What is SelfKey?

SelfKey is a self-proclaimed identity management platform that allows individuals and organizations to keep full control of their identity. The creators have introduced a concept known as the Self-Sovereign Identity (SSID).

The SelfKey foundation manages the project and plans to govern it based on principles of self-sovereign identity. In other words, the core theme for users of the network is to limit risk by storing and managing sensitive data themselves.

The internet has made the world a smaller place. With a few words and a click of a button, you can send messages tens of thousands of miles in only a few seconds. While that obviously means an easier life in many respects, it also introduces a new set of problems for the modern person.

Identity theft is a growing issue worldwide. Results from the Federal Trade Commission and private consulting group Javelin reveal that fraud victims in the US were up 8% in 2017 alone. Recent data leaks from Facebook and Google, considered by many as the darlings of the tech revolution, haven’t helped either.

Blockchain just might be the solution here, and fortunately, several startups have emerged and are racing to get in front of the problem. In this article, we’ll cover one of these popular projects known as SelfKey:

  • How Does it Work?
  • Project Details
  • Trading History & Sentiment
  • Where to Buy and Store
  • Advantages
  • Risks
  • Final Thoughts

How Does it Work?

Selfkey

Documents are shared with third parties using public/private key cryptography similar to that used in pioneer projects like Bitcoin. This ensures that these parties only have access to personal data when users specifically grant them access.

In addition, SelfKey has built a claims protocol which allows only the necessary information (like age, nationality, or gender for example) to be shared with third parties as and when needed. This should prevent the overflow of information between parties which often leads to data leaks and potential identity theft problems.

Project Details

The SelfKey project evolved out of several startup accelerators to become an organization known as KYC-Chain. The company enables organizations and individuals to better manage their know-your-customer (KYC) processes. The logical next step for the company was to raise funds in the ICO market and SelfKey was born. KYC remains a hot topic for the emerging cryptocurrency industry.

The Team

The team page is well-documented and provides a breath of fresh air compared to a host of other cryptocurrency startups out there. Most profiles have LinkedIn profiles attached – a good sign.

Selfkey Core Team

Edmund Lowell is the founding member of SelfKey and previously founded KYC-Chain as mentioned previously. His skills merge the fields of finance, technology, and law. These days, however, most of his time is spent recruiting the right members to keep the SelfKey project on course.

We won’t analyze all profiles here as the team is quite extensive. We will, however, provide a snapshot here of the core members in each of the other development, legal, and advisory teams:

Selfkey Design TeamSelfkey Legal TeamSelfkey Advisory Team

 

Partnerships

SelfKey already has a growing number of partners including notable mentions from established projects like Kyber Network and Polymath. It’s worth highlighting, though, that their partnership with Standard & Chartered Bank out of Singapore is what got people in the industry to stand up and notice. Together they manage KYC for token sales and Fintech startups around the world.

Roadmap

No official roadmap appears to have been given before the ICO. There is, however, a fair amount of update and progress tracking on their site for a roadmap from early 2018. Other than updates from Lowell, potential investors will want to keep their eyes on the remaining goals for 2018 which include the Cryptocurrency Exchanges Marketplace, Key Token Staking Functionality, SelfKey Browser Extension, and the Incorporations Marketplace.

Selfkey Goals

Trading History & Sentiment

Selfkey review and community sentiment on the web remains mixed. Some Reddit posts have suggested that the project may be nothing other than a pump-and-dump scheme. On the other hand, many other Reddit threads are hailing it as an innovative solution which may completely change the nature of the identity management landscape.

It’s particularly difficult to determine the value of projects like these in their early stages of development. Add to that the bear market which has played out year-to-date in 2018 and you may wonder about the long-term viability of SelfKey.

The KEY token was listed on exchanges earlier this year and has unfortunately performed quite poorly against other assets. After SelfKey news of the Binance listing in July, prices moved sharply higher. Prices have since fallen back to even lower levels than before the listing.

Many investors will want to see consistent strength from buyers before adding the token to their crypto portfolio.

SelfKey Price on Cryptocompare.com

Where to Buy and Store

SelfKey Price on Coinmarketcap.com

KEY Token

The KEY token runs the SelfKey ecosystem and was used as the primary way to fund the project. The token allows you to verify documents, access the network, and buy additional services via the SelfKey marketplace. It’s listed on several reputable exchanges including Binance, KuCoin, and OKEx. This is an important point since the bulk of new traders/investors will be found at these places of purchase.

