One of the biggest goals in the digital age is to have complete control and ownership over your digital identity. The Selfkey project has created a “Self-Sovereign Identity” system that allows companies and individuals to manage and protect their identities. The idea behind the project was to give users complete control over their sensitive data, thereby reducing the risk of identity theft.
The Selfkey ecosystem also integrates a blockchain-based financial services marketplace. This allows users to access a range of DeFi services and products hosted on the platform. So, what exactly is Selfkey? In this guide by Zatrun.com, you can find everything you need to know about the project.
What is Selfkey (KEY) and How Does It Work?
Selfkey supports users in storing and securing their sensitive data in one place. To do this, it works as a blockchain-based decentralised identity management platform. As the internet becomes a bigger part of modern life, new problems are emerging along with the advantages of easily accessible data and information.
Identity theft is a growing type of fraud that raises concerns. The project creates a secure and safe ecosystem for storing your personal data and creating your digital identity. The system also hosts a marketplace for various financial services and products. For example, users and businesses can create a bank account on a decentralised platform. The platform simplifies the KYC process, making the identity verification process short and secure.
Selfkey distributes information among network nodes, as Bitcoin does. Public and private key encryption is used to restrict access to important data and files stored on the platform. In addition, the project has a special system that allows users to instantly share their basic information, such as name, gender, age, or other necessary identity data, with third parties. This system is what prevents data leaks and identity theft.
Is KEY a Good Investment?
KEY coin is the cryptocurrency of the Selfkey platform and enables the ecosystem to function. Users can exchange value with this cryptocurrency and pay gas fees. However, KEY coin is also available for staking. KEY coin holders can passively earn returns by staking their tokens in the network that works with a Proof-of-Stake mechanism. Access to DeFi products and services also happens through this cryptocurrency.
SelfKey offers a solution to prevent data leaks and identity theft. It is also a software that allows for KYC processes to be completed with just one click. The project provides a secure identity management platform that allows users to store their data and personal information safely and with full ownership over who can see it. Considering that we are in the era of data, it can be said that the project has the potential for further growth in the future.