Thekey Review – Cryptocurrency Guide
What is THEKEY?
THEKEY, discovered online at THEKEY.vip, is an identification verification (IDV) instrument in dynamic development. The project tries to make a blockchain-based verification framework using by and by identifiable information (PII) that is only approved by government specialists.
Fundamentally, THEKEY will take by and by identifiable information from governments, at that point put that information on blockchain technology. This guarantees the data posted on the blockchain has not been altered or altered: it comes straight from government-verified sources.
THEKEY is now running test projects crosswise over China. The company behind THEKEY was first framed in 2014, and they’ve effectively gathered the PII data of 210 million individuals in 66 urban communities. However, they likewise observe potential in blockchain technology.
That is the reason THEKEY has booked an ICO. They plan to use their ICO for TKY tokens to raise funds to relocate the platform to blockchain technology. A pre-ICO is taking spot from October to December 2017, with a general ICO planned for February 2018.
Advantages of THEKEY
THEKEY plans to offer three center favorable circumstances over the opposition, including:
More Reliable Results:
Supporting data is gathered progressively in a complete, exact, and solid way. The data is additionally approved ahead of time by government offices or other open institutions.
THEKEY takes full favorable position of existing data sources, which implies they can dodge copy work for data gathering, processing, and verification. There are no additional, pointless advances involved in the data gathering process.
Better User Experience:
Individuals users don’t have to install any application or transfer any information.
THEKEY’s platform as of now exists. The company at present gives personality verification services to use in mobile social insurance payment frameworks in two urban areas. Using the framework, individuals can get payments for their annuity, or a medicinal services insurance repayment, in the wake of verifying their personality.
Today, THEKEY is a working platform. However, it’s not founded on a distributed record (blockchain). The company has planned an ICO to relocate their platform onto blockchain technology.
A portion of the center highlights of the platform so far include:
- 23 copyrights have been obtained, including 15 licenses acknowledged by the State Intellectual Property Office (SIPO) of China
- Original IDV arrangement is as of now being used for mobile social insurance payments (medicinal services repayments and annuity payments) in two urban areas in China; the subsequent stage is to send THEKEY in 41 a bigger number of urban areas covering in excess of 130 million individuals
- Contains the individual character data of 210 million individuals in 66 urban communities, confirmed by important government experts and associated consistently; this is the establishment of THEKEY’s novel arrangement – it interfaces straightforwardly to government data sources
- Business contracts have been marked with world-leading firms and businesses, according to the authority THEKEY site
“Six pertinent national labs have been set up together with government organizations, banks, insurance organizations and one college” leveraging THEKEY platform
Who’s Behind THEKEY?
THEKEY is driven by Catherine Li (CEO), Xu Guochun (CTO), Chen Kun (CMO), Zuo Lin (COO), and Huang Yuli (CDO). Catherine Li was picked as one of “The Most Outstanding Women Entrepreneurs in China, 2017”, according to the All-China Women’s Federation, while her company, THEKEY, was picked as “The Most Commercial Valuable Project of the Year, 2017”, additionally picked by the All-China Women’s Federation.
THEKEY was framed in November 2014. By December 2016, they had gathered the PII data of 210 million individuals, covering 66 urban areas.
THEKEY is headquartered in Singapore.
THEKEY Token Sale
THEKEY’s pre-ICO is taking spot between October and December 2017. The company is accepting BTC, ETH, and NEO for the token sale. Bonuses of up to half are available during the pre-ICO.
The main token sale, however, is booked for February 2018. The specific dates have not yet been declared.
There’s an aggregate supply of 10 billion TKY tokens. THEKEY has effectively brought 10 million RMB up in seed funding, with an extra $25 million USD raised to date.
The ICO is available through NEO. Following the declaration of the ICO, the company completed an AMA on the/r/NEO subreddit. That AMA was driven by company CEO Catherine Li.
THEKEY ICO Overview
Computerized identification is a focal feature of life in the 21st century. Development figures for the personality verification (IDV) industry predict a 14 billion dollar market valuation by 2021, with advancements like fingerprint sweeps and facial acknowledgment rapidly becoming typical. In our regular daily existences, we should always verify our personality to complete routine errands, for example, making payments, taking flights or using medical coverage. In any case, the technology is rife with flaws; issues of data security and wholesale fraud cost purchasers billions of dollars for each year. Creating a thoroughly secure, infallible identification framework sounds like a difficulty at this stage, but with blockchain technology, THEKEY ICO has embarked to do only that.
THEKEY ICO Value Proposition
THEKEY is a moment age, onchain character verification arrangement that uses individual data validated by the Chinese government for genuine applications. The underlying Blockchain based Dynamic Multi-Dimension Identification (BDMI) technology is an onchain expansion of an existing IDV project drove by THEKEY CEO Catherine Li. Based on the NEO platform, THEYKEY ICO is yet another bit of the emerging NEO Smart Economy to hit the market.
