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A Guide to Using SelfKey iD for Digital Identity Verification

With the continuous advancement of technology, the demand for secure and user-friendly online verification systems is becoming more proeminent. Compared to the traditional KYC checks that can be tedious and vexing for users, SelfKey iD may be a better, decentralized solution with its focus on security and privacy. In this article, we will illustrate how SelfKey iD works, the uncomplicated steps involved in acquiring one, and the innovative characteristics and advantages it may offer.
04 Apr 2023
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Summary

As the world continues to advance technologically, we find ourselves more and more immersed in the digital realm. Our digital identities have become just as important as our physical ones, and with this comes the need for secure and reliable online authentication systems

However, traditional identity verification methods are becoming increasingly vulnerable to hacking and data breaches. This leads to a growing need for decentralized and more secure alternatives to centralized systems.

SelfKey focuses on providing safer and more reliable identity verification solutions. These options may be easier and more cost-effective than traditional KYC (Know Your Customer) methods.

In this article, we will explore how SelfKey iD works, as well as its innovative features and benefits. We will elaborate on how it differs from traditional identity verification systems and why it may be a better option for individuals in the digital age. 

Highlights 

  • What is a SelfKey iD?
  • How does SelfKey iD work?
  • Minting SBT
  • Access to SelfKey DAO
  • Conclusions

What is a SelfKey iD?

A brief introduction

SelfKey iD is a cutting-edge technology that may revolutionize the way we verify our identities online. With its innovative on-chain credential system, SelfKey iD may offer a faster, more secure, and less costly alternative to traditional KYC methods.

This new approach to online identity verification is the result of extensive research, user feedback, and collaboration. SelfKey shares the vision of industry experts such as W3C and the authors of the soulbound token paper to potentially create a modern and reliable identity verification solution.

With SelfKey iD, users may have complete control over their digital identities. They may manage their credentials, store them securely and share them only with the parties they choose. This may not only give users greater peace of mind but it might also help prevent identity theft and fraud.

Overall, it may be a significant step forward in the evolution of identity verification. And, it may have the potential to transform the way we authenticate ourselves online.

Why SelfKey iD?

SelfKey iD has a clear purpose - to provide companies with a streamlined and efficient KYC process that may improve compliance, reduce costs, and enhance customer privacy. 

By leveraging blockchain technology, SelfKey iD may offer a more secure and efficient way for companies to verify the identities of their customers. 

This may not only lead to a better experience for customers but it may also aid companies in increasing their profitability. With SelfKey iD, companies may enjoy a more efficient and secure system, while customers may enjoy a smoother and more hassle-free onboarding experience. 

Ultimately, SelfKey iD may be a win-win for everyone involved.

Ease of Use

For identity owners or data subjects, the ease of use when it comes to digital identity schemes primarily depends on how easy it is to enroll and use their credentials. 

SelfKey iD is designed with simplicity in mind, utilizing soulbound tokens so that users may easily produce their credentials using any non-custodial wallet. 

With SelfKey iD, the enrollment process may be as easy as a one-click option for users, with the heavy lifting happening behind the scenes.

All in all, SelfKey iD may offer a user-friendly approach to digital identity schemes that may make it easy for users to produce, maintain, and use their credentials. At the same time, it might also provide a secure and decentralized solution that meets the needs of the modern digital age.

SelfKey iD vs traditional KYC checks

SelfKey iD may be a better alternative for identity verification, as it may offer a more efficient, secure, and user-friendly approach to KYC.

By using the potential of blockchain technology and smart contracts, SelfKey iD may provide a secure, decentralized, and efficient identity verification process. It may have the potential to eliminate many of the issues associated with traditional KYC methods, possibly making the process more user-friendly and safe. 

Not only that, but with SelfKey iD, users may have complete control over their digital identities and they might exercise their SSID rights more easily than ever before. 

How does SelfKey iD work?

Obtaining a SelfKey iD is a smooth and hassle-free process that prioritizes user convenience without compromising security and privacy. The streamlined procedure may ensure that users have access to a secure and private digital identity that they can trust.

The process 

By following the simple steps outlined by the platform, users can obtain a SelfKey iD quickly and with ease. The steps are as follows:

1. Users must first log in with their wallet and pay an entry fee.

2. The next step would be to undergo a KYC verification process. This method is designed to ensure that the user's identity is authentic and that they meet the necessary eligibility criteria.

The verification process typically consists of: 

  • performing a selfie check.
  • providing personal information, such as name and address.
  • providing government-issued identification documents, such as a passport

Additionally, users will not be able to create duplicate accounts.

3. Once the KYC process is complete, legible users are automatically approved.

4. The final step in the process is to mint the soul-bound SelfKey ID NFT. This unique digital asset is generated using blockchain technology and is securely bound to the user's digital identity.

It might serve as proof of identity (POI) and it may be used to authenticate the user's identity in a variety of settings, such as:

  • online marketplaces.
  • financial institutions.
  • other digital platforms, such as social media and videogames.

Even more, as the concept of the metaverse gains popularity, the need for secure and reliable digital identities becomes increasingly important. SelfKey iD emphasizes privacy and self-sovereignty. Therefore, it may be the perfect identity credential for the exciting products and services of the future.

Minting soul-bound SelfKey ID NFT

Aggregating Multiple Credentials

By combining different SBT (soul-bound tokens) and identity credentials, SelfKey iD may provide a higher level of verification for the user's identity. 

Credentials which may be aggregated by a SelfKey iD include, but are not limited to: 

  • Metaproof.
  • KYC credentials issued by SelfKey Network issuers.
  • Traditional accounts, such as: Google, Apple, Discord, Github, Twitter, and the likes.
  • Various identity tokens, such as Binance’s BAB token issued in 2022.

