THEKEY (TKY) is a decentralized ecosystem of an identity verification (IDV) tool that uses national big data and blockchain. According to the whitepaper, THEKEY project has a plan to develop a second-generation IDV solution for the internet through blockchain-based dynamic multidimension identification (BDMI) technology. Such a solution echoes the primary need for identifying each other in the digitized world, a key to moving people from the real world to the online world.
BDMI combines dynamic multidimension identification (DMI) technology and blockchain technology. The main objective of BDMI is to generate undeniable and unalterable IDV results. THEKEY deploys its DMI system in the information centers of municipal governments. The benefit of such deployment is avoidance of duplicate work for data collection, processing, and authentication. Compared to peers in the IDV industry, who are also applying IDV into the blockchain, BDMI has the following three advantages:
THEKEY ecosystem seeks to be a decentralized autonomy community consisting of participants, smart contracts, and TKY tokens. A smart contract is a self-regulated contract with the term of the agreement between traders directly written into lines of code.
The main objectives of THEKEY ecosystem are:
THEKEY native token, TKY, is used in the THEKEY ecosystem. TKY is the only method to settle the smart contracts signed between participants in THEKEY ecosystem. TKY tokens would be acquired through purchasing in token sale events. With TKY tokens, individual users can purchase identity-related products and services. In addition, the credit obtained by current users who are using first-generation IDV products could convert their credits to TKY tokens and spend in THEKEY ecosystem.
