Idea & token
THEKEY’s roots stretch back to 2014, and over the years the company has achieved much. 15 patents, registered by China’s State Intellectual Property Office, 23 registered copyrights. A pilot program and massive work in researching market potential. THEKEY’s goal is to develop a decentralized identity platform using blockchain.
TKY tokens will fuel transactions in THEKEY’s ecosystem, which includes three types of participants: validators, service providers and individual users. The token is to incentivize community participation. Users will need to sign smart contracts that come with a built-in KYC protocol. The TKY token will be required for settlement of the smart contract signed between participants. Of note is the fact the project uses the NEW smart contract, rather than the popular ERC protocol.
THEKEY’s team consists of programmers, data scientists and R&D specialists, which is quite fitting, considering the specifics of the project. CEO Catherine Li is the main architect behind the Data Acquisition Program, thanks to which THEKEY has collected data from 210 million users in 66 cities. According to the project’s White Paper, the team has 9 core members as well as three blockchain experts as advisors.
THEKEY is a project already sporting significant support. It has been working on solidifying its positions well before the token raise was launched. This certainly helps understand THEKEY is not just a short-term project made as a quick money-grab for its owners. The platform already has data from hundreds of millions of people, and the pilot project of the identity system was launched in China’s cities of Kaifeng and Jiaxing.
What’s currently unclear is the system’s monetization. For instance, there is no confirmation on additional identity services and functions that could be bought with TKY. The token’s early use cases may therefore be somewhat limited. Furthermore, although not exactly a risk, one should remember that this is a project proposing taking of personally identifiable information, and putting it in a blockchain, where it will exist forever. How users valuing their privacy are going to regard this is unclear.
THEKEY ICO datesexport to calend
As more and more services and socializing shift from the real world to the online world, identifying each other digitally has become a prominent theme. Development of Identity Verification (“IDV”) Technology is one of the most significant trends, which will have a critical impact on the digital economy. However, none of the existing online IDV technologies addresses two fundamental requirements: results generated from online IDV should be undeniable and unalterable.
THEKEY Project is now developing a second-generation IDV solution for the internet via BDMI technology. BDMI stands for “Blockchain based Dynamic Multi-Dimension Identification” technology. Such a solution perfectly echoes the main requirements for identifying each other in the digital world, which is ‘The Key’ for migrating people from the real world to the online world. BDMI, as the name of it, synergistically combines Dynamic Multi-Dimension Identification (“DMI”) technology and blockchain technology. DMI has already passed its development stage and is currently applied to THEKEY’s existing first-generation IDV solutions, which has built a very solid ground work to guarantee the successful development of BDMI