THEKEY Coin Guide: The future of identities?
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We all get to see that during this century the world is rapidly shifting towards being digital and virtual rather than the way it used to be a few decades ago. Due to this shift, the demand for digital identification has been growing and in order to supply and satisfy that demand, THEKEY is here. This is why the company behind THEKEY has developed Identity Verification aka IDV technology. This technology is especially trying to work on two main issues which are the undeniability and the inalterability of the IDV. As part of the second-generation IDV solution THEKEY platform involves THEKEY coin which is also recognized as TKY. In this article, we will try to have an in-depth understanding of THEKEY cryptocurrency.
What is THEKEY?
THEKEY Coin (TKY) is concentrated in the IDV (identity verification) industry, through blockchain and smart contract technologies it tries to renew and adapt the IDV solutions for the “new age”. THEKEY ensures its users with a great solution for identifying one another in the digital world. The ecosystem created by THEKEY plans to create a decentralized autonomy community. The community will have three essential parts, which are the participants, the smart contracts and the TKY tokens issued by the THEKEY coin itself. THEKEY tokens aka TKY will enable the process of settling smart contracts, which will be a signed agreement for the participants. The TKY tokens will be very handy especially in significant aspects such as security, identity verification, medical treatment and even shopping. Similar large aspects that may use the tokens will make the utility of the TKY tokens even larger.
Currently, THEKEY is using a second-generation IDV idea with BDMI (Blockchain based Dynamic Multi-Dimension Identification) technology, in order to solve problems related to the Internet. BDMI is a great combination of blockchain and DMI. At first, the IDV solution was implemented by THEKEY as a first generation solution and it managed to reach out around 130 million people from over 41 cities.
THEKEY ecosystem has 3 main parts which are:
- Participants who are divided to the individual user, the validator, and the service provider.
- Smart Contracts.
- TKY aka THEKEY tokens.
THEKEY ecosystem mainly works on the development of a good environment for the proper use and protection of the Personal Identity Information aka PII, as well as on the creation of incentives for the participants in form of finances.
THEKEY is coming from China and the team behind it consists of computer scientists, business people and so on. In contrast to many other ICO’s THEKEY team has a number of female professionals involved.
Who’s behind THEKEY?
The CEO of THEKEY – Xueli Li is a computer scientist and the CDO – Yuli Huang has a degree in medicine but is responsible data processing. In 2017, THEKEY has received two awards which are “The Most Outstanding Women Entrepreneur in China” and “The Most Commercial Valuable Project of the Year” from All-China Women’s Federation.
THEKEY Coin interesting features
- THE KEY Coin thinks that utilizing the Blockchain technology for the planned IDV product can provide users with a better service. There will no longer be any need for IDs, keys, bank cards or anything else for doing payments, creating a bank account, applying for loans, paying for the medical bills, getting a pension and so on.
- THEKEY is the next generation virtual currency that utilizes an IDV tool combined with blockchain DMI and identity verification system as exclusively authorized by the government.
- THEKEY is able to generate IDV results and use multi-dimensional crosschecking with the newest behavioral data, scene data and PII.
- The TKY token is the main method of settling smart contracts among THEKEY participants.
- Some part of THEKEY crypto is going to become liquid at the time of the token sale. The purpose of the liquidation is promoting THEKEY ecosystem.
- THEKEY tokens are transferable and fungible.
- Onchain who is a strategic partner has managed to engage their high-quality professional skills in blockchain technology and ecosystem constructions. They have also been able to contribute their industry solutions and business operations skills and knowledge to The Key coin.
- China Unicom is also a strategic partner and it is one of the leading telecommunication operators in China.
- Tsinghua Unigroup is a strategic partner whose main field and association of expertise involve High-tech enterprise.
The TYK coins are used to settle contracts which are set according to the payment sharing plan as well as the price, as soon as the individual users, service providers and the validators are all signing off from on the transaction through smart contracts. The tokens can be gained through either buying during the token sale events or earned. The validators, the individual users, and the service providers can do actions in the ecosystem of THEKEY that are valuable and through these actions, they will be able to earn TKY tokens. Most of the time THEKEY cryptocurrency is used in THEKEY Ecosystem itself. Here is how the TKY tokens can be used by different user ends.
