Selfkey was founded by its sister company, KYC, in 2017. This Selfkey price prediction explores the project scope in the year 2022 and beyond to analyze the price movement in the years to come.
Edmund Lowell is the common founder of KYC Chain and Selfkey. The project has an extensive team based in Mauritius. The core team of Selfkey has been working since 2014 on decentralized identity over companies like Standard Chartered Bank, Bitmax, EQIBank, and GSR.
The team and developers are working on recruiting new members to work for the further developments of the Selfkey identity management protocol. The vision behind this project was to bring a simpler version of the KYC process while protecting the digital identities of individuals and companies. It already has prominent partnerships with Polymath and Kyber networks in the blockchain sector.
Selfkey is a blockchain-based identity platform that makes its technology to manage identity data and KYC of individuals, companies, exchanges, fintech startups, and banks. Nowadays, it is a matter of great concern for people’s digital functions to keep full control and ownership of their digital identity. That is why the Selfkey project worked for a sovereign and independent identification system that allows individuals and companies to manage and secure their identities.
The idea behind this project was also to provide people with full access to their sensitive data while minimizing the risk of information getting compromised. The Selfkey ecosystem also integrates a marketplace with hundreds of financial services based on the blockchain so that their arrangement can benefit its users on the Selfkey platform.
In their marketplace, users can interact with monetary products using one click, such as in making accounts or company corporations, while payments are in the form of KEY tokens. A free and non-custodial wallet named Selfkey wallet (SelfKey.org/selfkey-wallet) is open-source and for users to store and transfer both digital assets and their digital identity in a secure manner.
The conventional KYC process is expensive and most risky due to the storage of data in centralized databases. Selfkey adopts a decentralized approach instead and uses cryptographic technologies with the milestone of drastically decreasing the cost, enhancing the security, and improving the customer experience in an identity interaction.
Selfkey (KEY) Fundamental Analysis
SelfKey has an aim to revolutionize the onboarding process of KYC and stays sincere with the ethics of Self-Sovereign Identity. This gives the ownership and control of the data and identity of each individual to himself. It is empowered through the KEY token and provides access to a diverse services collection with fully transparent cost, processing time, and requirements for documentation.
Selfkey is constructing a bridge towards a better world with individuality proof, verified identity claims, data minimization, proper governance, and an identity system oriented toward users providing them with the true power.
The Selfkey ID is a non-custodial digital network based on Web 3.0/ Metaverse, making you the sole keeper of your data, documents, and digital assets. Users can be shielded from censorship, and their identity & assets can only be deleted by themselves, with little to no control of a Big Tech. Selfkey ID can also help in building an empire related to money in the real world, as you can start a new business, get a new bank account, or receive documents notarized by the Selfkey Marketplace.
In most networks, the data is stored in servers that can be damaged in hacks and data breaches, but Selfkey stores your data on the device and hence operates locally. This makes the data untouchable, even if the SelfKey’s servers get hacked. In most of the top range identity managements, solutions are very expensive with high monthly costs, but the Selfkey identity wallet is totally free and open-source for its users. Your digital identity is secure on the Selfkey Identity Wallet as Uncloak.io audits it, and its design protects your privacy. The wallet is not only a place to store your identity and tokens but also allows you to start an international business using the Incorporations Marketplace.
KYC is a legal requirement in most places for buying, selling, and exchanging cryptocurrency. Still, for many customers, this process can be annoying even though they do not have anything to hide. It might disturb someone’s privacy, or repeating the process can take time. Also, performing such tasks centrally damages the legacy of blockchains as they were made to give power to people to control their data instead of handing the data over to someone else. Selfkey hence unlocks access to web 3.0 platforms and DeFi marketplaces for secure data storage in the KYC process and with the luxury of verification for Web 3.0 Platforms, DeFi exchanges, Bank accounts, etc., on a single click.
How does Selfkey work?
Selfkey distributes information over the network nodes just like the Bitcoin system. They use public and private key cryptography to avoid full access to important data and files stored on the platform. Selfkey also has a special system built for instant sharing of basic data, including name, age, gender, and all the necessary ID data, to third parties, as per the requirement of its users, while the system prevents any data leakage and identity theft.
Users are helped in saving and protecting their data by regular updates and audits of the Selfkey. It simplifies the requirements for KYC regulation. Selfkey distributes the data of users from the network to avoid the storage of data in a single partition for security. Users can access their data and information using private cryptographic keys and hence manage their own data. They have full control over their owned uploaded information. Users can select people who can look into their information and the part of the information they can see.
The Selfkey network revolves around three of its basic components that are its utility token, its wallet, and a marketplace. Among its components, a utility token is used for staking and having access to the marketplace. Marketplace comprises more than 300 products and services, such as opening a bank account and creating an account on a cryptocurrency exchange. The third component, the Selfkey wallet, is the major part of the ecosystem that connects the user with its data and the Selfkey marketplace.
Along with the wallet, identity is also used to access the financial services and products that can otherwise need a full KYC verification. The data inside the wallet can be accessed with utmost privacy, transparency, and security for usage, management, and storage of their identity information and personal data. All the data is stored on the device with the installed wallet.
