THEKEY is described as the decentralized ecosystem of an identity verification tool that uses national big data and blockchain technology. The ICO pre-distribution is available until January 8, 2018, and with a minimum investment of 0.1 bitcoin or equivalent.
The tool will use personally identifiable information that has been exclusively authorized by government authorities.
Project Use Case
This project attempts to resolve one of the major issues that have arisen out of the need to move more and more of our lives into a digital format.
It can be relatively easy for people to carry out online transactions using a false identity, while in other cases it can be difficult for us to prove who we really are. While there have been other attempts to resolve this issue, THEKEY takes a fresh new approach.
Rather than letting the user upload and verify their own identity data, it uses relevant government data to cross check the person’s data. It uses real-time updates and is standardized to make it easy to process digitally.
The team suggest that existing technologies can meet part of the needs in this respect, but that blockchain technology is necessary to ensure a fully secure and practical system.
It starts off with unique biometric data that has been validated by the government authorities. This approach uses two different technologies, DMI and blockchain, to give BDMI; blockchain-based dynamic multi-dimension identification.
THEKEY Team Overview
The team that has been working on THEKEY includes Catherine (Xueli) Li Bch. Med., M. Sc., (Computer Science, Mc. Gill Uni.) as the CEO and Chairwoman. She has a strong background in big data and is the founder of dynamic multi-dimension identification technology. With a varied career to date and a number of prestigious awards, Catherine Li is an important figure in this project.
Ken Huang is the president (Identity Verification & Blockchain). A blockchain expert and the chief identity management system architect, he's worked for the CGI federal office for 18 years and has an extensive background in consulting.
**Jian Wang **is another vital figure in THEKEY. He is the CBO and adds his 15 years of experience in R&D management to the project. He has worked as a chief system architect and has experience in big data applications as well as in blockchain technology. He is now the head of the blockchain technology team and has led his team in the building of the prototype verification system of BDMI.
Dawei Ding is the project’s implementation manager. He comes to THEKEY with 10 years of experience gained in development and implementations. With a background in blockchain development and project management, he is now responsible for the project’s implementation and deployment.
Overall, the team appears to offer a good balance of experience in the numerous different areas that it will cover.
How Does The Token Work
Sales of the tokens are designed to facilitate the second generation IDV solution as well as to create a financial incentive for people to join the ecosystem.
This will be a decentralized autonomous community made up of validators, service providers, and individual users. The TKY token will be the only way to settle smart contracts and move on to ensuring that the validation is carried out.
There are three distinct phases in the distribution plan for these tokens. These are the private placement (which has three tranches with a discount that is lowered in each new tranche); the pre-distribution stage; and the international distribution stage.
What Do Investors Gain
The idea is that by buying tokens now, an investor will see their initial investment rise as tokens become more sought after. If people use this system to verify their identity on a large-scale basis, then the tokens should rise in value as they become more useful to more people.
Clearly, the investment potential comes down largely to how successful the team is in getting people to use their ecosystem and use these tokens to validate their identity. Their early investors include blockchain investor Roger Lim, venture investor Qingyue Chen, and Qiwo Capital CEO Changlong He.
Opportunities & Risks
In terms of opportunities, this appears to be a low-cost and convenient way of validating user identities, as it uses existing government data. The team also pointdc out that it gives a better user experience, as there is no need to upload new data to carry out digital identity verification.
The team behind THEKEY have stated typical ICO issues such as the risks associated with blockchain technology, the introduction of new technologies, theft, hacking, and possible regulatory matters.
Of course, the TKY token may lose value and the IDV solution that they plan on implementing may never be fully realized.
*Copied