ICO Review: SelfKey (KEY)

Transcription

1 ICO Review: SelfKey (KEY) Digital Identity Management System December 16, 2017

2 What is SelfKey? A decentralized identity system where users can instantly verify their identity to access financial services, exchanges, token sales, passport/citizenship registration, etc. More efficient KYC onboarding process. Users only need to enter their information once, and their information can used for any products on the SelfKey marketplace. Products: Identity wallet Marketplace with over 300 products and services Protocol and API built for KYC 2

3 Sample use cases Company incorporation Residence permit application Citizenship by investment Economic Citizenship Real Estate developments Money Transmission services sign up ewallet / SFV facilities Bank account setups Digital assets exchanges signup Precious metals purchase and storage Token Sales International Insurance 3

4 How SelfKey works 4

5 How SelfKey protects user identity 5

6 Benefits of SelfKey over centralized systems Identity owners Full consent and control of their identity Authenticate at multiple services through a single key pair stored in a wallet Can share a minimum of information Can recover a lost key Can access a marketplace of fintech products and identity services Can easily sign documents and reach consensus as a company 6

7 Benefits of SelfKey over centralized systems Verifiers Can monetize identity claims through KEY, revoke claims and quickly grant claims Claims issued have more confidence Relying parties Can quickly onboard identity owners, request additional client details and benefit from economies of scale Internationally compliant Processes are driven by KEY and checked by RP s 7

8 Benefits of SelfKey over centralized systems Overall Distributed network allows for multiple small storages Reward for penetration is lower User centric and driven Open source No single point of failure, centralized management or control Better suited for an international context More transparent 8

9 Milestones KYC Chain, the company behind SelfKey, has been used to power KYC onboarding for different companies since In 2014 and 2015, self-funded research and development initiated and the closed Alpha of the blockchain based KYC onboarding software was launched. KYC Chain has gone through 3 startup accelerators in

10 Partnerships KYC Chain has been working with established and reputable companies including: Standard Chartered Bank, a British bank with operations in over 70 countries. NTL immigration, an immigration agency in operation since Gatecoin, a Hong Kong-based cryptocurrency exchange. Others: Lykke, Kyber, AirSwap, Polymath, ZILLA, Malabar.ai, TitanFx, DollarSmart, etc. Other companies currently in discussion or are working with KYC Chain: Tier 1 global banks and law firms. 3 large immigration firms (NTL Trust, Global Advisory Group, Vanuatu Information Center). Others: A luxury services company, various legal service providers, one of China s largest travel companies, the largest travel technology company in the world, various governments, notary publics, global compliance firms, major bitcoin exchanges, etc. 10

11 Screenshot of Alpha 11

12 Screenshot of Alpha 12

13 Development roadmap Q Q Q Q SelfKey Desktop app Alpha Launch (scheduled to launch before crowdsale) Token Sales and Exchanges Marketplaces Launch Identity Wallet supports cryptocurrency transactions Integration work begins with select crypto asset product provider partners Support re-use of select KYC components for Relying Parties Alpha Launch of SelfKey mobile app and SelfKey Corporate Identity Wallet desktop app Partnership work with governments and utility providers begins Launch Trusts, Foundations, Companies, Residencies, and Passport verticals in SelfKey desktop app SelfKey roll out dedicated functionality for utility providers as Claims Issuers Beta launch of SelfKey desktop app Self-service marketplace listing sign-up Launch precious metals, digital wallets and money transmission verticals Beta launch of SelfKey Corporate Identity Wallet Introduce SelfKey Reputation system Alpha Launch of POI proof of concept 13

14 TOKEN SALE OVERVIEW KEY token sale summary ICO SUMMARY Project name: SelfKey Token symbol: KEY Website: Hard cap: $21,780,000 (public crowdsale ICO contributors own 33% of total token supply) Total supply: 6,000,000,000 KEY tokens Max market cap at ICO (fully diluted basis): US$66M Bonus structure: 50% or 70% bonus during private presale (for 70% bonus, half of the tokens will be locked up for 6 months) / 30% bonus during public presale Presale: Ongoing now until December 24, 2017 ERC-20 Token: Yes Countries excluded: US, China, and New Zealand Timeline: Crowdsale will begin on January 15, 2018 Token distribution: Within 7 days after the ICO ends TOKEN DISTRIBUTION 16.5% Token Sale 33.0% 17.5% Community Expenses 33.0% 10% 90% USE OF PROCEEDS Founding team Growth Grants Ongoing governance and expenses 14

15 Use of KEY tokens Used to power the SelfKey network in a number of ways. Each member of the ecosystem, such as users, certifiers, and relying parties, will need to stake a certain amount of KEY tokens in order to participate. Used for payments on the SelfKey platform. Example: Paying for request attestations, receiving identity claims, and paying for marketplace listings. As tokens are needed for staking and transact on the SelfKey platform, the more usage and transaction the platform has, the more valuable KEY tokens should be. 15

16 THE TEAM Who are the people behind SelfKey? 16

17 OUR THOUGHTS The opportunities The team has proven their capabilities with KYC Chain which is already working with different blue-chip organizations. The client base of KYC Chain is complementary to SelfKey. The partnerships that are in place with various ICO projects should help drive the adoption of SelfKey quickly. After the Equifax hack and other incidences of identity theft, the public realizes the importance of a decentralized identity system. SelfKey will be mentioned every time their technology is used in a token sale which will drive recognition and adoption. 17

18 OUR THOUGHTS Our concerns The completed product won t be finished until 2019 and beyond according to the roadmap, which is a fairly long time. There are other blockchain projects in the identity authentication space, including Civic and Sovrin, so SelfKey may not be the winner in the space. Some investors may be concerned with the presale bonuses: Private presale round: 50-70% Public presale round: 30% 18

19 OUR THOUGHTS What do we recommend? For flipping: Positive. Few ICO projects have this level of real world partnership and adoption that SelfKey is expected to have. There were higher bonus tiers before the public presale, but there is an anti-dumping policy in place. There should be enough unmet demand for this project to have good flipping potential assuming the current market environment holds. Private Presale Public Presale Public Sale Bonus 50% (70% with 6 month lockup and $150K minimum) 30% 0% Price $0.010 $ $0.015 Period Nov 15-Dec 14, 2017 Dec 15-Dec 24, 2017 Jan 15-Feb 1, 2018 Minimum US$10,000 US$1,000 US$100 19

20 OUR THOUGHTS What do we recommend? For long-term holding: Positive. KYC Chain has partnerships with numerous well-known organizations in the crypto space that are complementary to SelfKey s business. SelfKey can become the market leader in KYC for token sales and have potential for wide adoption, which is one of the most important factors in determining whether the project will be successful. In terms of adoption, use cases, and valuation, we believe SelfKey is a better project than Civic but without the Vinny Lingham hype. 20

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