What is SelfKey (KEY)?

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).

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), 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?