Selfkey Tokenomics
KEY is an ERC-10 token that serves as the utility token for SelfKey. The SelfKey identity management protocol is also based on the Ethereum blockchain. KEY acts as the main payment method on the Selfkey platform and the only way to utilize its services and products.
Selfkey has a limited supply of its token KEY, similar to the original cryptocurrency, Bitcoin. This means that new coins cannot be minted other than those decided within the network governance. It uses an anti-inflatory mechanism through this finite total supply to make it a good value storage system in the long term. The ranks of KEY compared with similar cryptocurrencies and the definition of its market shares is done by its market cap, which can be calculated by multiplying the number of coins in circulation by the current price of the coins in the market.
Users can stake their KEY and get involved in the Selfkey marketplace. This inspires the service providers to work responsibly and avoid any kind of spam and system abuse by consumers. To unlock the marketplace services, users can directly stake through the Selfkey wallet. The number of tokens to be staked by the users is decided by the providers. The Selfkey wallet provides a gateway to the marketplace, allowing the users to buy from three hundred different products and services using the KEY token.
Selfkey Future Plans
As the infrastructure on the internet is evolving, Selfkey is bringing fast advancements with it. They will bring major changes in areas such as digital identity in the coming future. The metaverse and semantic web require a decentralized identity management system to limit the creation of a number of fake IDs.
The number of current bot accounts can gradually become a major problem if they remain uncontrolled. These fake IDs will start making it difficult for real people to join any network. It will eventually completely destroy the user experience by spamming and running automated campaigns.
Selfkey is trying to originate a new generation of digital identity systems for Web3 and the Metaverse. Selfkey has a fundamental ideology of building digital identity. Cryptography attached with verified credentials would secure living avatar NFTs of this project.
This will check the validity of the Identifiers. As a result, an extra layer would be added for extra protection of the digital identities stored in the form of living avatar NFTs in the Selfkey wallet. Users would be fully able to own, access, and control digital identities.
Selfkey (KEY) Price Analysis
The SelfKey price on July 9, 2022, is $0.0048 and the CoinMarketCap ranks it as number 545. It has a trading volume of $61 million and a market capitalization of $24.5 million. It has a maximum supply of six billion and a circulating supply of more than 5 billion KEY coins. It has a growing tendency in terms of price.
Selfkey Price Prediction – Crypto Academy
We have predicted the future prices of Selfkey in the years 2022 and beyond by analyzing the market price predictions and technologies related to it.
Selfkey Price Prediction 2022
From our deep technical analysis of past price data of KEY, we anticipate the minimum price of SelfKey to reach a level of $0.003 and an average level of $0.005. The maximum trading price can be $0.007 throughout the year with its aim to revolutionize the onboarding process of KYC and make it simpler.
Selfkey Price Prediction 2023
The price of SelfKey can reach a minimum level of $0.007, with a maximum price of $0.012 in 2023. The SelfKey price can reach an average level of $0.009 as it stays true to the ethics of Self-Sovereign Identity.
Selfkey Price Prediction 2024
In 2024, the forecast price and technical analysis say that the minimum price of SelfKey can be $0.01 and a maximum level of $0.036. The KEY price can reach an average level of $0.02 due to more than 300 products and services it provides, ranging from opening a bank account to an exchange account using its token.
Selfkey Price Prediction 2025
We anticipate the minimum price of a SelfKey to reach $0.03 and the maximum price to be $0.078 in 2025. The KEY price can reach an average level of $0.05 as its work on Web 3.0 and Metaverse will introduce an extra layer of protection to the digital identities stored as living avatar NFTs in the wallet.
Selfkey Price Prediction 2026
We forecast the SelfKey price to reach as low as $0.06 in 2026 and as high as $0.11. Our findings say that the average price can be $0.08 during this year. This can be done only if their work on a decentralized identity management system limits the creation of a large number of fake IDs.
Selfkey Price Prediction – Market Overview
Mentioned below are the price predictions given by various crypto-related platforms and websites regarding Selfkey.
Priceprediction.net
Priceprediction.net expects the maximum price of KEY to reach a level of $0.004 and an average price to be $0.003 at the end of 2022. Their five-year plans for the Selfkey indicate its price to reach $0.14 effortlessly. Their expert analysis expects its highest price to be 0.11 by the year 2030.
Digital Coin Price
Digital Coin price predicts that the minimum price of Selfkey can be $0.00644 and the maximum price of SelfKey to be $0.0255 in the future. The price of SelfKey in a year can be $0.00759, and in three years can be $0.00754. In four years, the price can be $0.00905, and in five years can be $0.0118. The prices can be $0.0159 and $0.0198 in six and seven years.
Tech News Leader
Tech News Leader Selfkey price prediction expects that Selfkey can be as high as $0.006 in a year and can increase in worth for the next five years, reaching $0.02. There are high chances of Selfkey reaching a minimum level of $0.13 and a maximum level of $0.15 in the next eight to ten years.
Trading Beast
Trading Beast expects the maximum price of Selfkey to be $0.008, the minimum price to be $0.005, and the average SelfKey price can be $0.0064 by the end of 2022. In one year, the average price of KEY can be $0.0058. The minimum and maximum prices can be $0.0049 and $0.0073. By the end of 2023, its price, on average, can be $0.0055.