Symbol: KEY
Specification: ERC20
Network: Ethereum
Circulating Supply: 2,400,000,000 KEY
Total Supply: 6,000,000,000 KEY

As with most new tokens, you won’t be able to buy it on fiat-to-crypto exchanges just yet. So you’ll have to get hold of some Bitcoin or Ethereum first and then transfer to the exchanges listed above before grabbing some.

Identity Wallet

SelfKey has created their own storage solution known as the SelfKey identity wallet which allows users to store, manage, and authorize documents. The wallet also provides additional features like cryptocurrency management and a marketplace for your typical administration – things like bank accounts, setting up a business, or passport control.

SelfKey Wallet

Advantages

Security

Decentralizing identity management is a huge step forward in preventing identity fraud. Centralized record keeping can be really wasteful and time consuming with traditional paper methods. More importantly, however, is removing the possibility of the so-called “honeypot” from the equation.

When a large number of records are stored in one location this naturally draws the attention of thieves looking to score big. In a decentralized scenario, hackers would need to break into many individual accounts to get the same payday. In most cases, this is just not worth the hassle.

One Time KYC

Know Your Customer is a pretty annoying requirement in the cryptocurrency space. Traders and investors often have accounts with several exchanges. Having to verify each one can be an incredibly time-consuming process. Think back to the end of 2017 when exchanges were turning customers away due to high demand and limited customer resources.

SelfKey would effectively do away with this by creating a verify once process. Once a certifier has validated an initial KYC claim, users can validate that proof just about everywhere with a few clicks of a mouse. This kind of scalability will be necessary for the future. Cryptocurrency markets are forecasted to grow and more people are bringing their identities online than ever before.

Risks

The Middleman Bottleneck

According to SelfKey, the network is highly dependent on third-party certifiers to verify identity claims. This works almost exactly the same way we do today, except by making the process more efficient on the blockchain. Lawyers, bankers, accountants, and government authorities, amongst others, as usual, are eligible to be certifiers.

This, however, doesn’t really address the issue of decentralization which is fundamental to building any project with blockchain tech. In other words, these certifiers are still middlemen and the potential bottleneck of the system. Unfortunately, certifiers still have excessive power which can be used to abuse the system. This can be illustrated by the recent arrest of an Immigration and Customs Enforcement (ICE) senior lawyer in Seattle.

Certifiers are still the bottleneck. These kinds of systems will only work if they are open to audit from the public. This is one of the biggest challenges when trying to merge decentralized blockchain solutions with traditional centralized processes.

Lack of Simplicity

The SelfKey website and whitepaper are not easy to follow. If users are going to trust in the possibilities of a blockchain future we need to make it easy for them to understand and adopt the technology. You can always explain great services in an easy way. Many cryptocurrency projects, however, suffer from very technical examples and convoluted explanations. SelfKey, unfortunately, falls in this category.

Final Thoughts

Nobody should deny that identity management is an area of the modern era that needs some serious attention. The anonymity of the internet makes it super easy for trolls, hackers, confidence tricksters, and fraudsters to attack from miles away. This begs the question of how jurisdictions of the world will function in the future.

Central authorities may not have many options as these kinds of problems cross international borders. Blockchain doesn’t stop at the border, however. And SelfKey is in a prime position to capitalize on this advantage. It does, however, already have serious competition from the likes of Civic and The Key. Who will come out on top? Just like the rest of us, you’ll have to stick around to find out.

More information on the project can be found on the following channels:


This article by Ryan Smith was previously published on Coincentral.com

About the Author:

Ryan is a web developer, writer, and cryptocurrency trader who hails from sunny South Africa. He eats, breathes and lives crypto. He has experience trading in the foreign exchange markets and is always trying to understand the bigger economic picture. When not meticulously looking over charts he can be found planning his next road trip or running around a 5-a-side soccer field.

When we think about industries set for disruption by blockchain, construction probably isn’t top of the list. After all, the traditional image of a building site seems far removed from crypto, coding, and hackathons. But there are potentially enormous benefits for putting blockchain and construction together.

This article will round up some of the possible use cases for blockchain in the construction industry.

Blockchain and Construction Supply Chains

A bad workman blames his tools, right? Maybe that’s a bit harsh, though. After all, the construction industry is dependent on the availability of quality supplies and tools, at the right time and in the right place. Given that the sector is highly fragmented with many different players, big and small, supply chains are a big deal.

