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THEKEY- unlock the future

THEKEY Project is now developing a second-generation IDV solution for the internet via BDMI technology. BDMI stands for “Blockchain based Dynamic Multi-Dimension Identification” technology. Such a solution perfectly echoes the main requirements for identifying each other in the digital world, which is ‘The Key’ for migrating people from the real world to the online world. BDMI, as the name of it, synergistically combines Dynamic Multi-Dimension Identification (“DMI”) technology and blockchain technology. DMI has already passed its development stage and is currently applied to THEKEY’s existing first-generation IDV solutions, which has built a very solid ground work to guarantee the successful development of BDMI.

THEKEY Project, a world-leading solution provider in IDV industry, is here to leverage innovations in Blockchain and Smart Contract technologies to develop its second-generation IDV solution to address all the above-mentioned issues in the internet world. THEKEY smart contract system will use NEO smart contract, and develop under DNA framework. THEKEY will co-establish a smart economy which consists of digital asset, digital identity and smart contract together with NEO. Focusing on identity verification, THEKEY will be the fundamental element of the whole system. The compatibility of NEO towards multi-programming language and the lightweight, high concurrency and expansibility of NEOVM will facilitate THEKEY smart contract development and popularization in various industries.

HOW THEKEY Project Works

THEKEY Project team is working on combining DMI technology on Blockchain so that the following could be delivered:

  • Individual user would have full control of their PII information and KYC standard in each industry should be followed as part of Smart Contract when initiating and processing IDV request;
  • All records of PII relevant data collection and use will be stored on the Blockchain for auditing in the future, and to avoid any misuse;
  • To address the requirement of an IDV result being unaltered and to avoid catastrophic breakdown, relevant data currently saved in centralized servers of various organizations will be indexed with identity data block correspondingly and stored in a distributed way.
  • Due to the limit of storage size on Blockchain, an alternative option is to save PII data in the ETL database of the Validator in THEKEY Ecosystem, and save the hash value of the underlying data on Blockchain.

THEKEY ECOSYSTEM AND TKY TOKEN

Along with the development of second-generation IDV solution, facilitated by token sales, THEKEY Project team intends to develop THEKEY Ecosystem for providing IDV service (the “Ecosystem”). The THEKEY Ecosystem will be a decentralized autonomy community, which will consist of three components of participants, (Validator, Service Provider and Individual User) Smart Contracts and TKY Tokens. The objectives of setting up THEKEY Ecosystem are:

  1. to develop a healthy environment where PII can be properly used and protected;
  2. to provide financial incentive to the participants in the Ecosystem.

THEKEY token (“TKY Token”), another major component of the Ecosystem, is the only method to settle smart contracts signed between the participants in THEKEY Ecosystem. Once the Validator, Service Provider and the Individual User all sign-off on the transaction via the smart contract, the concerned parties will use TKY Tokens to settle the contract according to the agreed price and payment sharing plan. TKY Tokens would not only be obtained by purchasing in token sale events, but will also be able to be earned. Individual Users, Service Providers and Validators could perform valuable actions in THEKEY Ecosystem to earn TKY Tokens.

FUTURE WORLD WITH THEKEY

In light of the rise in e-commerce and increasingly digital lives, the need of IDV service has spilled quickly over every sector. THEKEY Ecosystem is a perfect platform using BDMI technology built on a distributed model with multi-parties attestation and fueled by TKY Token. It serves as the fundamental layers to other ecosystems, either on-chain or off-chain. The individual end users do not need to make any effort to prove who they are, such as credit card, keys or mobile phones for IDV purpose, but by simply connecting into THEKEY Ecosystem. Considering the huge  number of mainstream users and the rise of IDV service requirements, we do believe THEKEY Ecosystem is very promising and expandable. Here are some example uses below.

 

If you want more information, join them on Telegram, visit the WEBSITE and read the WHITEPAPER.

 

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