Dear community members,
2021 is coming to an end. Looking back on the past year, we have witnessed earth-shaking changes in the blockchain industry. As more and more institutional investors entered the cryptocurrency market, the price of Bitcoin has reached historical high, and some novel concepts such as NFT (Non-Fungible Token) and Metaverse has become extremely popular in 2021. However, both Metaverse and NFT have remained controversial due to its indigenous features.
Especially during the first attempt at releasing a product “Horizon Worlds” since Facebook rebranded itself as Meta in October, a female user reported that she had been sexually molested by a stranger during the test phase. Though Metaverse sounds like a wonderland full of freshness, surprises and excitement, the disturbing event has sounded an alarm for its participants. If there are no borders and protections in Metaverse, it is just a “barren land” and outlaw space without civilization.
Also as it is known to all, China has taken a tough line on virtual currencies in September to forestall and handle the risks related to cryptocurrency trading and speculation. A raft of measures have been rolled out to strengthen virtual-currency regulation since then, and more legal actions against cryptocurrency related criminal activities, such as money-laundering and terrorist financing are on the way. It again proved that without regulation and compliance in the Defi environment, crypotocurrency and blockchain industry will have no future.
Under such circumstances, we firmly believe that BDMI (Blockchain-based Dynamic Multi-dimension Identification) and BDMIM (Blockchain-based Dynamic Multi-dimension Identity Management) on top of it, will serve a fundamental solution for the blockchain industry. And as stated before, BDMI is also a critical technology in realizing regulation and compliance in DEFI environment as well as the New Finance regulation and compliance.
Since the foundation of THEKEY in 2017, we have continuously focused on the BDMI technology upgrading, market promotion and product deployment preparation. And started from late 2020, THEKEY team has been working with a regulatory authority in China on regulation and compliance in DEFI environment. Currently great progress has been made in this regard.
On the basis of decentralized data acquisition and data processing, THEKEY will form three innovative applications, namely BDMIM, real identity account synthesis, and three safes nested identity data security sharing and computing platforms. These applications will fully support five major regulatory functions including system supervision, smart contract supervision, data management, event processing, and transaction intervention through effective management of node identities in accordance with the requirements of the People’s Bank of China’s JR / T0184–2020 Financial Distributed Ledger Technical Security Specification. The applications will be deployed in different nodes in a decentralized environment in the form of a blockchain operating system, and exist in two different versions for institutions and individuals. This will not only support supervision and compliance, but also ensure data privacy and data usage security.
As I always indicated, the development of blockchain technology and digital economy is a long-term process full of unexpected challenges, and only the large-scale application of the technology can increase the project value. Despite that more and more projects flock to the market, THEKEY will not be arrogant or impetuous. We will remain faithful to our original aspiration and continue marching forward on its set way firmly regardless the difficulties and frustrations laid ahead.
At the very end of Year 2021, I hereby wish you all a happy and prosperous new year. And thank you for your continued support with my most sincere gratitude.
THEKEY, which you can always trust and rely on.
With warm regards and I remain,
Most truly yours,
Prof. Dr. Yidong King
THEKEY of THEKEY