Tools for Building

Purchase orders, delivery notes, and invoices are often still paper-based. Firms frequently don’t know if the supplies they need are in stock when they start a project, which leads to delays and incurs costs.

These aren’t even the worst consequences. UK government contract Carillion collapsed at the start of 2018, affecting the jobs of around 43,000 people as a result. Sources pointed to its poor supply chain management as being a critical factor in the collapse, through lousy credit management and a lack of visibility over projects and required supplies.

The blockchain is already proving its ability to transform supply chains, in one instance through the partnership between Walmart and IBM. Using blockchain to manage construction supply chains could create a single source of truth regarding the availability and provenance of construction supplies, as well as tracking payments.

The industry is taking notice of this use case for blockchain and construction. Recent announcements have now confirmed that Probuild, one of Australia’s largest building firms, has partnered with US blockchain construction innovator Brickschain for managing its global supply chain. The announcement confirms that “Probuild has the vision that Blockchain, IoT and Big Data can revolutionize the construction supply chain.”

The Brickchain Homepage

Blockchain and Construction Project Management

Construction projects rely on various parties to work together to complete a building based on pre-defined specifications. Each party expects payment based on work done. Therefore, the peer-to-peer connectivity of blockchain, combined with smart contract functionality, brings excellent opportunities to streamline construction project management.

One study into the potential of blockchain in construction project management found that “[o]n the construction site blockchain can improve the reliability and trustworthiness of construction logbooks, works performed and material quantities recorded.”

Industry publication Construction Manager (they don’t mess around with fluffy, ambiguous names in this business) also reported on the development of two prototype applications combining blockchain and construction.

TraderTransferTrust is a payment system built on blockchain that triggers payment only on the completion of work done. Physical proof of work, if you will. ConstructCoin is another project from the same development team. It aims to create a marketplace of information about the construction industry.

Reduce Litigation

The Construction Blockchain Consortium (CBC) is an industry group set up by its members to investigate the potential for how blockchain and construction could play together. While the above use cases are transformational, the CBC outlines some cultural shifts that may occur in the industry as a result of using blockchain.

The building industry has become highly litigious. The CBC highlights how using blockchain to foster a culture of collaboration and ownership could help to reduce incidences of parties suing one another for shoddy work or delays in project completion. Further, the consortium believes that a less litigious environment “should encourage a less ‘defensive’ approach to decision making and thereby encourage innovation.”

Digitized Land Acquisition and Building Rights

In their paper about the future of smart cities, McKinsey points to the current bureaucracy involved in land acquisition and building rights as a barrier to agile construction. The paper goes on to explain how digitized solutions will speed up the process of obtaining land and building approvals.

Blockchain-based land registries provide a vast improvement over today’s paper-laden processes. Blockchain allows for speedier approvals with no loss of paperwork or waiting for multi-party signatures on physical documents.

Additionally, in countries, land disputes are all too common. A permanent, unalterable record of ownership has distinct advantages in proving ownership. India is among the countries that have been trialing the use of blockchain in land registrations.

Building Inspections

Most buildings are subject to inspections at some point or another. Structures used by the public need checks to ensure adherence to safety standards. Building surveys often feature in sales of real estate, as they reveal any structural faults that may impact the valuation.

These inspections are often conducted in a fragmented way. An inspector or surveyor may have limited or no visibility of records from previous checks. This makes the process heavily dependent on the specific inspector, and errors or oversights may happen.

Building Inspection

Blockchain offers the opportunity for a piece of real estate to come with its own permanent record of past inspections. Blockchain data is immune to tampering by any party who may have an interest in ensuring structure passes muster. Similarly, blockchain could also record any structural or maintenance work undertaken on the property over its life cycle.

More Agile Planning

Currently, there is a lengthy process to procure public funds for investment in infrastructure. Governments must justify the need to spend taxpayer funds on a particular initiative. This means that new infrastructure investment can take months or even years to come to fruition.

As we move towards the smart cities of the future, increased connectivity and availability of information could significantly speed approvals for new infrastructure investment. For example, a government body may quickly build a case showing increased traffic flows in a particular area, using sensor data from a blockchain. This enables faster construction investment in road improvements, traffic calming measures or other means.

Hong Kong

Final Word

Blockchain and construction may seem unlikely partners at first. However, like so many other sectors, construction depends on trust-based interactions with other parties along with solid record keeping. Therefore, assuming the industry can adapt, blockchain could provide significant value to the builders of the future.


