What is THEKEY (TKY)?
Future of TKY Cryptocurrency and know how to buy TKY

What is THEKEY (TKY)?

#1 – What is THEKEY?

THEKEY: The Basics

THEKEY is a project providing identity verification (IDV) solutions to industries, built on the NEO blockchain. It plans to harness blockchain and smart contract technologies to develop second-generation IDV solutions, and to generate unalterable and undisputable IDV results on the tamper-proof blockchain.

THEKEY Development

  1. THEKEY’s initial development began in 2014, according to its roadmap, which means it has been in its developmental stages for a longer time than most cryptocurrencies.
  2. The THEKEY website[1] lists 7 members in the core team, led by CEO Catherine Li. With over 10 years of experience in the medical information field, she was awarded the “Most Outstanding Female Entrepreneur” in China in 2017. The President, Ken Huang, is apparently working simultaneously on 5 blockchain projects, and the CTO is Geochun Xu, an expert on blockchain technology and big data application with 17 years of experience in computer tech.
  3. It has two advisors: Roger Lim, the founder of NEO Global Capital and a famous investor and cryptocurrency project advisor, and Rexford Ventures, a venture capital firm which has previously invested in successful blockchain projects.

 

#2 – What are the advantages of THEKEY?

THEKEY Technology

  1. THEKEY plans to use the BDMI (Blockchain-based Dynamic Multi-dimension Identification) technology to achieve its second-generation IDV solution.
  2. BDMI would use biometric data as the base, with government-validated data, cross-checked with the user’s scene data for reliability. The result of each IDV will be documented for audit, so as to reward the user accordingly.
  3. The technology used is sophisticated, and it combines many elements to ensure a smooth, reliable and tamper-proof IDV solution which is also user-friendly, explained in complete detailed in the THEKEY whitepaper.[2]

THEKEY Use Cases

THEKEY is currently still taking baby steps in the crypto world, but it has several potential use cases.

  1. It could be used in smart homes to ensure security and safety through biometric verification.
  2. Identity verification and survival certification for pension provision in China is something THEKEY technology is already being used for.
  3. Identity verification at various areas like Medical Insurance Claim, ticket bookings and much more is another popular use case which is already being explored to some extent.

 

#3 – How to buy and store TKY?

How to buy TheKey / How to buy TKY

The THEKEY token is a very recent release; in fact, it’s not even 6 months old! So it’s pretty unsurprising that there are only 6 exchanges selling THEKEY coins (TKY) right now, in exchange for other cryptocurrencies like Bitcoin, Ethereum, NEO, etc. Being so new, it can’t be exchanged for fiat currencies yet.

The exchanges selling TKY are KuCoin, Bit-Z, HitBTC, Lbank, Switcheo and Coinrail.

  1. Of course, these are only platforms on which you can buy or sell the TKY. CoinSwitch, the largest cryptocurrency exchange, however, will help you decide which to choose by showing you a comparative study of the price of TKY in the exchanges it’s sold in. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with the THEKEY coin, and CoinSwitch will help you make the right decision by facilitating comparison through a single platform.
  2. What’s more - with CoinSwitch, you need not use a separate TKY wallet on the exchanges or rely on their safety. Instead, all transactions can happen to and from your very own private wallets, the benefits of which we’ve spoken about here earlier.

TKY Storage

  1. THEKEY exists on the NEO blockchain, so you can store THEKEY tokens in any of the NEO wallets.
  2. A hardware TheKey wallet is always the safest to use for storage of any cryptocurrency, and NEO’s Ledger Nano S can easily store your TKY coins.
  3. NEO also has desktop wallets like NEON, NEO GUI and NEO CLI, all compatible with Windows, Mac as well as Linux; and web wallets like Binance, NEO Tracker and NEOWallet. However, out of all these, only NEO GUI, NEO’s official desktop wallet is completely compatible with TKY.

 

#4 – What is the future of THEKEY?

