What is SelfKey (KEY) and how does it work?

SelfKey, represented by the token symbol KEY, is a decentralized identity system that aims to give users control over their own personal data. Let’s delve deeper into understanding SelfKey, its goals, and its implications in the current digital age.

What is SelfKey?

SelfKey is a blockchain-based digital identity system that enables its users to own, control, and manage their personal information truly. This system provides a mechanism for users to keep their sensitive personal data on their own devices, ensuring privacy and security. Launched on January 15, 2018, SelfKey was founded by a group of professionals specializing in digital identity protection and blockchain technology.

What problem does SelfKey solve/what are its use cases?

SelfKey aims to address several key challenges in the digital world:

1. Data Privacy: In the era of data breaches, SelfKey offers a solution where personal data is stored on the individual’s device, not on a central server.
2. Identity Verification: This provides a platform for users to verify their identity once and use this verified identity across multiple platforms.
3. Control Over Personal Data: Users have full control over their data, deciding when and where to share it.
4. Simplified KYC Process: Businesses can streamline their Know Your Customer (KYC) processes through SelfKey, making onboarding quicker and more efficient.

How can I buy SelfKey?

If you’re interested in acquiring SelfKey tokens (KEY), follow these steps:

1. Visit Binance.
2. Register or log in to your account.
3. Using the search bar, search for KEY or SelfKey.
4. Choose the amount you wish to purchase and finalize your transaction.
5. Transfer your KEY tokens to a secure wallet for safekeeping.

For a comprehensive step-by-step guide on buying SelfKey, check out How to Buy SelfKey.

What are the tokenomics at August 2023?

• Circulating Supply: 5,304,969,445.705637 KEY
• Total Supply: 5,999,999,954.464072 KEY
• Maximum Supply: 6,000,000,000 KEY

What was the initial token distribution and vesting schedule of SelfKey?

SelfKey (KEY) Initial Token Distribution:

Note: The total supply from the ICO was 6,000,000,000 KEY.

SelfKey (KEY) Vesting Schedule:

• Token Sale (55%): These tokens were distributed to participants immediately after the end of the token sale.
• Community, Partnerships & Advisors (33%):
  • Advisors: The tokens allocated to advisors had a 2-year vesting period, with a 6-month cliff.
  • Partnerships & Community: Tokens in this category were generally earmarked for future partnerships, community rewards, and other promotional activities. The exact vesting or distribution schedule could vary based on individual partnership agreements and community initiatives.
• Long-Term Foundation Budget (10%): These tokens were reserved for long-term development, with a 2-year vesting period.
• Token Sale Expenses (2%): These were allocated to cover the expenses of the token sale and were not subject to vesting.

What are the best wallets for SelfKey?

SelfKey, being an ERC-20 token, can be stored in any wallet supporting Ethereum-based tokens. Here are some recommended wallets:

• Metamask
• MyEtherWallet (MEW)
• Ledger Hardware Wallet
• Trezor Hardware Wallet

How can I find more SelfKey news?

To stay up-to-date with the latest developments and news related to SelfKey:

• Visit their official website.
• Read their whitepaper for a deeper understanding of the project.
• Follow SelfKey on Twitter.
• Join the discussion with the community on Reddit.

The SelfKey ecosystem represents a leap forward in how we think about identity and personal data management. In an increasingly digital world, SelfKey offers a beacon of privacy and control.