Gov.capital
Gov.capital predicts the future price of the asset can be at $0.0088, with a rise of 77.56% in a year. It will make your current investment of $100 to be $177.56 by that time. In the next five years, the price of a token can be $0.0331.
How to Buy Selfkey
Selfkey is a cryptocurrency that cannot be bought with money. It can only be exchanged with another cryptocurrency on a decentralized exchange. You can first buy Ethereum (ETH) to exchange it with Selfkey. You need to make an account on an exchange, such as Coinbase, as it supports this trade and on a self-custody wallet.
Step 1: Create an Account
You have to begin by opening up the Coinbase app on android or iOS. Read their user agreement and privacy policy before signing up to ensure that it suits you. Now make an account on it by filling in the required information. You will have to provide your full legal name, a valid email address, your country of residence, and a strong password.
They will also ask for proof of your name, email, and location. You will get a verification email from no-reply@coinbase.com to get your email registered. You will go back to Coinbase after clicking on the link. Then you would be required to verify your number for the security of your account using your smartphone and phone number in use.
Step 2: Select a Payment Method
As you need to fund your Coinbase account with fiat money (such as USD or GBP), you need to select a payment method. You can use any method that is available for Coinbase in your area of residence. Mostly, you have the options of bank transfer, which is slower but cheaper, and credit card, which is costly but provides faster transactions.
Step 3: Set Up a Wallet
Next, you require a self-custody wallet like Coinbase Wallet to store Selfkey. Coinbase Wallet is available on the mobile app and browser extension, so open it up in one of the ways. Sign up by using a unique username as it would be needed to access your account or receive crypto from other wallets. They will also provide you with a recovery phrase of 12 random words. It is to be kept secret, but at a very safe place, as you can only access your wallet using this phrase, and once lost, not even Coinbase can help you. However, Coinbase itself never asks for it.
Step 4: Buy ETH
As you require Ethereum (ETH), you can buy from your coinbase account. Enter the required information for trade and the amount of ETH you want to get for your fiat money. Some amount of money would also be needed for gas fees. The fee can vary on how busy the network is, how complicated your transaction is, and what method you have selected for the transaction.
Step 5: Transfer ETH to Coinbase Wallet
After buying the ETH, you have to transfer it to your Coinbase Wallet. Go to the settings of your Coinbase wallet and connect the wallet to your Coinbase account by tapping on connect button. Follow the steps they ask you to do to complete this process. After that, transfer your crypto from your account to your wallet by going to the settings and clicking on the ‘Buy or Transfer’ option of Coinbase Wallet. Select ‘ETH’ as the crypto and enter the amount for transfer to the wallet. Tap ‘Continue’ and follow the upcoming steps to transfer your ETH to your wallet.
Step 6: Buy KEY
Now you are ready to buy KEY. There are separate ways to trade on application or browser extension. On the mobile application, tap on the ‘Trade’ button to swap the ETH for a token supported by Coinbase and runs on the Ethereum standard (“ERC-20 tokens”). After that, click on the ‘Choose coin’ button to select Selfkey. Fill in the amount of ETH you want to exchange with Selfkey, and leave behind enough amount for transaction fees. Confirm your purchase and follow their instructions to finalize the trade.
If you are using the Coinbase Wallet extension, you need to open the website and click on the “Convert” button. Search for Selfkey in the search bar and enter the amount of ETH you want to trade for Selfkey, again leaving some amount for transaction fees. Finally, follow the instructions on the screen to confirm the purchase.
Frequently Asked Question (FAQs)
Is Selfkey a Good Investment?
Yes, the Selfkey protocol is a good investment as it dramatically decreases the cost and increases security, and users’ experience, during the interaction.
Can KEY Reach $1?
It could have surpassed $1 by the year 2027 or 2028 due to the facility for each individual to be able to own and control their own identity.
How to Buy KEY?
If you want to buy SelfKey from a top cryptocurrency exchange, you can use Binance, Coinbase, KuCoin, BingX, CoinTiger, and Phemex.
Takeaways
- SelfKey was founded by its sister company KYC, in 2017.
- Edmund Lowell is the major founder of KYC Chain and SelfKey.
- The project has an extensive team based in Mauritius.
- The core team of Selfkey has been working since 2014 on decentralized identity over companies like Standard Chartered Bank, Bitmax, EQIBank, and GSR.
- The vision behind this project was to bring a simpler version of the KYC process while protecting the digital identities of individuals and companies.
- It already has prominent partnerships with Polymath and Kyber networks in the blockchain sector.
- The idea behind this project was also to provide people with full access to their sensitive data while minimizing the risk of information getting compromised.
- Selfkey price prediction reveals that average trading price can be $0.005 throughout the year 2022
- The average price of Selfey can reach an average price of $0.007 in 2023.
- It could have surpassed $1 by the year 2027 or 2028 due to the facility for each individual to be able to own and control their own identity.
- You can buy KEY on Binance, Coinbase, KuCoin, BingX, CoinTiger, and Phemex.