SelfKey is a decentralized identity management platform powered by blockchain technology. It provides individuals and organizations complete control over their identities through a concept known as Self-Sovereign Identity (SSID).

The SelfKey platform lets users manage and control their personal data securely while enabling them to prove their identity to various service providers. SelfKey 2.0, the latest version of the platform, aims to adapt SelfKey as the identity provider for Web 3.0 and the Metaverse.

The SelfKey DAO, consisting of SelfKey iD Holders, maintains the platform in a decentralized manner. The SelfKey DAO aims to develop innovative digital identity solutions and empower individual users and businesses to take back ownership of their identity data from Big Tech organizations.

KEY is the native cryptocurrency of the SelfKey self-sovereign identity management platform. It is used to fund the SelfKey project, verify and establish users digital identities, access the SelfKey network, and buy services on the SelfKey Marketplace.

The SelfKey self-sovereign identity management platform gives individuals complete control over their digital identities and personal data. Here's how the SelfKey platform works:

Ownership and Control

SelfKey operates on the concept of self-sovereign identities (SSIDs). It empowers individuals to take ownership and control of their accounts, private information, and personal data. With SSID, individuals can manage their identities and decide how their information is accessed and used.

Non-custodial Identity

SelfKey provides a non-custodial identity solution. Users have complete control over their data, documents, and digital assets. Unlike centralized platforms owned by Big Tech companies, SelfKey ensures that individuals can securely store and manage their digital identities and assets without the risk of unauthorized access or censorship.

Ready for Web 3.0 and the Metaverse

SelfKey's identity management system is designed to be compatible with Web 3.0 and the Metaverse. This indicates that the platform aligns with emerging technologies and virtual environments, enabling users to integrate their self-sovereign identities into these contexts seamlessly.

Powered by Blockchain Technology

SelfKey utilizes blockchain technology to provide a secure and decentralized identity platform. By leveraging blockchain, the platform ensures the integrity and immutability of user data. Users can choose what information they want to share, select who gets access to it, and set the duration of access, all within the SelfKey Wallet.

SelfKey Wallet

The SelfKey Wallet serves as a central hub for managing personal information. It allows users to securely store and manage their digital identities, KYC documents, and other digital assets, including non-fungible tokens (NFTs). Through the wallet, users have granular control over their data and can decide how it is shared.

SelfKey was established in 2017 as a platform for self-sovereign identity management. In the token sale, which took place on January 14, 2018, the platform raised $21.7 million.

Edmund Lowell is a software engineer and entrepreneur who founded SelfKey in early 2018 to build a better financial system for the world. The project started in 2017 when KYC-Chain donated the code base of SelfKey Wallet to the SelfKey Foundation, following which the projects whitepaper was released. Key developments in 2018 include adding identity attributes and documents supported in SelfKey Wallet, support for ERC-20 tokens, the release of the public beta version, and support for hardware wallets.

In 2019, SelfKey launched the Incorporations Marketplace, received recognition for SelfKeys DID method by W3C, and launched the Bank Accounts Marketplace, Corporate Wallets first version, and the mobile wallet. SelfKey 2.0 was released in early 2022, offering support for decentralized digital identities for web3 and metaverse projects.

SelfKey could be a good asset in your crypto portfolio, especially if you believe in the potential of DIDs, web3, and the metaverse. As a project that supports secure access to web3-powered dApps, the rising mainstream adoption of web3 would drive up the value of SelfKey crypto.

The market for blockchain identity management, where SelfKey operates, is projected to touch $2 billion by 2023, growing at 80% annually. This suggests a growing demand for decentralized and secure identity management solutions, which SelfKey aims to address.

In addition to rising interest in DID solutions and web3 and metaverse sectors of the crypto industry, the SelfKey price could also head higher amid positive investor sentiment. A bullish mood among investors encourages buying activity in the crypto market, boosting the KEY price statistics.

While making an accurate KEY crypto price prediction can be complex and dynamic, here are some common factors that can impact the price of SelfKey coin:

SelfKeys Level of Adoption

The overall demand for SelfKey in the cryptocurrency market can affect its price. Positive market sentiment, driven by favorable news, partnerships, or increased adoption, can contribute to price increases. Conversely, negative sentiment or market conditions may lead to KEY coin price declines.

Future Developments Rolled Out By SelfKey DAO

Progress in developing and adopting SelfKey's technology, such as enhancements to its self-sovereign identity platform or new partnerships, can generate interest and potentially impact the KEY to USD price. Investor perception, influenced by news, media coverage, and community sentiment, can also affect the price of SelfKey.

Crypto Market Conditions

The broader market conditions and trends in the cryptocurrency industry can influence the price of SelfKey. Factors like market volatility, regulatory developments, and investor sentiment towards cryptocurrencies can impact the $KEY price.

KEY is the native token of the SelfKey DAO and ecosystem. It has the following use cases:

Native Currency

KEY tokens also function as a payment unit within the SelfKey network. Relying parties and certifiers who offer their services on the platform may require KEY token deposits to facilitate transactions and receive payment.

Verify Your Digital Identity

The KEY token allows you to verify documents and establish your digital identity within the SelfKey network. It provides a secure and decentralized method for proving your identity, essential for accessing various services.

Access SelfKey Network

KEY tokens are used as access rights to the SelfKey network. As an identity owner, you must hold and use KEY tokens to access the network's features and services.

Transact on SelfKey Marketplace

The SelfKey marketplace enables users to buy additional services using the KEY token. These services may include identity-related solutions, document notarization, and other offerings from third-party service providers within the ecosystem.

Trade or HODL KEY Coin

Trade SelfKey token on BYDFi Spot Market or other supported platforms to make the most of changing market conditions and volatility. You can buy or sell KEY against other crypto assets or hold it long-term if you believe in the future potential of the SelfKey platform. Remember to DYOR before making any investment decision in the crypto market to manage your risk exposure.

SelfKey ID offers several benefits and functionalities that empower you with control over your digital identity. Here are some of the things you can do with SelfKey ID:

Better Privacy and Security

SelfKey ID employs a zero-knowledge protocol, ensuring that users' private information remains private and secure. When using SelfKey ID, the user's data does not reach the server, enhancing privacy and mitigating the risk of data breaches.

Digital Identity Verification

SelfKey ID enables a streamlined and hassle-free process for obtaining a secure and private digital identity. The verification process prioritizes user convenience while maintaining strong security measures.

Secure Data Storage

SelfKey ID provides an identity wallet where users can securely store and manage their personal information and documents. This wallet gives users complete control over their data, ensuring that sensitive information is stored locally.

Identity Document Management

SelfKey ID allows users to add and manage various identity documents, such as passports, driver's licenses, and other forms of identification. Users can conveniently store and update these documents within their SelfKey ID profile.

Customize Your Profile

With SelfKey ID, users can customize their profile by adding a profile photo and specifying their country of residency. These features allow users to personalize their digital identity within the SelfKey ecosystem.

Secure Data Deletion

SelfKey ID lets users delete their identity information or documents from their wallets. This feature gives users control over their data and allows them to manage their digital footprint effectively.

According to the SelfKey whitepaper, the maximum total supply of the KEY token is six billion. As of June 2023, the circulating supply of KEY is just above 5.3 billion.

During the initial stages, the KEY token was the primary means of funding the SelfKey project. The project raised funds to support its development and growth through token sales.