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Whitepaper

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Problem: You do not own your own identity

  • However,  despite  advancement  and  disruption  in  other  domains,  the  identity systems   we   rely   upon   today   are   currently   paper-based,   nationally-driven, government  identity  systems  and  do  not  leverage  the  power  of  Internet  3.0.

  • These systems lead to inefficiencies, data leaks, threats, loss  of  privacy  and  identity  theft which  have  left  billions  without  financial accounts of any kind.

  • The recent Equifax  data  breach  where  the  personal  data  of  up  to  143  million  individuals may   have   been   compromised   highlights   the   vulnerability   of   centralized databases  and  calls  into  question  the  continued  practice  of  collecting  large centralized  sets  of  highly  sensitive  data.

  • These  breaches  often  do  not  occur  as  a  result  of hacking or other malicious efforts but, instead, because appropriate safeguards did not exist to prevent unauthorized access to the data.

  • Current  identity  systems  have  largely  failed  to  deliver  any  of  the  most  basic requirements  for  a  successful  identity  system:  security,  privacy,  ownership, access, protection, interoperability, or linked data portability to identity owners

 

Background

  • Parties in an Identity Transaction

    • Identity Owner: Individual or company

    • Identity claim issuer: notary public or justice of the peace

    • Relying Party: Bank, brokerage, or other financial institution

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Limitations of a Centrally managed Identity System

  • Security and other risks

    • As a database grows larger, it becomes increasingly more vulnerable to attack

    • Individual identity documents are valuable commodities that are easily sold on the black market

  • Restricted Access

    • To try and prevent unauthorized access to these centralized databases, access to the data is restricted by the operator even though often times it prevents identity owners from accessing their own data

 

Data protection compliance

  • The EU and US have privacy laws that don’t all comply together and so being able to support the needs of all countries it is hard for many startups to succeed in this space.

  • Users are given the freedom of consent but it is hard to understand and follow what you as a consumer are consenting too in this digital age.

  • KYC Regulatory requirements

    • The average cost of KYC for a bank is 60 million dollars

    • Many people change banks and businesses who still have their identity and information on file

    • Those without documents are excluded from commerce completely

 

Solution: “SelfKey” Self-Sovereign Digital Identity Ecosystem

  • Self-Sovereign Identity or SSID system with blockchain which is basically and identity wallet you control

  • SelfKey is a non-profit foundation, free and open source identity wallet, real products and services, identity micro services, and complies with KYC laws

  • Products available at launch

    • Bitcoin and Digital Asset Exchange Signup

    • Citizenship by Investment programs

    • Citizenship through Investment in Real Estate Applications

    • Company   incorporation   (including   companies   limited   by   shares, foundations, LLC’s and Trusts)

    • Bank account introduction and application

    • Residence Permit Applications for more than 50 countries

    • E-Wallets or Stored value facilities

    • Gold and Precious Metals purchase and storage

    • International insurance applications

    • Money Remittance & Transfer services

    • Token Sales

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  • Is blockchain the answer?

    • No, Blockchain alone is not the answer

    • Data storage either doesn’t comply with legal entities or is easy for hacking which is why it can’t just be stored on the blockchain

  • What is the answer?

    • SSID is the same thing you do when you store your documents at home in a safe place but this time you store them on the internet such as passports, birth certificates and others

 

How SelfKey works for the individual user

  • A new user would get the SelfKey wallet on a trusted devices and store their information on that

  • Each person gets a SelfKey which is unique to you only

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  • You will be able to choose the piece of identity you want to share with whoever

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How SelfKey works for a company

  • Companies can manage all of their important documents

  • Makes KYC easier and a quicker cheaper process

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How SelfKey works for a verifier

  • Can help digitize identities and valuable documents for both users and verifiers such as banks and governments

 

The SelfKey network

  • Foundation

    • The foundation protects and preserves the founding principles of self-sovereign identity

  • Non-Profit Status

    • The foundation is non-profit and is set up in Mauritius which benefits from regulatory sandbox legislation that can be used by blockchain technology companies to develop and commercialize their applications The SelfKey Foundation does not sell or provide as advertising the identity data that flows in the system

  • Governance

    • SelfKey was founded by KYC-Chain and may continue to develop software for the Foundation

