THEKEY Updated FAQ 2.0
https://medium.com/@thekeyvip/thekey-updated-faq-2-0-a53493e1b83aQ1: What is THEKEY? What problems does THEKEY solve?
THEKEY Project is now developing a second-generation IDV solution for the internet via BDMI technology. BDMI stands for “Blockchain based Dynamic Multi-Dimension Identification” technology. Such a solution perfectly echoes the main requirements for identifying each other in the digital world, which is ‘The Key’ for migrating people from the real world to the online world.
Q2: Why is blockchain technology applied in THEKEY project?
BDMI, as the name of it, synergistically combines Dynamic Multi-Dimension Identification (“DMI”) technology and blockchain technology.
The results generated from the existing IDV technologies, which have been developed and applied on the internet, could be denied and altered. Blockchain uses an asymmetric cryptographic algorithm, ensuring the data transmission and the safety in utilization, which is characterized by several features e.g. immutability, irreversibility, security etc. In particular, smart contracts are realized by programmable scripts, increasing the practicability of Blockchain. With those features, the application dilemma of identity verification technology is overcome. The results generated from BDMI will be undeniable and unalterable.
Q3: Who are the team members and what are the achievements of THEKEY team?
THEKEY team is composed of experts and professionals from IDV, blockchain technology, R&D, marketing and data modeling etc. The team has worked on the industry solution design and POC of consortium blockchain in corporation with Hyperledger since 2015, and participated in many government affair blockchain projects. It is very experienced in using the government data in corporation with blockchain technology.
The founder and CEO of THEKEY, Catherine (Xueli) Li, The Most Outstanding Women Entrepreneur in China of the Year (All-China Women’s Federation, 2017) Founder of Dynamic Multi-dimension Identification technology. She has firstly introduced blockchain to DMI and has deep understanding of the industry application of blockchain.
The other members of THEKEY team have rich experience in the collection and the processing of the government data, as well as using the government data with blockchain technology.
The main achievements of the team are listed as below:
· 23 copyrights have been obtained, 15 patents have been accepted by SIPO (State Intellectual Property office of the P.R.C) and start attestation process.
· THEKEY’s first-generation IDV solution is currently in use for mobile social insurance pay in two pilot cities, which people can receive their payment for their pension, or healthcare insurance reimbursement. The IDV solution is currently being deployed in another 41 cities, covering more than 130 million people.
· Personal identity data of 210 million people in 66 cities, authenticated by the relevant government authorities, are connected on a real-time basis. This constitutes a solid foundation of IDV.
· Commercial contracts signed with world-leading firms and the business model of our IDV products have already been partly proven.
· Six relevant national laboratories have been set up together with government agencies, banks, insurance companies and one university.
Q4: What’s your development plan of THEKEY?
As indicated in our white paper BDMI equals to DMI and Blockchain technology. BDMI not yet developed whilst DMI has been developed and well accepted by the government, banks and insurance companies. BDMI will be developed and testnet will be launched by Jun 2018, and the mainnet will be ready by Dec 2018.
Please check our MVP development plan released on:
https://medium.com/@thekeyvip/ceo-catherine-announces-release-of-thekey-mvp-development-plan-e0c85ada912fQ5: What’s your advantage compared to other IDV solutions, such as Civic?
Compared to other peers in IDV industry, who are also applying IDV into blockchain, BDMI has the following three advantages:
· More reliable results — The supporting data is gathered in real time, is comprehensive, accurate and reliable. The data is also validated in advance by government agencies or other public institutions.
· Lower cost — Full use of existing data sources. Avoidance of duplicate work for data collection, processing and authentication,
· Better user experience — It is not necessary for individual users to install any application or upload any information.
Q6: Why did THEKEY cooperate with NEO?
NEO provides technical support to THEKEY. The smart economy NEO put forward is comprised of Digital Asset, Smart Contract and Digital Identity, which is an entire ecosystem. Digital identity is an indispensable element of NEO smart economy. THEKEY share the consensus with this idea and is willing to provide digital identity application for NEO ecosystem, in order to co-establish the digital identity system together with NEO. We are also happy to cooperate with NEO on more digital identity applications in the future.Q7: What’s the use of TKY?
The THEKEY Ecosystem will be a decentralized autonomy community, which will consist of three components of participants, (Validator, Service Provider and Individual User) Smart Contracts and TKY Tokens. THEKEY token (“TKY Token”), as a major component of the Ecosystem, is the only method to settle smart contracts signed between the participants in THEKEY Ecosystem. Since every aspect of life is in need of identity verification, like security check, access permission, medical treatment and shopping etc. the utility of TKY token will be extremely high.
Q8：Is there any plan of bringing the solution to any other country besides China either directly or through an implementation partnership with another business? Cheers!
Yes, THEKEY is planning for global expansion and several international collaborations are under discussion.
Q9：Can you please explain the link between THEKEY, Ontology and NEO ID?
Since Neo is one of the early investors of THEKEY. Naturally THEKEY is a partner of the Ontology network. Ontology focuses on cross chains solution but THEKEY will focuses on IDV and serve as the underlying layer of the Ontology. We will together serve the same objective, to develop bilateral or multi-lateral trust in the digital world.NEOID is one type of protocal of NEP, THEKEY is a dapp following NEP protocal. NEOID is not in competition with THEKEY.
Q10: What are the commercial contracts signed up between TheKey and other big companies, governmental agencies etc?
We have signed commercial contracts with world leading company including financial institutions, insurance companies, banks, and e-commerce companies, namely Alipay, Ant Financials, China Unicom, Ping’an Bank, China RE, Uniscom, Minsheng Bank, etc.Q11: How do you intend to on-ramp customers. How will banks, governments etc. purchase and use TKY tokens when this is illegal to do in China. Why did you choose a public blockchain, when a private blockchain would have been simpler in this regard for onboarding clients?
Private chain is not technically viable. Ultimately，THEKEY would like to be an identity layer for both public chain and permissioned chain. NEO will be the first public chain we will work with to provide the identity service. We will leverage basic architecture of NEO. Our consensus nodes will initially be maintained by THEKEY, and gradually adding Identity Providers, Service Providers, and other nodes from our ecosystem. This approach of adding consensus nodes (bookkeeper or validator) is similar to the approach taken by NEO
Q12: Do you expect your existing customers (from the social insurance program) to migrate to the TKY ecosystem. What incentives would they have?
Yes, they will migrate to THEKEY ecosystem. In addition to enjoy the convenience brought by smart social insurance pay, they can also enjoy the convenience on IDV that can bring to every part of people’s life.
Q13: What are two pilot cities of THEKEY’s first-generation IDV solution for mobile social insurance pay? Any sources or news I can refer to?
· The names of pilot cities are, Jiaxing and Kaifeng.
· The sources or news you can refer to are as follows,..................
