- What problem does it solve?
- It the crypto undervalued?
This week, a new altcoin was brought onto the public exchange: SelfKey (KEY).
SelfKey is an identity system that allows a person or entity to manage their digital identity. It enables instant and secure access to citizenship, exchanges, financial services, fintech products, token sales, and more. Users would enter their personal information only once and can use their information for any product and service on the SelfKey marketplace.
(1) So what problem does it solve?
SelfKey will reduce the risk of identity theft while introducing a faster and convenient identity management ecosystem. As a blockchain project, user identity will be verified and can be trusted by others.
(2) How is it undervalued?
I wouldn't call this project a 'development' but instead an 'organism' since features and specs will continue to change and evolve as SelfKey obtains adoption. The finished project isn't planned to launch until 2019 so there is plenty of time for changes.
Despite the long wait, SelfKey shows promise since it is backed by KYC Chain which is working with established companies and will partner with SelfKey to become the KYC leader for ICOs (initial coin offering) and token sales. (KYC stands for 'know your customer' and is a business process of verifying the identity of your clients. KYC is key for bank and anti-money laundering regulations especially during ICOs)
Also, SelfKey has a working demo.
As such, the KEY token is undervalued as it entered the public exchange on 1/15/2018 at 6 cents. The value will continue to grow as the team executes down the road map and utilizes KYC Chain's partnerships. This will accelerate KEY's adoption and drive up the value. Refer to KYC Chain's website.
To fulfill an ambitious road map, a good team is very important. The SelfKey team is balanced and is equipped with experienced personnel. I expect them to easily reach their Q1 goals with their ICO out of the way.
*Be sure to never invest money that you cannot afford to lose.
Buy KEY token
Since this altcoin was recently brought onto the public exchange, let me walk you through how to obtain KEY:
Since this altcoin was recently brought onto the public exchange, let me walk you through how to obtain KEY:
1) Create an account on Kucoin. You can use my referral link: Kucoin Registration
2) Navigate to the 'Assets' tab and click 'Deposit' for either Bitcoin (BTC) or Ethereum (ETH).
3) Send BTC or ETH via GDAX to avoid fees. Refer to my GDAX post for details.
4) Navigate to the 'Markets' tab, click on the 'BTC' or 'ETH' depending on which crypto you selected in step 3.
5) Search for 'KEY', then click on the 'KEY/BTC' or 'KEY/ETH' row to navigate to the exchange view.
6) Select the 'Price' and 'Amount' then click 'buy'
Note: if you'd like a refresher on sending and buying altcoins, refer to my Buy Ripple post.
Also, be sure to use a strong password and set up 2FA on Kucoin. (How to set up 2FA)
Conclusion
Congrats! You now have KEY in your crypto portfolio! Having such a new altcoin is exciting since you can follow it's progress from the beginning and see the SelfKey team dive through its road map.
Some of you may wonder how investing in a cryptocurrency such as the KEY token will fix a problem. In this example, an identity management system on a blockchain would strengthen trust and easily verify users for others. KEY is needed to participate on the SelfKey platform and to perform transactions on the platform. Therefore, investing in KEY will allow the project to reach fruition and allow you to benefit from SelfKey platform's offerings.
Want to follow KEY together? Come and join the cryptopicnic!
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