Why Investors Should Pay Attention to SelfKey
Futurists often say that it is very hard to predict what the future looks like, because brand new problems pop up that no one would have been able to conceive of decades before. For example, you have something like cell phone addiction or the unique neck problems that result from using your cellphone too often. These are occasionally referred to as “first world problems”, but they are problems that need a solution.
One other problem we couldn’t have seen coming a decade ago would be the growing issue with data sovereignty and how our personal data is stored. Recent hacks of companies and news stories about how our data is used against us should serve as a warning sign that we need to be much more careful with how we handle this.
The first thing to realize is that there is no company we can trust to just hold our privacy data and not do anything with it. If Facebook is given our phone numbers, they are going to do something with it. This has created the need for a decentralized solution that doesn’t even allow the organization holding the data to monitor it.
The SelfKey Solution
The blockchain technology based company SelfKey presents the perfect solution. By allowing users to control their own digital identities, it solves many of the privacy and security problems of our time. Ideally, they can act as a go-between, so your data never actually gets shared. Think of it like someone vouching for you, so you don’t need to show your ID.
The most important part of SelfKey is its self-hosted data storage. As mentioned above, this protects your information from hackers and even other companies wish would like to use your information to target you better with advertisements. This also allows SelfKey to speed up the KYC process, since you already have all this data in one place and can easily certify your identity in the most efficient way possible. Creating one-click identity verification processes is just one of the many things SelfKey is doing to mitigate the many inefficiencies of our current financial system.
SelfKey’s Business Model
There are three main features of SelfKey that make it uniquely appealing: the identity wallet, the marketplace, and the ecosystem. We’ve already discussed the identity wallet above, but an additional feature to note is that it also allows for the seamless management of cryptocurrency portfolios (includes ETH, ERC-20 tokens, and KEY).
SelfKeys Marketplace allows for users to shop for a range of immigration and financial services. You can do anything from setting up a business to getting a second passport. The first well-known use case of cryptocurrencies several years ago was to buy and sell illegal goods on an anonymous digital network named “The Silk Road”. In a way, SelfKey’s marketplace is a natural (and much more legal) evolution of this.
The KEY token is the payment method of choice for the marketplace, so naturally it is in high demand. If users want to access the network and buy services, so all the customers of SelfKey would end up owning KEY token.
By operating inside the SelfKey ecosystem, users can be assured their data is safely stored. Security and privacy are not an issue, and the KYC process becomes easier and easier as more organizations enter the ecosystem.
The Long-Term Perspective
In order to purchase KEY, you need to have Ethereum and can use exchanges such as Binance or Kucoin to purchase it. The coin is currently trading around $0.0539, which represents a significant decline since its maximum of just above $0.03 in late June. The entire market has suffered from a downturn, but that is not an indicator of the future potential performance of this altcoin.
Natural scarcity of KEY tokens and a powerful use case that many will want access to make it a great investment. If any part of you believes that the current methods of handling our privacy data doesn’t make sense, then you should at least consider investing in SelfKey. The market for managing crypto currency portfolios and facilitating immigration and financial services more easily is not going away.
Featured image courtesy of Shutterstock.