Within THEKEY Ecosystem, there are three groups:
(1) Validators who process the character verification ask for and create the IDV result
(2) Service Providers who initiate IDV ask
(3) Individual Users
Users, who are clients of the Service Providers, must give agree to Validators to process each IDV ask. The entire procedure is encouraged by THEKEY Token (TKY), a NEP-5 token. To outline how the ecosystem capacities:
An Individual User pays a human services supplier TKY to present a medical coverage guarantee. The service supplier pays TKY to Validators to buy their IDV service. Any new data that Validators gather from the accommodation uses TKY to the exchange data with different Validators (for which they should likewise pay Individual User to do) and any new data from the Individual User, (for example, restorative record refreshes) is remunerated to the User with TKY. The following is a chart from the whitepaper as a delineation:
TKY gets an incentive from the procedure of data divulgence, approval and exchange that happens within the framework. Individual Users will hold TKY to pay Service Providers at whatever point personality verification is important. Service Providers collect the token from users and are incentivized to hold and spend TKY to approve the personality of their clients, while Validators are remunerated for their part in processing those solicitations and will likewise use TKY to exchange information and repay Users for new information that is nourished into the ecosystem. In this way, each gathering within the ecosystem has an incentive to collect and spend TKY.
THEKEY ICO Team
Author and CEO, Catherine (Xueli) Li’s ability rests at the intersection between software engineering, data examination and social insurance. She is an authorized doctor turned medicinal services data frameworks administrator. She’s worked with IMS Healthcare, most as of late as a senior administrator, for about 10 years. Starting at two years prior, she has been CEO of Ebaonet Healthcare Information Technology, the company which executed the offchain IDV tech platform that moved toward becoming THEKEY.
On December 21st (the present date of publishing), VP Chief Blockchain Expert at Huawei, Ken Huang, is currently serving as President of THEKEY. With a strong link between the project and the biggest telecom gear producer on the planet, the project stands to gain massively from Ken’s mastery and associations.
CBO, Jian Wang, has been on the frontline of the Chinese government’s development of blockchain technology for more than three years. He is an original engineer of the Linux based open source Hyperledger and furthermore created 12 dApps in the course of recent years for city and provincial governments in Nanjing and Jiangsu. Jian is leading the development of the BDMI technology.
Guochun Xu is THEKEY’s CTO, in charge of item planning and development. He put in 10 years with China Unicom as an expert and has 8 years involvement in specialized administration. He’s as of now effectively drove the team in charge of the offchain organization of THEKEY’s IDV technology.
THEKEY ICO Strengths and Opportunities
Blockchain projects that set out to connect effectively existing offchain innovations with onchain platforms tend to offer additionally promising general prospects. With THEKEY, the IDV tech measurements are an extend of Ebaonet Healthcare Information Technology’s first endeavors to actualize an internet construct IDV platform situated in light of Dynamic Multi-measurement Identification Technology. THEKEY ICO is an onchain adaptation of a similar technology, combining the innovative idea of the IDV platform with the security, versatility and unalterable character of the onchain protocol.
THEKEY’s IDV pilot project using government data is as of now operating in two Chinese urban communities. Clients use the framework to get benefits payments and medicinal services insurance repayments. Endeavors are in progress to scale the arrangement of the IDV project in handfuls more urban areas, with the objective to integrate the existing offchain infrastructure with the onchain protocol later in 2018 when the item is prepared. The fruitful scaling of the offchain item addresses the promising idea of the business show.
Concerning different applications past the administration, China Unicom and China Minsheng Bank have consented to association arrangements with THEKEY to use the technology for KYC. According to an ongoing AMA with Catherine Li, there are extra associations in progress also. More associations crosswise over different areas increases the likelihood of the item’s general achievement, as its utility is tried over the market.
THEKEY ICO Weaknesses and Threats
The underlying idea of THEKEY is similar to with a few other personality verification players like Civic and Selfkey. Significantly, however, THEKEY has a decent footing on the Chinese market. It’s broadly realized that the Chinese government shields homegrown tech organizations from remote rivalry, and thus, we see Civic and Selfkey as presenting little test to THEKEY in the Chinese market
Coordinated effort with administrative bodies can be a twofold edged sword. One the one had, the information is more dependable and right now validated. Expenses of gathering the data are additionally lower since the datasets and infrastructure as of now exist. Then again, as Catherine Li conceded in an ongoing AMA session, working with different levels of the Chinese government on business use of data is no simple assignment, as it has never been finished. THEKEY’s dependence on the participation of government experts implies that if at any stage this progressions, an expansive area of the market will be removed.
For all the advance made so far with the offchain IDV framework, we’re advised to expect the testnet no sooner than June 2018. The essential point of reference we’re all waiting for from this project is obviously execution of the onchain protocol alongside the existing infrastructure that is as of now set up. In the interim, it would certainly serve to beyond any doubt up investor certainty if a show of the offchain IDV tech were discharged.
How To Buy THEKEY?
Well, if you are looking forward to invest in Thekey and looking forward on how to buy Thekey then you are at the right place. In this section, you will be able to know how to buy it and which exchange will be suitable for your desired needs.
At the moment, the only place where you can easily buy it is KuCoin.
THEKEY is a project that looks to make an identification verification (IDV) apparatus on the blockchain. The instrument is as of now available today – although it’s not based on the blockchain. A definitive objective of THEKEY is to make a decentralized ecosystem of personality verification apparatuses using data gathered straightforwardly from government sources.
THEKEY was established in 2014 and right now holds 15 licenses and 23 copyrights. The Singapore-based company is seeking to fund-raise through its pre-ICO and ICO for TKY tokens.
To take in more about THEKEY and their upcoming TKY sale, visit online today at THEKEY.vip.