  • Legal

    • Very compliant with all regulatory rules

    • Owners at all times are in control of their identity

 

The SelfKey Foundation

  • Existence

    • Users will always have an independent existence

  • Control

    • Users always maintain complete control of their identities

  • Access

    • Users have access to their own data

  • Transparency

    • Systems and algorithms owned and operated by SelfKey are transparent and open source

  • Persistence

    • Identities are persistent and long-lived

  • Portability

    • All info will be transportable and not held by a single third-party entity

  • Consent

    • Identity owners must consent to any transfer or use of their data

  • Minimization

    • Disclosure of claims must be minimized

  • Protection

    • SelfKey network will preserve the freedoms and rights of the individuals over the needs of the network

  • Interoperability

    • SelfKey aims to be interoperable

 

SelfKey Technology Stack

  • Validating Nodes

    • At the core level of our system are validating ETH nodes

  • Blockchain Layer

    • SelfKey key pairs are from the ETH public network

  • Storage

    • We have made the storage layer entirely up to the discretion of the identity owner

  • Key Management/Recovery

    • Uport will delegate the responsibility of recovery to one or more accounts of their choosing

  • ID Wallet

    • SelfKey identity wallet will be available upon launch

  • ID Microservices

    • Will allow for compliance with international laws and regulations

  • Application layer

    • Applications can be built on the SelfKey platform

 

Advantages of the SelfKey network over traditional identity systems

  • Full consent and control of your identity

  • Only use a single key pair for multiple services

  • Can share the minimum information

  • Can recover a lost key

  • Access to a marketplace of fintech products

  • Easily sign documents

  • Can monetize, revoke, and grant claims

  • Benefit from economies of scale

  • Internationally compliant

 

Use of KEY Tokens

  • Bitcoin and Digital Asset Exchange Signup

  • Citizenship by Investment programs

  • Citizenship through investment in Real Estate Applications

  • Company incorporation

  • Bank account intro and application

  • Residence permit applications for more then 50 countries

  • E-Wallets or stored value facilities

  • Gold and precious metals purchase and storage

  • International insurance applications

  • Money remittance and transfer services

  • Token sales

 

Roadmap

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Team

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Edmund L. – Founder

Terry Lin – Product Manager

  • Product Manager for AMZ Tracker – 1 year

    • Introducing the only software for Amazon that grows rankings and helps you keep them.

  • Equity Sales and Trading for UBS – 5 years

    • UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland.

  • Bachelors in Economics

Zach Garman – Partnerships & Strategic Initiatives

  • Advisor to Kenetic – Current

    • Kenetic is a blockchain firm committed to expanding the development and adoption of blockchain platforms through investments, advisory services, community and technology.

  • Partnerships & Strategic Initiatives for KYC-Chain – 1 year 2 months

  • Consultant for Capco – 3 years 1 month

    • Capco, first known as The Capital Markets Company N.V., is a global business and technology consultancy with 28 offices across four continents: Europe, North America, South America and Asia.

  • Bachelors in Mechanical Engineering

Susana Nakatani – Customer Support

  • Co-Founder of Slow Fashion World – Current

    • Create the number one network of industry professionals who focuses on sustainability, fairness, cultural exposure, and social initiatives.

  • Marketing and Customer service for CarpetVista AB – 1 year 8 months

    • Thanks to the internet you can now purchase both hand-knotted and machine-knotted quality rugs at a fraction of the cost.

  • Bachelor of Education and French

Luke McGinn – Technical Recruiting Lead

  • Technical Recruiting Lead for KYC-Chain – Current

  • Sr. Technical Recruiter for Amazon – 1 year

  • Lead Technical recruiter at Verticalmove Inc – 2 years 9 months

    • We're building the most admired companies in the world... and we have the perfect opportunity for you!

  • Technology Implementation Specialist for Ricoh USA – 1 year 10 months

    • The Ricoh Company, Ltd. is a Japanese multinational imaging and electronics company.

  • Financial Services Representative at Northwestern Mutual – 2 years

    • The Northwestern Mutual is an American financial services mutual organization based in Milwaukee.