This implementation may have significant advantages over individual credentials, as it may increase the reliability and accuracy of identity verification. And, an increase in reliability and accuracy is crucial for online interactions and services that require trust between parties. 

The more credentials added to the SelfKey iD container, the more trust may be established, and the more reliable and secure the user's digital identity may become.

Furthermore, the integration of multiple SBTs and identity credentials within a SelfKey iD container might provide users with unparalleled flexibility. This may enable them to add as many credentials as they require to establish their identity in a variety of contexts. 

This feature may enhance the SelfKey platform's versatility and utility. It might make it more appealing to individuals and institutions seeking a reliable and secure digital identity solution.

Essentially, SelfKey's implementation of an aggregated credential system in its platform may be a significant step forward in the development of a strong and reliable self-sovereign identity ecosystem.

Attaching NFT series to SelfKey iD

SelfKey continues to prioritize user-friendliness with the introduction of a unique feature that may enable users to attach a distinct NFT series to their SelfKey iD profile picture. This feature may add a touch of personalization and uniqueness to the user's digital identity. Even more, it might reflect the growing trend of NFTs in the crypto space.

Additionally, it may also enhance the user's experience by providing them with more options to personalize and showcase their digital identity. 

Ultimately, the addition of the NFT series feature to the SelfKey iD platform reflects the platform's continued focus on user-friendliness, personalization, and innovation. 

Access to SelfKey DAO

Obtaining a SelfKey iD may provide users with numerous benefits that enhance their experience on the platform and beyond. 

These benefits may include:

  • access to the governance of the SelfKey Protocol.
  • the ability to mint SELF tokens.
  • participating in locking a POI credential.
  • exclusive access to member-only channels on Discord.
  • obtaining exclusive collectible NFT packs.
  • registering for KEY.ETH ENS domains.
  • enjoying instant login to partner apps.

Minting SELF tokens

Having access to the SelfKey DAO may enable users to mint their own SELF tokens. The token might then be used for various purposes and services on the SelfKey platform

This feature may add value to the user's experience and may provide them with more control over their digital identity.

Locking

By locking KEY tokens on their KYC credential, users may mint SELF tokens. Locking credentials may be a way for individuals to demonstrate confidence in the accuracy of their data. This, in turn, may increase the validity of their credentials. Users may withdraw tokens at any time, although this will result in the termination of SELF token generation.

Exclusive Discord Channels

Access to member-only Discord channels may be another perk of having a SelfKey iD. It may provide users with a community to engage with other DAO members through a designated channel. DAO members may also discuss proposals for the governance of the DAO. 

NTF packs

Exclusive collectible NFT packs may also be available to SelfKey iD holders. This may add a unique and personalized touch to their digital identity. These collectibles are released by the SelfKey DAO, further enhancing their customization and originality.

KEY.ETH ENS domains and SelfKey iD

Moreover, SelfKey iD holders may register for KEY.ETH ENS domains. This might enable them to create unique and easily identifiable domains for their online identity.

Instant login to partner apps

Instant login to partner apps may be another advantage of having a SelfKey iD. This may provide users with a seamless and secure login process across multiple platforms.

Ultimately, the benefits of having a SelfKey iD express the platform's commitment to providing users with a comprehensive, valuable experience. It may enhance their ability to navigate the crypto space with ease and confidence.

Conclusions

In theory, SelfKey iD may be a strong and reliable form of digital identity that might be used for a broad range of use cases in the crypto world. With its focus on user-friendliness, security, and privacy, the SelfKey iD may be well-suited to the needs of decentralized societies and Web3 applications.

However, SelfKey iD may also be suited for traditional Web2 platforms that want to benefit from security and anti-bot features inherent to the SelfKey iD system.

SelfKey iD may not only empower the governance of the SelfKey DAO but it may also provide a model for other decentralized governance systems. By offering powerful, privacy-preserving identity credentials, the SelfKey iD might enable more fair and democratic governance. This way, users may have greater control over their data and identities.

The SelfKey DAO aims to provide new forms of decentralized governance, which may allow members to experiment with different approaches and explore the full potential of the SelfKey iD. 

As the crypto world continues to evolve, the SelfKey iD might play an increasingly important role in enabling secure and transparent transactions across a wide range of platforms and applications.

Stay up to date with SelfKey on Discord, Telegram, and Subscribe to the official SelfKey Newsletter to receive new information!

Note: 

We believe the information is correct as of the date stated, but we cannot guarantee its accuracy or completeness. We reserve the right not to update or modify it in the future. Please verify all information independently.

This communication is for informational purposes only. It is not legal or investment advice or service. We do not intend to offer, solicit, or recommend investment advisory services or buy, sell, or hold digital assets. We do not solicit or offer to buy or sell any financial instrument. 

SELF tokens have no monetary value and are not ascribed any price or conversion ratio by SelfKey and its affiliates. SELF tokens do not confer any right to participate in any profits or revenues or represent any ownership interest. SELF tokens may have value and utility solely within SelfKey.

The purchase of a KEY token is not an investment. KEY tokens should not be bought for speculative reasons. A KEY token does not give any right to profits, and it does not represent any ownership interest. KEY tokens may have value and utility solely within SelfKey.

This document may contain statements regarding future events based on current expectations. However, some risks and uncertainties could cause results to differ. The views expressed here were based on the information that may change if new information becomes available.

We use the "KYC" term here for general information purposes, without reference to particular legislation. Please check the laws relevant to you and contact us for the details.

 

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