What is KEY?

Question

What is KEY?

Accepted Answer

## TLDR  
SelfKey (KEY) is a blockchain-based identity management system enabling users to control their digital identity while accessing financial services.

1. **Decentralized ID solution** – Securely manage KYC data and credentials  
2. **Integrated marketplace** – Streamline access to crypto/fintech services  
3. **High supply concentration** – 76% held by whale addresses

## Deep Dive  
### 1. Purpose & Value Proposition  
SelfKey targets inefficient Know-Your-Customer (KYC) processes through a self-sovereign identity framework. Users store verifiable credentials in a wallet to instantly authenticate for exchanges, banking, and corporate services - potentially reducing onboarding times from days to minutes ([CoinMarketCap](https://coinmarketcap.com/currencies/selfkey)).

The platform’s marketplace aggregates 300+ crypto/fiat services (as of 2023 data), though recent partnership updates are scarce.

### 2. Tokenomics & Governance  
- **Fixed supply**: 6B KEY (all circulating)  
- **Use cases**: Pay for identity verification, marketplace fees, and governance (though voting mechanisms remain unclear)  
- **Concentration risk**: Top 10 addresses control 59.7% of supply ([CoinMarketCap](https://coinmarketcap.com/currencies/selfkey)), creating volatility susceptibility

## Conclusion  
SelfKey addresses a critical Web3 need – portable identity – but faces adoption hurdles against regulated alternatives and newer zero-knowledge solutions. **Can decentralized identity gain traction before centralized Web2 providers dominate the space?**

What is SelfKey (KEY)?

TLDR

Deep Dive

1. Purpose & Value Proposition

2. Tokenomics & Governance

Conclusion

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