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SelfKey – 2020 & Beyond

Here we are at the end of yet another amazing year. In this article, we look back at the major milestones that defined the year 2020 for us at SelfKey.

7 Jan
2021
Sree
Selfkey 2020
key-icon

Here we are at the end of yet another year. A year full of aspirations and possibilities. 

The past year was indeed difficult for almost everyone around the world. COVID-19 set upon us unprecedented challenges with an economic climate never seen before. 

However, as we bid adieu to 2020, we see a new light in the crypto space. We see institutional adoption and new KYC laws, rules, and regulation for the crypto space – a ‘problem’ or perhaps opportunity which SelfKey setout to solve more than three years ago, compliance with KYC laws in a way that preserves user privacy with self sovereign identity (SelfKey Whitepaper).

As you can see – the new challenges can also bring a new set of opportunities, and SelfKey welcomes change – and meets challenges as opportunities. After another year, the project is not only still standing but stronger than ever.  

To illustrate such, we reflect on the major project milestones from last year.

The Year That Has Been

SelfKey Identity Wallet

2020 saw the launch of the SelfKey Mobile Wallet. Since then, both the desktop Wallet and mobile Wallet underwent numerous updates, refinement, and technical architecture upgrades. These ‘backend changes’ are not always visible to users but are exceptionally important. “Don’t build on an unstable foundation” is as true for a home or building as it is for a decentralized identity Web3 application.  

One of the biggest updates for the desktop Wallet is when it upgraded to an HD Wallet in one of the most recent updates. Upgrading the SelfKey Wallet to an HD Wallet was a long and popular demand, as HD Wallets allows users to use a set of addresses under one single master Seed Phrase.

It is a recommended practice to periodically update your wallet addresses with a new one, but with the absence of an HD wallet, you will have to generate and backup a Seed phrase for each new address. 

With HD Wallets, users do not have to worry about storing multiple Seed phrases for each newly generated address in their Wallet. Because users can use one single master Seed phrase for multiple addresses, and if needed, can use that one Seed phrase to restore all the addresses generated under that Seed phrase.

SelfKey Marketplace

The Exchanges and Loans Marketplace went live in 2020. SelfKey Marketplace enables the users to register for a variety of financial services using the SelfKey Wallet and KEY token. Since its launch, more than 30 exchanges and platforms have been added to the list on the SelfKey Marketplace.

The SelfKey Identity Wallet is a free identity solution for Windows, Linux and Mac. Get yours today!

Certifiers Platform

The long-awaited Certifiers platform was also launched this year. The Certifiers platform is the third major party in the SelfKey identity ecosystem, with the first two being Identity Owners and Relying parties. The Certifiers platform enables SelfKey users to get their documents verified through a real-life notary. It also makes things like setting up a company in the incorporations marketplace (already serving 11 jurisdictions via the SelfKey Wallet) or setting up an offshore bank account super fast, secure, and easy.

Credentials Verification & KEY Staking on KeyFi Platform

The newly launched KeyFi platform became the first relying party to use the SelfKey Credentials verification system. SelfKey Credentials integration to the KeyFi platform enabled eligible users to stake KEY tokens on the KeyFi platform for rewards. The Credentials verification process is a user-centric and privacy-preserving process that gives the user complete control over the data shared during the verification process.

Crypto in 2020

Towards the final months of this year, we have seen some great news coming from the crypto space.

The flagship coins of the crypto space, Bitcoin and Ethereum have made big-time news. 

Bitcoin when its price went past the previous ATH and towards $30,000, and Ethereum when it successfully started its first phase towards the launch of ETH 2.0 in its transition to POS.

Bitcoin cruising past its previous ATH might prove instrumental in gaining more users for the crypto space, and the transition of the Ethereum network into POS could further decentralize the network and thus enable users with more control.

Summary

The year 2020 has literally had an impact on the life of everyone around the planet. We witnessed the whole world reducing personal interactions and consequently maintaining remote interactions. Thus, with each passing day, securing your identity and personal data has become more relevant.

We believe that SelfKey thrived and improved as a project amidst all the hurdles in our path. It would not have been possible without the support and backing of the SelfKey community – whose active involvement and support are invaluable, without which, this project would not be possible.

Hence, we would like to thank you from the bottom of our hearts for all the support and enthusiasm you have shown towards SelfKey.

We hope and wish everyone that the new year will bring more happiness to you personally and as a community.

“Happy New Year”.