SelfKey Product Progress Report May 2019
For this month’s update, we’ll be talking about the Bank Accounts Marketplace, creating a Decentralized Identifier (DID), and our browser plugin that was recently renamed to the SelfKey Extension.
Work In Progress: Bank Accounts Marketplace
This month we made progress in the Bank Accounts Marketplace across three main areas: 1) KYC requirements and application processing, 2) Workflow of document submissions, and 3) Data loading of banks.
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KYC Requirements & Applications Processing: Upon entering the Bank Accounts Marketplace there will be options to open a personal or corporate banking account, subject to different KYC requirements based on jurisdiction. Current offered locations include Hong Kong, Singapore, Cayman Islands, British Virgin Islands, Nevis, Belize, and Panama. In addition, some banks also require an in-person visit to a branch in order to open an account. We understand this could be a major inconvenience, so we’ve included all the requirements within each listing.
Workflow of Document Submissions: Because opening bank accounts is more complicated than setting up a new company, we’ve had to make updates to how document submissions are processed in the backend. The SelfKey Identity Wallet will also have a new tab for keeping track of existing applications whether it’s a bank account or new company setup. This will make it easier to monitor the progress and status of each application.
Data Loading of Banks: Part of this process includes not just displaying the required information, but also having the ability to update this on the backend as regulations and updates to the processes are made at different banks. We’re starting out with a small number of jurisdictions before we expand into more locations for banking. This information will also be cached locally on your machine, in the event that you get disconnected from the internet.
Work In Progress: SelfKey Extension
Last month we have also been working on our browser plugin, the SelfKey Extension across three main areas: 1) Working internal demo, 2) Renaming to SelfKey Extension, and 3) API Documentation & Distribution.
Working Internal Demo: During the last week of May, our engineering team showed the company an internal demo logging into our compliance solution, KYC-Chain using the SelfKey Extension and his Ethereum address. Many of our integration partners also use our compliance solution for KYC verification, and this is the first integration we are completing before releasing it to the public. Together, this makes the SelfKey ecosystem stronger and provides better data privacy and compliance.
Renaming LWS To SelfKey Extension: We’ve also change the official name of the browser extension from “Login with SelfKey” to “SelfKey Extension” on the Google Chrome store. This was done to make the distinction clearer between its functionality, naming, and branding. Initially when the concept was created in 2018, we called it “Login With SelfKey” as it described the functionality we wanted. But now that it’s almost ready to be deployed, it needs a new name.
API Documentation & Libraries: The SelfKey Extension rollout includes updating our API documentation for the SelfKey ecosystem, which will be available on our Github when it’s ready. These endpoints include communicating with the SelfKey Identity Wallet, integrating the SelfKey Extension on your website, requesting documents or attributes, processing KYC applications, authentication tokens, and much more. We’ll be displaying it visually via Slate, which is a framework for API documentation similar to how Coinbase, Stripe, and PayPal display theirs.
Coming Soon: Decentralized Identifiers (DIDs)
In the next version of the SelfKey Identity Wallet, you’ll also be able to create your own Decentralized Identifier (DID). This is the holy grail of self-sovereign identity, allowing for a universal and interoperable identity solution between different blockchains. We’ve been testing out internal versions of this deployment, and have published some information on the blog and podcast regarding how this works in the past few months:
- Part 1: How Do Decentralized Identifiers Work? (Podcast)
- Part 2: What Are Decentralized Identifiers? (Podcast)
- Why Decentralized Identifiers Are Changing The Future Of Identity & Finance (Article)
Under your full control, DIDs are independent from any centralized registry, identity provider, or certificate authority. The SelfKey DID is in compliance with the standards set by the Decentralized Identity Foundation that includes companies such as Microsoft and various blockchain identity companies. Besides enabling functions such as on-chain claims for self-sovereign identity, DIDs will also be interoperable between different blockchains making it accessible to all.
News & Announcements
Two New Exchanges List KEY, Including One With $200 Million Daily Trading Volume : Processing over $200 million in daily trading volume, has emerged as one of the top 20 exchanges worldwide. Offering 24/7 customer support in multiple languages, and operating under their own license in the European Union, p2pb2b has become a leading digital asset exchange. Operating out of Estonia, p2pb2b offers an attractive affiliate program and commission-free transfers between users. They also provide support for multiple coins as well as a sophisticated API. With the listing of KEY, the platforms 2,000 daily users will now have easier access to the SelfKey identity ecosystem comprising the KEY token, and the Marketplace. (Link)
South Koreans Can Now Convert Fiat To KEY On Probit : We are happy to announce that Probit now offers its South Korean community the opportunity to convert fiat to KEY. As more and more people join the SelfKey ecosystem it is vital that KEY becomes available all over the world. Probit is one of the most innovative exchange platforms in Asia, offering top performance, superior security and a customizable dashboard. Probit also aims to provide more than 150 digital currencies and now includes the KEY/KRW trading pair. (Link)
Thank you for being a supporter of SelfKey and joining us on this journey. We look forward to achieving more milestones and partnerships in 2019 and will update you again next month.