SelfKey
Crypto Overview
Project Overview
SelfKey is a blockchain-based digital identity management system that aims to give individuals and organizations full control over their digital identity. The KEY token is the native cryptocurrency of the SelfKey ecosystem, used primarily for identity verification services and marketplace transactions.
Intended Utility
The KEY token is designed to facilitate transactions within the SelfKey marketplace, where users can purchase various identity verification services, corporate registration services, and other identity-related products. Token holders can use KEY to pay for services, while service providers receive KEY as payment for their offerings.
Actual Utility Assessment
The project shows moderate real-world adoption, with partnerships with financial institutions and cryptocurrency exchanges for KYC verification services. The development activity appears consistent, though not particularly high volume, based on GitHub repository analysis. The SelfKey Marketplace is operational, providing actual utility for the token in identity verification transactions.
Token Distribution and Governance
Initial token distribution allocated 33% to the public sale, 15% to the team and advisors (with vesting periods), 22% for ecosystem growth, and 30% for the company reserve. The vesting schedules and lock-up periods appear reasonable and aligned with industry standards.
Technology and Revenue Model
The project's revenue model is based on transaction fees and service payments within the marketplace, avoiding interest-based mechanisms. The technology focuses on identity verification and management, which aligns with Islamic principles of transparency and ethical business practices.
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”.
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Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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