Also Read: Complete Analysis of THEKEY | Live THEKEY (TKY) Price Charts And Predictions

Market Cap and Global Acceptance

  1. Unlike many other cryptocurrencies like Bitcoin, THEKEY coins (TKY) cannot be mined.
  2. The circulating supply is close to 4.7 billion THEKEY tokens, less than half of its total supply of 10 billion tokens. The distribution is as follows:
    • 51% (i.e. 5.1 billion) would go into the crowdsale.
    • 21% would fund the IDV Ecosystem
    • 20% went into the Reserve fund, and
    • The remaining 8% belongs to the Project Team
  3. The current market cap of THEKEY (as of June 2018) is around 41.5 million USD, with an individual price of only 0.0088 USD.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 22, 2018

0.009614

0.009737

0.008215

0.008794

4,35,622

4,52,33,500

Jun 01, 2018

0.014112

0.01508

0.013566

0.014848

6,00,311

6,49,84,800

May 01, 2018

0.019836

0.019983

0.018871

0.019536

8,38,275

8,93,62,000

Apr 01, 2018

0.014822

0.015018

0.012373

0.013978

5,39,007

5,38,72,300

Mar 01, 2018

0.023227

0.028072

0.023227

0.027624

13,09,180

-

Feb 07, 2018

0.027724

0.035071

0.027043

0.028639

90,08,350

-

Trends so far

  1. Since the cryptocurrency is pretty new in the market, it’s difficult to say how the trends have been. The individual price of a TKY started off at about 0.03 USD when it was launched in February 2018, peaked at 0.04 USD in the same month, and is currently 0.0088 USD (as of June 2018).
  2. The extremely low individual price of the THEKEY coin puts it at the 172nd rank with respect to market cap, among cryptocurrencies worldwide, in spite of its large circulating supply of almost 4.7 billion TKY.
  3. However, its technology and aim of digitalizing identity verification in a secure way makes it a promising cryptocurrency. In addition to buying and selling TKY, the coins will also be given as rewards to the users and validators for their contribution to the community. Looking at the tech it brings and its extremely low price right now, it seems that the only way to go is up for this currency.

Backing and Partnerships

  1. THEKEY has one of the most impressive list of partners in the cryptocurrency world, worth over a trillion dollars in total.
  2. Its partners include China Unicom, OnChain (the company behind NEO), Minsheng Bank and a few more multi-billion-dollar companies.
  3. Perhaps their most impressive partnership of all is the Chinese Government, which has been notoriously against cryptocurrencies in the past.

 

#5 – What makes THEKEY different from other cryptocurrencies?

THEKEY is not the only Identity Verification cryptocurrency out there, nor is it the first. However, it promises to be better than the rest, and seems to have a definite edge over its competition.

  1. It promises more reliable results as it gathers data in real time, validated by government agencies or other public institutions.
  2. It costs less than other IDV solutions since it uses existing resources and data rather than collecting and authenticating the data separately.
  3. It promises a superior user experience and an easier-to-use technology as it does not require its users to install any application or upload data.
  4. Another thing that makes it different, though not unique is, of course, its IDV Ecosystem itself, since the THEKEY cryptocurrency platform has an aim of digitizing and decentralizing identity verification, rather than being a digital currency to merely mine and trade.

 

#6 – Should you invest in THEKEY?

  1. Unlike many business and trade centric cryptocurrencies, THEKEY has the goal of making identity verification easier, cheaper, incentivized and less tedious for everyone involved. This makes it a currency which requires good development so that it’ll benefit multiple entries.
  2. It has a low value in the market as of June 2018, despite the number of coins circulating right now, making it the perfect time to grab the opportunity and buy tokens right now, since it’ll have the psychological impact amongst the majority of traders of being seen as inexpensive.
  3. Buying the THEKEY token at the price it’s available at right now may set investors up for solid returns, even if the value goes up to a single US dollar per coin in the future.
  4. The earning potential as well as the future benefits of the THEKEY token make it an attractive currency worth considering for an investment, especially since buying even a 1000, or 10000 TKY is not going to put too much of a dent in your pocket anyway, leaving little room for regret.
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