Re: [SALE] [SELFKEY] ID Wallet for Citizenship, Fintech, Exchanges and much more
Hello there, I have few questions (I am sorry if these are silly questions and/or have already been addressed):
- How is the data submitted be considered reliable without any third party verifying it? In other words, who verifies that the I am who I claim to be on the network?
- In order to make it works a lot of institutions have to accept the selfkey network as a reliable source, isn't it? Why should they do that?
Best regards
- How is the data submitted be considered reliable without any third party verifying it? In other words, who verifies that the I am who I claim to be on the network?
- In order to make it works a lot of institutions have to accept the selfkey network as a reliable source, isn't it? Why should they do that?
Best regards
The SelfKey Identity System involves three parties:
- Identity Owner, who wants to apply for a product or service and may be an individual or a juristic person.
- Certifier, who verifies identity claims, such as a notary, a utility company, an accountant or company registries.
- Relying party, a business that offers its products and services through the SelfKey marketplace.
As shown in the graphic above, the Identity Owner for example wishes to open a bank account in a bank listed in the SelfKey marketplace. The bank requires him to provide a certified copy of his passport, proof of address and bank reference letter from his current bank.
Through the Identity Owners digital identity wallet, the Identity Owner can access the documents stored in his personal device and share hashed parts of them with a Certifier, such as a notary, in order to certify them. To do that, the Identity Owner needs to pay KEY tokens to the Certifier.
The Certifier will send the certified documents back to the Identity Owner who in turn will share them with the Relying Party (the bank) to open the bank account.
The Relying Party will require a payment of KEY by the Identity Owner to conduct the KYC process and get his bank account opened. In turn, the Relying Party will pay KEY to the Certifier each time a certification made by him is used to onboard a client.
Placing KEY in a locked contract will also be required to access to the network (to prevent spam via an anti-Sybil mechanism).
Selfkeys token economy is consistent and designed to be feasible in the long term:
A user will pay tokens for the attestation of his identity. In the same way that you go to the notary with your physical document to certify it.
The user will pay tokens to onboard in a product or service. In the same way that you currently pay a registered agent to incorporate a company.
The relying parties will allocate a portion of the tokens received to reward certifiers, who have verified the identity of the customer that has been successfully onboarded.
As we have seen, each member of the ecosystem has a valuable role to play utilizing KEY, enabling a transactional economy between the parties. 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.
KEY is a mean of value exchange inside the SelfKey marketplace. KEY will be an efficient payment method to buy more than 300 products and services that will be available at launch.
With KEY you will be able to apply for citizenship and residency by investment, incorporate a company, open a bank account, purchase gold and other precious metals, apply for insurance and sign up for bitcoin exchanges, e-wallets and money transfer services, in a safe, secure, self-sovereign manner.