SelfKey
Crypto Overview
Project Overview
SelfKey is a blockchain-based identity management system launched in 2018. The KEY token is the native utility token of the SelfKey ecosystem, designed to facilitate identity verification transactions and access to various identity management services.
Purpose and Utility
The intended purpose of KEY tokens is to serve as the payment method within the SelfKey Marketplace, where users can purchase identity verification services, KYC processes, and access to various financial services. Token holders can use KEY to pay for document notarization, identity verification, and marketplace listings.
Business Model Analysis
The business model focuses on identity management and verification services, which aligns with halal principles as it provides a legitimate utility in facilitating secure and transparent identity verification. The platform does not involve interest-bearing products or impermissible activities.
Real-World Adoption
SelfKey has established partnerships with various cryptocurrency exchanges and financial service providers for KYC solutions. The platform maintains active development, though current usage metrics indicate moderate adoption of the intended utility cases.
Token Distribution
Initial token distribution allocated 33% to the public sale, 33% to company reserves, and 34% to founders and advisors. Vesting schedules were implemented for team allocations to prevent immediate selling pressure.
Development Activity
The project maintains regular updates to its identity management platform and marketplace, with ongoing technical development visible on their GitHub repository.
Crypto Impact
To assign a comfort level investing in SelfKey from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to SelfKey.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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