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The current Web2 standard has an inherent risk concerning privacy and identity thefts. Today, our mobile numbers, email, passwords, Aadhar ID and other highly sensitive data are at the mercy of centralized servers. The potential impact of a malicious data breach can prove costly. The upcoming Web3 era along with the metaverse promises to make users at the centre of the ecosystem and platforms decentralized such that users take ownership over who uses their info and to what extent.
The platform we are going to explore is a Metaverse-ready Web3 identity wallet where users can store their personal documents as well as digital assets. Let’s explore further.
SelfKey is an identity platform built on the Ethereum blockchain that helps individuals, corporates, exchanges, banks and fintech startups manage their identity data via the SelfKey Identity Wallet. The core team at SelfKey, since 2014, has been working on the decentralized identity aspect for banks, including Standard Chartered Bank, EQIBank, Bitmax exchange and GSR. The platform is powered by the KEY token and provides access to many services that ensure full transparency on documentation requirements, cost and total processing time.
The SelfKey Wallet is a non-custodial Web3/Metaverse-ready wallet that allows users to store their digital identity, including the KYC documents and digital assets, including NFTs. It currently lends users the advantage of a single-click identity verification to unlock access to Web3 platforms, bank accounts and DeFi marketplaces.
Unlike the traditional wallets where data is stored on servers that are prone to hacks and data breaches, SelfKey wallet lets the user store data locally, i.e., on their devices. Even if the servers are hacked, the user data remains unaffected. This also means that only users can delete their data or assets.
SelfKey Identity Wallet is free for everyone and is open-source.
KEY token, built on the Ethereum blockchain, powers the SelfKey identity platform. It serves several uses, including for payments relating to listings, exchanges, identity claims etc.
It has a current supply of more than 5 billion in circulation with an uncapped total supply. KEY token is currently priced at $0.01283 and is ranked 539 in market capitalization charts among cryptocurrencies.
KEY’s current price is less than 50% of its all-time high registered in April this year. KEY has had several spikes in the past quarter, spawning several support lines over which it has bounced but ultimately lost to resistance.
KEY is currently holding the 0.786 retracement of its recent rally as support at $0.0123. If this fails to hold, it is likely to drop to a key daily level support of $0.0101 where it has previously bounced on several occasions. Should bearish sentiment continue, however, it may drop to as low as $0.0085.
On the upside, $0.0146 and $0.0153 are expected to act as resistances.
Source: TradingView, Binance
The platform solves a problem area that needs to be addressed before we step into the Web3 standard. By revolutionizing the KYC-onboarding process, it seeks to make the digital identity of an individual secure and immune from censorship. The KEY token has not been performing well on the technical front but as general adoption grows, this futuristic offering might soon be in demand from individuals and corporations alike.
Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.