This article by Sarah Rothrie was previously published on Coincentral.com

About the Author:

Sarah ran away from a corporate job so she could travel the world. After doing that, she found herself a much-loved new career as a freelance blockchain technology writer. She is now a full-time digital nomad, who travels the world while working on her laptop. In addition to writing and researching, she also runs her own websites – find out more at sarahrothrie.com. You can usually locate her somewhere near the food.

It’s been three years since the minds behind the Minergate platform saw the need to level the mining playing field by providing PC users with the ability to combine their CPU power to mine cryptocurrencies. These cooperative mining pools make it possible for individuals to mine cryptocurrencies profitably in a time when large multimillion dollar data mining centers continue to spring up around the world.  To get a better understanding of the significance of the, let’s take a quick moment to review the current mining landscape.

The Not so Decentralized Cryptomarket

Today, mining is big business and unless you are ready to fork out some serious cash on some new hardware, you may find it difficult to profitably mine crypto in your area. Miners use specially designed mining rigs that are far more efficient at mining than your regular PC. On top of this new technological barrier, huge mining facilities have been popping up around the globe.  These gigantic facilities incorporate up to 15,000 mining rigs in a single location, and many consume as much power as a small city.

All of these developments in the mining arena have made it seem almost impossible for individuals to mine crypto from their home PC or laptop.

Minergate Is Born

It was in March of 2014 when Minergate first unveiled the concept of public mining pools to the world. Mining pools work by combining the processing power of all the computers on the network and then splitting the profits. This allows a person to mine using their home CPU or GPU, thereby eliminating the need to make a large investment in a mining rig setup.

Minergate

What Is Minergate?

Minergate was founded as the first public mining pool for cryptocurrencies utilizing the CrytoNote protocol. Today, this includes a wide variety of coins. You can easily mine a number of the most popular cryptocurrencies in the market including:

The Minergate sign up process is simplistic and doesn’t require any upfront fees. In fact, you only pay fees on the coins that you mine.

Minergate Stats

MG has boosted some impressive statistics since its inception with over 500,000 miners profiting from the use of the platform to date. Minergate also receives around 2,000 new signups a day. The ease-of-use and open nature of the platform make it ideally suited for anyone interested in mining cryptocurrencies on a budget.

Minergate Poolmining

Minergate isn’t alone in the crypto-pool mining space, and there are many options for a potential miner to consider. That being said, Minergate has some unique features that make it stand out amongst the competition in a major way.

Automated Merged Mining – Smart Mining

It shouldn’t be a huge surprise to learn that the guys who first brought the public mining pool concept to the market have now improved upon their design. The Minergate platform features a Smart Mining feature that calculates the current network hash rates and your PC’s power level to determine the most profitable coin to mine.

When initiated, this protocol will automatically select the most profitable coin at that moment and switch to another if the one selected is no longer the best option. This allows a would-be miner to mine multiple coins using nothing more than their home PC. It also provides Minergate users with more flexibility on the platform.

Two-Factor Authorization

Security in the crypto space is paramount and Minergate incorporates Google 2-factor authorization to provide you with an added layer of protection. This security feature requires you to access a time-sensitive code on your mobile device to guarantee that it’s you trying to enter the account.

Pure Coins

All the coins rewarded on the Minergate platform are pure coins in that they all come directly from unlocked block rewards. In this way, Minergate is providing their users with a true mining experience.

Cloud Mining

Minergate owns some of the largest mining facilities in the world and users can choose to rent more Hash power to improve their mining results directly from the platform’s interface. Minergate guarantees 24/7 mining proficiency from their rigs, and considering the sheer size of some of their mining facilities, it’s easy to see how they could accomplish this task.

Minergate – The Gateway to Mining Cryptocurrencies in 2018

Do you want to get into mining?  Minergate is one of the easiest and most cost-efficient ways for you to do so. This platform has proven to be a strong force in the crypto community, and as the mining sector continues to develop, you should expect to see more technological advancements in the field of home PC mining.


This article by David Hamilton was previously published on Coincentral.com

About the Author:

David Hamilton aka DavidtheWriter has published thousands of cryptocurrency related articles. Currently, he resides in the epicenter of the cryptomarket – Puerto Rico. David is a strong advocate for blockchain technologies and financial sovereignty.

Company Info

This website is a project by ZedBee Limited
NZ Companies registration nr. 5397562 (records)

Stephen Collie Enterprises

Menu

Contact

3/12 Cypress Street
Tauranga 3110, New Zealand

info@stephencollie.net

© 2018 Stephen Collie Enterprises