Overview

SelfKey is an end-to-end digital identity platform where its users are able to store original identity attributes and documents (e.g. a passport), in a secure digital wallet which only they have access to. From this wallet, the identity owner can have those documents verified by a certifier on the SelfKey Network (e.g. a notary) and then share those certified documents with relying parties (such as a bank) to apply for and purchase financial services, again, all via the SelfKey Network.

There are many competitors in the identity space, but some well known competitors focus on authentication, not identity. Being able to authenticate in a web service is not the same as proving your identity to a third party, especially to satisfy modern KYC (know your customer) standards. SelfKey was designed to work with the highest KYC standards.

The technology behind SelfKey has been developed over several years and has tracked the evolution of international KYC standards having gone through 3 different accelerators, (Accenture fintech lab, Supercharger Accelerator, Siam Commerical Bank’s digital ventures). The technology was also part built with feedback from Standard Chartered Bank.

SelfKey is developing its Identity Wallet to store ETH any ERC-20 tokens. This will allow instant participation in multiple token sales, satisfy KYC requirements for those sales and make payment in ETH possible with just one-click.

SelfKey is not limited to individual persons — it can provide linked identities and multilevel verification for companies and offer services to aid company management, such as stock transfer ledger services.

Marketplace

The SelfKey marketplace has more than 300 real products and services, including residency and citizenship by investment, company incorporation, bank account set up and much more.

SelfKey has already established partnerships with both certifiers and relying parties including financial service providers, corporate services providers, registered agents, lawyers, notaries, consulting firms, among others. These partnerships have been formed over a number of years. This project did not ‘spring up’ over night and has been a concerted effort by many participants — but one can argue — this is just the begininng.

At launch these services will be available through KEY tokens and KEY tokens will power the SelfKey network in a number of ways. Each member of the ecosystem will need to “stake” a certain amount of KEY in order to participate.

In addition to the products and services offered in the SelfKey marketplace, SelfKey has also been powering the KYC onboarding process for other token sales.

In fact, SelfKey has already helped power some of the biggest token sales of Q4 2017, and is currently processing KYC for purchasers of Gatcoin, in addition to others scheduled for next months.

With token sales coming under increased regulatory scrutiny it is important to have a fully compliant KYC process and SelfKey is already providing this service as a market leader.

Technology and services

SelfKey will have a layer of modular microservices that at launch will include:

eNotary: Notarize the document w/ a real notary. Legally binding & valid.

eSign: Sign a document. Sign with x509 or blockchain keys

Hash Function: Timestamp data or documents in the ethereum public chain

Collector / KYC templates: Collect KYC from anyone, in any country, any time

Remediator: Check against major sanctions lists to avoid onboarding terrorists, drug dealers, human traffickers or politicians,

Company Registry: Check to see if a company exists in a government registry.

Company Laws: Trust, Tax and legal information organized for over 120 countries

KYC Laws: KYC laws in over 80 jurisdictions

Some of these services will be offered by KYC-Chain Ltd and others by SelfKey, using a technology that has been developed in the last 3 years.

SelfKey technology is being built in-house with a team of more than 24 designers & experienced developers. At SelfKey, we do not outsource the core functions of our business because we believe that technology companies must build their own technology.

Token Economy

Another substantial difference with other competitors is the token economy.

SelfKey’s approach is consistent:

A user will use KEY tokens for the attestation of his identity, in the same way that you go to the notary with your physical document to certify it.

A user will use KEY tokens to onboard a product or service, in the same way that you currently pay a registered agent for the incorporation of your company.

Relying parties will allocate a portion of the KEY tokens they receive to reward certifiers, who have verified the identity of the customer that has been successfully onboarded.

Users must also “stake tokens” for certain actions — i.e. a notary must stake a certain amount of KEY tokens in order to become a notary in the system. If they issue notarizations incorrectly, then they will lose these staked tokens.

In this way, all parties involved in the SelfKey ecosystem are incentivized to have good behaviour using the KEY token.

The user can truly control and manage his digital identity and can apply for products and services easily and immediately, avoiding tedious application processes. Certifiers monetize their attestations and relying parties charge tokens for a product or service, get new customers and reduce KYC onboarding costs.

SelfKey has been designed to establish a self-sovereign identity system — a game-changer forhow identity transactions are to be carried out — and to enable financial services inclusion. Great care has been taken to plan a consistent token economy that will prosper in the long term.

Design

SelfKey’s approach is transparent. The user does not store any data or documents on a centralised server and only an encrypted hash of the document appears on the Blockchain. All of the user’s identity documents are securely stored on that user’s personal device. SelfKey does not maintain a centralised database of identity or other personal data.

This means that the identity owner decides what documents are shared and with whom those documents are shared so they retain complete control over their digital identity.

Furthermore, SelfKey will also enable data minimization, with attested claims where only the required information (and nothing more) will need to be shared.

The SelfKey code is open source, meaning anyone can collaborate and improve the ecosystem and can build applications based on it.

If you wish to learn more about SelfKey you can check out the official website and whitepaper, if you have questions, give us your feedback or just stay in touch with the core team, you can join us at Telegram.

We will announce our Token Sale soon… Stay tuned!

Purchasing SelfKey, a Self Sovereign Identity Token (known as “KEY”), should not be considered an investment, and it should not be purchased for speculative reasons.

The KEY token does not give its holder any right to profits, and it does not represent any ownership interest. It confers no ability to vote or manage. KEY is a digital asset that has value and utility solely within the SelfKey Ecosystem for the exchange of goods or services.

This document contains statements relating to future events and intentions, beliefs, expectations, and predictions for the future. Words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “we believe, we expect, estimate, project, may,” “will,” “intend,” “plan,” “believe,” “target,” “forecast,” “would” or “could” (including the negative variations thereof) or similar terminology used in connection with any discussion of future plans, actions or events generally identify forward-looking statements within the meaning of the laws of some jurisdictions. These statements are based on current expectations. However, there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this document.