In line with our commitment to transparency and regular development communications, we are excited to share our monthly Product Progress Report.

Identity Wallet

The development of the SelfKey Identity Wallet Alpha is on its way. During the last weeks we have made progress that allow us to move towards the completion of new development milestones.

Digital ID: We have implemented the creation of a new SelfKey ID, allowing you to assign locally stored identity attributes and documents. This will allow you to create a KYC profile once, and be able to share it with service providers without having to repeat the same process over and over again.

ERC-20 Tokens: We have also implemented the ability to send and receive any ERC-20 token. This means that you will be able to manage your entire Ethereum-based token portfolio in a visual and intuitive way. The wallet will integrate the latest token prices from CoinMarketCap so that you can stay up to date on the latest market price changes.

Infrastructure improvements: We have been working on a few critical infrastructure improvements which ensure we can scale the wallet reliably as we grow. These local database upgrades (SQlite) will improve the performance of the wallet in the long-term as more data, documents, and information are added to your identity profile. In the future, you will be able to backup your wallet in case you upgrade to a different device.

Testing: We have decided to make a few testing methodology changes and extend our testing phase to include a longer external testing process. We believe that it is an essential step to provide a product with the highest standards of quality and security, and to avoid long-term project setbacks.

Marketplace

The significant advances in the core ID features of the application have allowed us to allocate more resources to the marketplace development.

Exchanges Marketplace: We are currently working to integrate the Identity Wallet to cryptocurrency exchange platforms that will be listed in the Marketplace. This will allow SelfKey users to submit their SelfKey ID to instantly sign up for a verified exchange account without needing to upload their ID data and documents again, while allowing exchanges to conduct KYC on these account applications and be compliant with the highest AML&CTF standards.

Currently, Exchanges are facing regulator pressure to implement the proper processes in order to be compliant with KYC & AML/CTF regulations, facing the risk of fines or even being shut down if they do not do so. At the same time, they are inundated with new customer signup requests. Some exchanges have at times, stopped taking new accounts altogether. SelfKey provides a solution for exchanges to efficiently solve both problems.

Due to the growing market need for providing identity verification and compliance services for exchanges, we will prioritize and concentrate our efforts in the development of the Exchanges marketplace over the Token Sales marketplace. In the meantime, we will keep powering KYC for Token Sales through our customizable KYC onboarding web app.

Staking: The smart contract that enables the KEY token staking functionality has been completed. We are now working on invoking functions requirements that will allow wallet users to stake and retrieve staked tokens from within the wallet, as well as the necessary code to unlock/lock the marketplace. If you haven’t done so yet, take a look at our The KEY Token Economy article to understand why staking will provide trust and reputation in the SelfKey ecosystem and some of the benefits that KEY entails.

KYC Onboarding integration: We are finalizing the integration of our KYC Onboarding web app to the Identity Wallet to allow relying parties to manage and screen KYC applications sent from the marketplace in an easy, quick, secure and reliable manner.

Marketplace Listings: The business development team has made significant progress in February to add more products to the marketplace, and provide more utility to KEY holders.

During the last month we have announced agreements with:

Kyber Network , to allow identity wallet users to exchange tokens using Kyber infrastructure and support from within the wallet.

, to allow identity wallet users to exchange tokens using Kyber infrastructure and support from within the wallet. A Cayman Islands-based bank , which will offer USD bank account opening and gold backed loans for corporate and individuals within the SelfKey Marketplace.

, which will offer USD bank account opening and gold backed loans for corporate and individuals within the SelfKey Marketplace. A Curaçao-based bank , which will offer EUR and USD bank account opening for corporates and individuals within the SelfKey Marketplace.

, which will offer EUR and USD bank account opening for corporates and individuals within the SelfKey Marketplace. NTL Trust , which will provide citizenship and residency by investment services, as well as corporate services within the SelfKey Marketplace.

, which will provide citizenship and residency by investment services, as well as corporate services within the SelfKey Marketplace. Global Advisory Group , a citizenship by investment provider.

, a citizenship by investment provider. Vanuatu Information Centre , a Vanuatu citizenship by investment agent.

, a Vanuatu citizenship by investment agent. Invox Finance, which will use our KYC application for either their Token Sale and their blockchain-based invoice financing platform.

Conclusion

We are satisfied with the product progress achieved in February, especially in successfully overcoming roadblocks that arose in the development process.

We have improved the product management and requirements gathering process by creating standardized artifacts and processes, leading to a more efficient development process.

We closed January with an airdrop that did not have the expected performance, but we learned a number of valuable lessons. We have implemented a more extensive testing, analysis and evaluation process both in the development of specific features and in the SelfKey wallet as a whole. We have also begun user testing with our community so that we can be more empathetic to community needs.

We are working hard to meet the Wallet Alpha launch milestones set out in our road map, however, we are prioritizing risk mitigation and the delivery of a detail-oriented and quality product. This should, in turn, boost our growth as a company, team and community to achieve the long-term goals.

Finally, we are happy to share that we are working on a new official website; we aim to make selfkey.org a comprehensive and transparent information and resource point on our project, to strengthen our branding, and to better communicate our mission and vision. We have finalized the website content and design is almost ready to be coded. Stay tuned!

If you have questions or just want to chat about SelfKey with the core team, we invite you to be part of our Telegram community. To stay up to date on the latest news and announcements, join our announcement channel or subscribe to our mailing list.

Thank you very much for your continued support.