  • Bachelors in Philosophy & Political Science

Cristiana Dutca – Director of Operations

  • Director of Operations for KYC-Chain – current

  • Operations manager at The search Guru – current

    • CUSTOM DIGITAL MARKETING SOLUTIONS

  • Ecommerce Solutions manager & cofounder of Mageway – current

    • We are a team of enthusiast, passionate and e-commerce savvy experts. When our clients need us no effort is too much and we make it a priority to find the solution to every e-commerce requirement.

  • Supply chain manager, strategic purchasing, and purchasing representative for powerstorm – 5 years 4 months

    • Our purpose is to empower our clients to increase ROI, ROIC and lower debt, to empower our vendors on strategic cooperation, to empower our employees to thrive in an innovative initiative driven flat management environment driven by future growth and stability.

  • Masters in Mechatronics, robotics, and automation

Laura Woods – Marketing Lead

  • Digital marketing manager for lock ‘n’ load events – 4 months

  • Social media manager for AMZ tracker – 7 months

  • A&R/Promotions manager for Cr2 Records – 3 years 1 month

    • Many of dance music's biggest names have featured on Cr2 over the last 8 years, including artists such as David Guetta, Eric Prydz, Chuckie, Fedde Le Grand, Steve Angello, Nic Fanciulli, Avicii, Thomas Gold, Deadmau5, Carl Cox, John Dahlback, Hardwell, Nicky Romero and many many more!

  • Senior Media Assistant for BBC – 1 year 4 months

  • Bachelors in History

Rodrigo Serviuc Pavezi – Senior Full Stack Developer

  • Full stack developer for Rise Vision – Current

    • Our software shows your dynamic messages, pictures, and videos to the right people, on the right displays, at the right times.

  • Senior Engineer Software Engineering for MasterCard – 5 months

  • Software Developer for Dun & Bradstreet – 2 years

    • Dun & Bradstreet, Inc. is a company that provides commercial data, analytics and insights for business. 2 billion in yearly revenue

  • Masters in computer science

79 Member team including Advisors and Consultants

 

Partners & Backers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Articles

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https://blog.selfkey.org/

 

https://blog.selfkey.org/self-sovereign-identity-for-greater-freedom-and-privacy-5d15cc9df883?source=collection_home---4------7----------------

Instead of storing a large number of identity documents and attributes in a central repository solely controlled by a private company vulnerable to cyber-attacks, personal data and documents are stored locally on the device of each identity owner.

 

https://blog.selfkey.org/the-growing-selfkey-team-c029764ed157?source=collection_home---4------9----------------

After a successful crowdsale we have decided to use our funds into hiring some key personnel who can help drive SelfKey forward, to build and optimize our product and meet the ever growing demand for identity & compliance services coming from both the cryptocurrency and financial services sector.

 

https://sg.news.yahoo.com/hong-kong-startup-thinks-fintech-companies-rethink-kyc-233109880.html

To date, however, there is still a need for fintechs in the region to rethink and re-tool their KYC standards, in order to better address the needs of this ever-evolving industry and clientele. This is the main push behind SelfKey, which is launching its marketplace platform for identity management, along with it an Ethereum-based identity token, KEY.

 

https://www.reddit.com/r/CryptoCurrency/comments/8c6f0p/selfkey_ecosystem_has_the_potential_to_be_a/

TKY vs. SelfKey

 

https://www.reddit.com/r/CryptoCurrency/comments/83xnmx/selfkey_to_implement_voice_biometric_auth_and/

People are very skeptical about this project

 

Videos

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https://www.youtube.com/watch?v=kBCkJQ76lk8

Altcoin Buzz

 

https://www.youtube.com/watch?v=02c7qCR00OE

Interview with Founder

 

https://youtu.be/OndrivAxUwo

SelfKey video

 

CoinCheckUp  

 

 

 

 

 

 

 

 

 

 

 

 

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Conclusion

I would give SelfKey an B- rating. SelfKey is a Blockchain based digital identity system that allows individuals and companies to truly own, control and manage their digital identity, and instantly access Citizenship and Residency by Investment, Company Incorporation, Fintech Products, Token Sales, Exchanges and much more. Personally they have a giant competitor with TheKey as well as I don’t think they can be successful for quite a while. People need to trust the internet to put their identities on it and currently people do not trust the internet making it hard for a company like SelfKey to tell them to add their passports and social security numbers onto the digital realm. 

FUJAN CRYPTO REPORTS

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