Dear THEKEY investors and community members,
The COVID-19 crisis sweeping the world this year has been a hammer blow for the global economy and people’s day-to-day life. However, a silver lining shouldn’t be disregarded during the unprecedented sluggish year that witnessed loads of desolation and desperation. The price of Bitcoin spirals inexorably since this October as I predicted in the interview dated back to September 15th, which gives an eloquent proof that the cryptocurrency as well as blochchain technology have earned sufficient recognition by the global market. More importantly, the stirring keynote speech delivered by Chairman Xi Jinping on blockchain technology and the further test of DCEP (Digital Currency Electronic Payment) carried out in China also created favorable conditions for the development of THEKEY as we envisaged earlier. Against the background indicated above, the year 2020 still marks a prosperous and fruitful year for THEKEY.
As is known to all, THEKEY has been devoted to BDMI (Blockchain-based Dynamic Multi-dimension Identification) technology that works as the fundamental layer of blockchain. We firmly believe that the increases of the project’s value and token price are substantially determined by the large-scale application of the technology. Since the year 2017, we have been focusing on the technology upgrading, market promotion and product deployment preparation. In year 2020, we have made the following achievements in the above-mentioned regards.
a. Technology Upgrading: Upgrading BDMI technology continuously according to the current advances in blockchain technology and make it even more reliable and powerful to adapt to the future needs of large-scale production and application.
b. Market Promotion: Cooperated with Chinese government through the National Pilot Project of Key Applications in Fintech jointly appointed by six ministries of the Chinese government. The pilot project has further proved the importance and feasibility of THEKEY BDMI technology, and the technology has been widely recognized and accepted by the Chinese government.
c. Preparation for Production and Deployment. THEKEY team has been working with a regulatory authority in China since this August and is currently in the middle of preparation for production and deployment. However, we are not in the position to disclose more details at the moment due to the confidentiality requirements.
I assume many of you have heard about Chinese regulators pulled the plug on the IPO (Initial Public Offering) of Ant Group, the internet finance giant, which showed the determination of Chinese government to keep New Finance players under tighter supervision. And more legal actions on anti-monopoly, anti-data abuse and New Finance penetrating supervision are on the way.
During the early-stage experiments and the preparation for BDMI production and deployment, a consensus has been reached between THEKEY and Chinese government that BDMI played an important role in secure share and computation of highly confidential data, such as government data, operators’ data and data from parties that are under supervision. And it’s also a critical technology in realizing regulation and compliance in DEFI environment as well as the New Finance regulation and compliance (Attachment I: THEKEY Blockchain-based Compliance and Regulation Operating System). The detailed roadmap is not yet revealed due to uncertain work schedules of multiple parties involved in the collaboration.
As we stated three years ago, the development of blockchain technology and digital economy is a long-term process full of unexpected challenges, but on no account will THEKEY abandon the original intention. Year 2020 witnessed a turning point of both blokchain and cryptocurrency industry and THEKEY team will continue to forge ahead working around the clock, and create even greater glories in the coming new year.
With the clock ticking to 2021, I am hereby wishing you and your family a happy and prosperous new year. I would also like to invite you to embark on the brand new journey with us and witness and embrace much more possibilities. And I hereby express my most sincere gratitude for your continued support.
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
THEKEY is a decentralized ecosystem of Identity Verification (IDV) tool integrating national big-data and the blockchain. THEKEY’s proprietary Blockchain-based Dynamic Multi-dimension Identification (BDMI) platform has been using Personal Identity Information (PII) exclusively authorized by the Chinese Government. THEKEY token (TKY) is the only method to settle smart contracts across THEKEY Ecosystem, which is tradable on HitBTC, KuCoin, etc.
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