In the world of digital money, do you have a decentralized identity?

Cryptocurrencies are taking the world by storm…and there are many speculations that this is only the beginning.

The current market cap of digital currencies is somewhere over $300 billion. Bitcoin is the ‘king of crypto’, with over 50% share in the cap. But the future is still not certain.

On Wednesday (29th November 2017), the price of Bitcoin surged to over $11000 dollars. It crashed by $2500 the same day, coming down to $9500. This sent investors and newcomers spiraling into panic.

Some experts commented that it was a correction. Others said the bubble is going to burst soon. But the truth is that cryptocurrency does not work like stock market at all. It is an independent and decentralized market, with a pace and tenancy of its own.

Although many still see cryptocurrency as an unstable investment option, it has become one of the most talked-about, most popular, and most exciting things that we have witnessed since the dot-com boom.

For naysayers who think that the end of cryptocurrency is near, NASDAQ just announced that they are going to start with Bitcoin-future, by early 2018, which proves the espousal of digital cash even by giants like NASDAQ.

Since the prices of these currencies are over the top right now, a newcomer might think that he is already late to the party. But the truth is that this is still just beginning.

“The best time to invest was a year ago, the second-best time is right now!”

But with all the money the investor is pouring in, and the keeping the risk-quotient in mind, one must ask about the safety and security of these exchanges that enable users to buy cryptocurrency.

It is never advised to keep your money in the exchange. Instead, it is advised that you store it in a hard-wallet (offline), or an online wallet.

With an offline wallet, you will constantly have to keep it in a safe place and worry about its security. With online wallets, you can just store your coins and all the information about your exchange-accounts in one place and free your mind.

There’s no need to remember so much information when you can use one integrated service for everything.

Digital Lockers – Enabling the users to keep everything safely, under their control

One such player in the market is SelfKey, who are coming up with their web wallet, embedded with ace technical innovations, powered by blockchain, along with SSID (self-sovereign identity) on Ethereum platform.

They are providing security features that none of the web or mobile wallets have provided before.

A user will be able to set-up their company, set-up their bank account introduction and application, have a payment processor, store gold and precious metals, and even enjoy money transfer services – all under one umbrella.

This diverse and unique approach towards revolutionizing digital wallets is unlike anything we’ve seen before.

The application also features a desktop wallet, on which the user will also be able to store Ethereum and Bitcoin.

The key point to note here is that SelfKey is 100% decentralized. This means they will not store their users’ information anywhere. This removes worries about potential data breaches that have been a concern for many large firms – the most recent being Equinox.

The Problems With Current Identity Systems

The current identity systems are failing to provide their users the ownership, privacy and the security that they deserve. This has increased the requirement of a decentralized, independent and user-centered digital identity platform where the users feel secure and can trust the other side of their mobile phone.

There are many loopholes and downsides of the current identity system.

Know Your Customer (KYC) is currently one of the most common ways to let the other party verify the users’ accounts. However, KYC is a painful, expensive and time-consuming process.

In addition, the current identity system is centralized, meaning has a large amount of data stored in one place. This makes it extremely vulnerable and prone to hacking by intruders, which is why the operators do not even allow the users to access their own data.

The Solution

All these issues and problems must be addressed soon. We require a robust and quick identity system that saves time and is also highly secure and fool-proof.

That is where SelfKey steps in. It provides its users with all the features that they need to get up and running.

The platform allows users to store verified identity documents of the users, along with their digital currency, tokens, and coins. As well as acting as a wallet for your money, it also acts as a key to your identity.

The market-place of SelfKey is so diverse that the users will instantly be able to access more than 300 products and services, right at the time of the launch.

The most important feature that SelfKey is focusing on is the elimination of third-parties – especially when it comes to documentation verification.

With this identity wallet, you can get your identification documents verified and store them in one place for easy access, quick use and a painless set-up for future. While they are providing so many services, the most noteworthy feature of the platform is the decentralization of the entire system. Only you have the access to every service and product. Nobody can access the information or documents that you decide to store in your identity-wallet – not even SelfKey itself.

The team has already been backed by a lot of big names, including  SCB, Supercharger and even Cyber-port.

The future of identity wallets is sure to accelerate at an even faster rate, which is why the platform is starting with their token sale in January 2018.

The tokens, known as KEY are verified by ERC-20, and they will not only be used to reinforce the economy of the company but will also be used to access certain services. Users might be required to store their KEY in a locked contract.

This will provide proof of individuality for an enhanced security layer on the network, and will also discourage any third-party from attacking the system.

As more users become a part of the network, the value of KEY is expected to appreciate.

Existing users can also sell their KEY tokens to make a profit.

You can become a part of SelfKey’s token sale here.

The post In the world of digital money, do you have a decentralized identity? appeared first on NEWSBTC.

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