- For instance, as an individual user, you will be able to use the TKY tokens to buy products and services that are related to the identity and those will later be developed from THEKEY. Similar services may be for running personal background checks, to get an access to the individual credit reports and so on.
- As a service provider, you will need to pay with THEKEY cryptocurrency to the validators if you want to purchase an identity verification service.
- The validators make their services as well as their products that are related to the identity, available with the help of THEKEY ecosystem.
- THEKEY platform is going to use the TKY tokens in order to pay to various validators as well as providers of data while enhancing the all-inclusive completeness, the level of how comprehensive and complete is the Personal Identity Information for the processing of the identity verification.
The tokens are based on the NEO blockchain. Total Amount of TKY tokens – 10,000,000,000. The distribution of the TKY tokens is as follows:
- Crowdsale 51%.
- Ecosystem 21%.
- Reserve funds 8%.
- Team 8%.
THEKEY ICO started on February 1, 2018, and it finished on February 28, 2018. The crowd sale hard cap used to be $22 million, meanwhile the maximum market cap was expected to reach $44 million having TKY tokens at the price of the crowd sale which was 1TKY = 0.0352 USD aka 0.00022NEO, or 1 BTC = 131,000 TKY. The minimum personal cap was 1 NEO and the maximum personal cap was 10 NEO. During the ICO the accepted currencies were NEO and BTC. During the presale, the ICO managed to sell $20,000,000 which is up to 100% discount. During the ICO THEKEY has reached its hard cap and reached the initial goal of $22 million. THEKEY used Know Your Customer aka KYC approach. The countries that could not participate at the time of the ICO were the USA, China, and Singapore.
THEKEY cryptocurrency has ended the first week of February at the price of $0.027724. Later, on the 10th of February 2018, TKY rose up to $0.36676. Then on February 12, 2018, it went back down to $0.024758. Then on the 15th of February, 2018, the TKY tokens reached their highest price so far which was $0.039123. Later on the 9th of March 2018, TKY has gone as low as $0.014918. As of March 10, 2018, the price of a THEKEY token is $0.018815, which indicates that it has risen for 20.6% from the previous point.
How to buy THEKEY?
Just like any other cryptocurrency before buying it from the exchange platforms as a buyer you need to:
- Get a THEKEY wallet. This is a very crucial step as it has to be as safe as possible so that you will not become a victim of hacker attacks and thefts. As an NEO blockchain based token, TKY can be stored in a NEO wallet. For setting up this wallet you should:
- Go to neo’s web site and go to downloads.
- Head to the section saying desktop/mobile/website wallets and choose the one you prefer.
- Download the wallet of your choice.
- Follow the NEO guide and get started with the wallet.
Another wallet that you can use for storing your TKY tokens is the O3 Mobile App Wallet. This wallet is a gateway, which gives access to the NEO blockchain. For getting your O3 Mobile App for either iOS or Android you should download the app for the Android or iOS, or from the official website.
Buying THEKEY guide:
- After getting your wallet set up for the TKY token make sure you have BTC, ETH or NEO in order to buy THEKEY crypto because the TKY token cannot be purchased with fiat currency from the exchange platforms. Check out our website for guides on how to purchase those.
- As soon as you have exchanged your fiat money to BTC, ETH or NEO you are all ready to buy TKY tokens. Since February 6, 2018, the TKY tokens are listed on a cryptocurrency exchange platform known as KuCoin. Kucoin is a multicurrency exchange platform that is based in China. Here you may buy TKY with exchange pairs such as TKY/BTC, TKY/ETH, and TKY/NEO.
- After you buy THEKEY tokens you need to store them securely on the THEKEY wallet that you have initially got. Make sure not to share your private keys with anyone to avoid thefts and misunderstandings.
To Sum it up
As we see the next generation identity verification is a step closer. THEKEY is trying to make this intensively closer and closer. As the ICO has finished successfully now the TKY tokens are listed on exchanges just like other crypto coins. We hope this article managed to give you a better insight and understanding of the TKY tokens.
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