The blockchain-based self-sovereign identity firm SelfKey Foundation has announced the public launch of its desktop application: the SelfKey Identity Wallet Beta.
After powering KYC for some of the most successful token sales over the last months such as Airswap, Aditus, and HoToKen, and having sold US$21.7 million worth of KEY tokens in a token sale that lasted 11 minutes, SelfKey delivers its long-awaited flagship product, the Identity Wallet, which is expected to be a game-changer in the identity management industry.
The SelfKey Wallet is a private and secure by design desktop application conceived to solve current major identity problems such as data breaches, current tedious and paper-based KYC processes, and identity data oversharing.
The SelfKey Wallet leverages self-hosted identity data storage, where identity always remains under the control of its owner and a reusable KYC feature, with which identity owners can leverage their verified identities to instantly access products and services. The Wallet also utilizes a blockchain-based verifiable claims protocol that allows users to prove specific ID attributes without sharing their actual ID documents.
As of next Thursday, anybody who wishes to will be able to build their SelfKey ID for future use in the upcoming SelfKey Marketplace.
The SelfKey Marketplace will be released in the following months and will offer instant sign-up for a broad range of financial, immigration, and cryptocurrency services divided into more than 10 market verticals that will be released periodically. SelfKey has enabled a demo for its followers to see its potential.
During the last months, several marketplace participants have been unveiled, such as two Caribbean banks, the global immigration service firm NTL Trust, as well as blockchain companies such as Polymath, Kyber Network, and LEXIT, among others.
The SelfKey native token, KEY, will be used to access the marketplace and its products and services via Proof-of-Stake. This has been conceived to deter bad actors and incentivize good practices, enabling a Proof-of-Reputation mechanism within the Identity Ecosystem.
In addition, the SelfKey Identity Wallet Beta can be used as cryptocurrency wallet to store, receive, and send ETH, KEY, and other ERC-20 tokens. The cryptocurrency wallet is not tied to the SelfKey ID, so the user can keep transactions anonymous.
SelfKey founder, Edmund Lowell, as this to say about the beta launch:
After months of hard work, we are excited to launch the SelfKey Identity Wallet Beta and share our progress with the world. The launch of the wallet represents the kick-off of an application that we are building to disrupt the identity management industry. We are working on building an end-to-end identity ecosystem which does not only solve long-lasting problems that we are facing and suffering everyday, it also opens a myriad of opportunities for our users to apply for wealth generating and protection services.
Our ultimate purpose as a Foundation is empowering individuals and organizations with the right tools to truly own and control their identity to find more freedom and privacy. This launch represents our commitment to achieve this purpose in the shortest possible time.
Founded by industry leader, Edmund Lowell, and backed by a team of over 60 individuals, SelfKey is a blockchain-based digital identity system that puts individuals and companies in control of their personal data and gives them instant access to a broad range of products and services such as citizenship and residency by investment, company incorporation, bank accounts, fintech products, token sales, and cryptocurrency exchanges, among others.