THEKEY

What is THEKEY?

THEKEY is a decentralized ecosystem of an identity verification tool using national big-data and blockchain. THEKEY Project is now developing a second-generation IDV (Identity Verification) solution for the internet via BDMI (Blockchain based Dynamic Multi-Dimension Identification) technology to generate undeniable and unalterable IDV results. By using this technology, it will allow for people to migrate from the real world and have their identity validated when they move towards the digital world.

The Team

Out of most of the organizations I have researched who are sitting outside of the top 100 in market cap, THEKEY probably has some of the more experienced team members developing their project. I will take a closer look at 2 of their team members: Catherine (Xueli) Li & Ken Huang.

Screen Shot 2018-05-21 at 3.26.27 PM.png

Catherine (Xueli) Li

Ms. Li has a phenomenal history in leading her peers as she has worked as the Senior Manager for IMS Health China for a decade, and after leaving this job she became the CEO of Ebaonet Healthcare Information Technology. As the standing CEO for THEKEY, her past experience and history as a leader will propel her and her organization to success. One additional aspect about her history I found pretty interesting is where she attended college. She spent four years at McGill University located in Quebec, Canada! Having this connection to North America will really benefit THEKEY as they begin to expand internationally, as this platform is mainly individuals from China's mainland.

Ken Huang

Mr. Huang is probably one of the most accomplished individuals I have come across. He is the President of THEKEY, and if I were on the team, I would be pumped to work alongside him! He has a great track record in blockchain. He founded the Distributed Business Applications, which is located in Fairfax, Virginia, right outside of Washington, D.C. He is working as an Advisor for a couple other cryptocurrency projects as well. Prior to working for these cryptocurrency organizations, he worked for Huawei Technologies as an Identity Architect (pretty fitting to be now working with THEKEY), and then as a Blockchain Expert. If you're ever at a Blockchain conference around the world, keep an eye out for him; he speaks at them regularly!

The Platform

Aside from the 23 copyrights they have received, and 15 patents, lets look at how their IDV solution works. In order to process the identity information, THEKEY will use “Blockchain based Dynamic Multi-Dimension Identification” (BDMI). BDMI is "a powerful and cost-efficient identity verification tool for the internet", which will give the user unalterable results for their IDV.

BDMI functions by using two different technologies: DMI & Blockchain

DMI

DMI is "Dynamic Multi-Dimension Identification", and it is based off of 5 different modules.

Data Collection Module
Data Standardization Module
Primary User Index Module
Data Warehouse Solution Module
IDV Engine

Data Collection Module

This module saves time and money on data collection, processing, analysis and verification. It stems from ETL technology and allows data to be taken from various sources to be uploaded into a central site in one format.

Data Standardization Module

This module is built into two "sub-modules" because in order to use the data it needs to be properly "standardized".

Communication Protocol Standardization Module

Screen Shot 2018-05-21 at 5.00.05 PM.png

This module allows different data systems to transmit information and the module will conduct the visit through their protocol.

Term Standardization Module

Screen Shot 2018-05-21 at 5.00.11 PM.png

This module is built on three different pillars: ontology, Nature Language Processing (NLP), as well as AI.

Primary User Index Module

This is a file index that can be used to find the information necessary for every individual. The information is set up in levels, where if you pass the information in the primary check, it will then continue to cross-check in the next level on the index. All of the information stored in these files will be organized as "time-based".

Data Warehouse Solution Module

The functionality of this module reminds me of a mailroom. The individuals in the mailroom all have to sort the letters (or in this case the files), so they can be stored and then found quickly. Some of the functionalities of the module are data input, revise, statistics, and retrieval.

IDV Engine

The IDV Engine's main job is to complete the IDV services after the modules explained are completed. The biometric data that is sent by the user into the DMI is authenticated by the data from government authorities, as well as being verified by the IDV engine. During this entire process all of the results are stored for audit purposes.

Blockchain

Screen Shot 2018-05-21 at 5.30.21 PM.png

As mentioned before, all the information is "stored" in the different processes are stored for audit reasons. In addition to storing this data for audits, the data will all be stored using asymmetric cryptographic algorithm and storing the data on nodes on the Blockchain. By using blockchain, the individual would have complete control over their KYC (Know Your Customer) information when you process an IDV request.

By bringing these two technologies together, blockchain and DMI, they are bound together to create a framework for THEKEY, known as BDMI.

BDMI

The application of BDMI is sectioned into three different layers- similar to what you might see in a DAO. They are built on layers.

Screen Shot 2018-05-21 at 5.36.51 PM.png

Current Solution

Prior to embarking on the journey of this project, THEKEY already had a functioning app to help solve the solution for IDV. The app is known as "Social Medical Insurance 123", and they are able to receive medical insurance payments through their mobile device. They also can receive their pension through this mobile app, which is currently in three "pilot" cities.

The Roadmap

Screen Shot 2018-05-21 at 3.15.55 PM.png

As soon as you enter THEKEY's main website, you are hit with a big banner on the bottom of your screen about one of their big upcoming announcements. Before the end of the month, THEKEY is expected to release the MVP (Minimum Viable Product), which is actually going to arrive ahead of schedule! Big congrats to the team at THEKEY for accomplishing this. After being around crypto, it has almost become a norm that roadmaps and release dates are taken with a grain of salt. However, with THEKEY, it seems that they take it very seriously and kudos to them for announcing its release on the 28th. Other than this massive announcement that they have going forward, I am extremely pumped for the mainnet release at the end of the year.

The Token

The whole ecosystem of THEKEY revolves around their minted token, TKY, which is built on the NEO blockchain network.

Screen Shot 2018-05-21 at 5.54.20 PM.png

The total supply of the TKY token is 9,795,844,687 TKY with a circulating supply of 4,604,993,287 TKY. These tokens will be used on the ecosystem to be able to run background checks, or even to access your credit report. Various service providers will be able to pay TKY tokens to the validators on their decentralized network to be able to purchase the services on their platform to ensure the validity of anyone. The TKY token is also used to process the smart contracts.