SelfKey - KEY
Updated: Jun 21
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What is SelfKey (KEY) and how does it work?
SelfKey is a blockchain-based digital identity platform where users can own, control and manage their digital identities, such as passport and residency, and provide it instantly and securely to crypto exchanges, fintech companies, and banks when undergoing KYC-required registrations.
Traditional KYC processes are usually lengthy, costly, and unsafe, as the data is often stored in centralized databases that could be subject to breaches. Using blockchain to decentralize the process and add a layer of cryptographic encryption can significantly improve the whole process from an efficiency and security perspective.
SelfKey distributes information across the network nodes like other cryptos, such as Bitcoin, while securing it by using public and private key cryptography to limit access to essential data and files stored on their platform. Additionally, it has a built-in system that allows users to instantly access basic information such as name, gender, age, or other necessary ID data.
The platform has three main components:
SelfKey wallet - serves the purpose of connecting users with their personal data and to the SelfKey marketplace. Users can access their data within the wallet with privacy, transparency, and security while managing their identity information and private data.
The utility token KEY - is an ERC-20 token on the Ethereum network, as the identity management protocol is built on this blockchain.
SelfKey marketplace - a market hosting over 300 products and services, including access to crypto exchange and bank account, that can be accessed through the verified identification on the wallet and does not require a complete KYC verification.
SelfKey crypto is unique in its utility and end goal of creating a single ecosystem where users can rely on a simple application for their digital identification needs while storing the data in a secure environment protected by identity theft and data leaks. Furthermore, with a simple one-click KYC verification, the process gets massively simplified on many websites, where it can be long and tedious.
Last update 16/6/2022
SelfKey crypto, or just KEY, launched on Binance in August 2019. Unlike many other projects, its first few months were characterized by a lateral move fluctuating around its listing price of $0.0015. However, it broke that pattern the following year, in August 2020, when it breached its previous all-time high of $0.0024 and rose to around $0.0046, an increase of over 180% over the first year.
Following that, KEY price had a correction that saw it drop back towards its 20EMA and 50EMA, printing yearly lows around the $0.002 mark. However, this move was short-lived as only a few months later, in December, the crypto started to skyrocket and increased by over 1080%, printing a new all-time high around $0.027. This move was hyperbolic and made KEY one of the best-performing cryptocurrencies of the period. However, this move was short-lived, and just a few months later, the crypto started to decline, losing most of its gains in the following months.
In the following weeks, the KEY price dropped back to around $0.0063, a 76% drop, before moving upwards towards $0.016, then again falling, fluctuating between these two prices for the next few months. This pattern was broken when in May 2022, with the overall crypto market crash, the coin fell below the previous year’s support level of $0.063 and as low as $0.0032, where it currently sits.
SelfKey price prediction suggests that the coin might continue to fall even further, as the major significant supports sit lower than the current level, at around $0.0015, KEY’s original listing price. It’s still early to know but based on the current fall, the token is entering a good area for investors to jump back in and start accumulating.