The first project of my series I want to talk about is Selfkey. Self-key is an identity management platform that offers Self-Sovereign Identity.
With identity theft on the rise and large data leaks happening on a regular basis, we need more protection for our personal data. SelfKey is offering a solution to data leaks and hacks by letting you manage and store your own private data on the blockchain.
How it will work:
Documents are shared with third parties using public or private keys. This ensures that these parties only have access to personal data when users specifically grant them access.
In addition, SelfKey has built a claims protocol which allows only the necessary information (like age, nationality, or gender for example) to be shared with third parties as and when needed. This should prevent the overflow of information between parties which often leads to data leaks and potential identity theft problems.
Partnerships
The SelfKey team was quick to make partnerships in the Crypto world, They have signed partnerships with Kyber Network and Polymath already two recognized Crypto Currencies.
Their biggest partner is the Singapore based standard and charter bank where Together they manage KYC for token sales and Fintech startups around the world.
KEY Token
Symbol: KEY
Specification: ERC20
Network: Ethereum
Circulating Supply: 2,400,000,000 KEY
Total Supply: 6,000,000,000 KEY
The KEY token runs the SelfKey ecosystem. The token allows you to verify documents, access the network, and buy additional services.
Identity Wallet
SelfKey has there own Identity wallet which allows you to store, Manage and Authorize documentation. The wallet also offers extra features like managing and a market place for banks accounts, setting up businesses and passport control.
Verifying your online identity
If you go back to late 2017 when bitcoin was all over the media and exchanges had to freeze their registrations you where asked for so much documentation to be able to get verified to use the exchanges. SelfKey would allow you to simply supply that information via a couple clicks on the blockchain saving the hassle of verifying and supplying documents to unsafe third parties.
My thoughts
I think SelfKey has a bright future in the sector and at the current trading price, it is worth a gamble. The partnership with standard and chartered bank is outstanding and will help the team secure more partnerships in the future.