What is SelfKey (KEY)? How To Buy KEY Token In India?

What is SelfKey (KEY)?

In the modern world, every entity has become digitalized including one’s identity. Securing these digital identities has become a major challenge in present times. SelfKey aims to address related to ownership which allows companies and individuals to manage and protect digital identities. They may have full control over their sensitive data and also reduce the risk of the data being compromised. 

SelfKey is a blockchain-based, digital identity management platform that allows users to store all their sensitive data in one place. It offers a safe and secure ecosystem where-in personal data can be stored, creating one’s digital identity. The platform also hosts a marketplace for various financial products & services, helping users to run their businesses. 

There are 2 tokens which are associated with the protocol, the native token KEY which is also the utility token and SELF, formerly known as LOCK helps with the governance of the platform.  

Who Are the Founders of SelfKey?

SelfKey was launched somewhere in 2017 by its sister company KYC chain, with Edmund Lowell being one of the founders of both KYC chain and SelfKey. The Mauritius-based platform is mainly focused to simplify the KYC process and protect digital identities. The core team behind SelfKey has been working on decentralized identity since 2014 across various companies like Standard Chartered b/ank, Bitmex Exchange, EQIBank, and GSR.

How Does SelfKey Work?

The SelfKey platform has constantly updated its whitepaper as required by the evolving digital identity space. Currently, the network has 3 whitepapers, the SelfKey whitepaper, the POI Whitepaper and the latest one added, the SelfKey DAO whitepaper which has introduced AI-powered intelligence to the system. Besides, the core of the platform’s work depends on Self-Sovereign Identity (SSI) mechanism. 

The SSI mechanism leverages blockchain technology to issue corresponding private and public keys which are stored in a SelfKey digital wallet which functions as the user’s unique digital signature for online transactions. Moreover, the platform uses a Proof-of-Identity mechanism which enables the dapps to operate as DAO to remain secure from attacks. 

Proof-of-Identity is a consensus mechanism where-in individuals only log into a dApp one time providing their individuality. If the user attempts to log in multiple times, the activity is quickly detected and halted. 

What Makes SelfKey Unique-Use Cases?

• The users can rely on a single system and application to verify their digital identity whenever needed
• The users can also keep their personal, important and sensitive data in a secure environment without any risk of data leaks and identity theft
• The platform simplifies the KYC process and enables users to have full control over their data and identity information
• The platform leverages the decentralised approach which reduces the costs and improves the security and customer experience

SelfKey (KEY) Price Analysis

Source: TradingView

• The KEY price is trading within a symmetrical triangle and approaching the apex of the consolidation
• The RSI dropped to the lower support and bounced back which lifted the price from the lower support 
• Besides, the ADX which represents the strength of the rally is plunging, hence indicating the upswing may be challenged by the bears very soon
• Therefore, the current price action continues to remain misty, while a bullish breakout may rise the price towards the upper resistance at $0.0102 and a bearish plunge may compel the price to test the lower support at $0.0082

How to Buy SelfKey in India?

To buy Holo in India, just follow the below-mentioned steps:

• Download the CoinDCX App on your smartphone
• Enter the details required for registration
• Complete KYC
• After your profile is verified, fund your wallet and buy a KEY