Raised During THEKEY AMA on Nov. 29th, 2019
THEKEY Blue Paper was released on November 20th, 2019. As indicated in it, THEKEY team was preoccupied with coping with enormous challenges faced in the blockchain industry over the past six months. And no effort has been spared to find comprehensive solutions to the situation. The up-to-date roadmap for year 2020 was also disclosed.
In regard to the progress achieved and the future development plan disclosed, Dr. Prof. King, Chairman of THEKEY, held an AMA on Reddit on November 29th, which was warmly welcomed. Here is the summary of the AMA.
Q1: As it’s stated in the Blue paper, “TKY will still be the sole payment method for BDMI identity services in the new generation of THEKEY public chain. And we are considering to converting the current NEP-5 TKY into ERC20 TKY.” In addition to TKY, THEKEY public chain will also deploy and use the DC/EP to be released by the People’s Bank of China. Can you please clarify this statement?
TKY ecosystem is set up for BDMI, and the services related with IDV will be solely settled by TKY, and the DC/EP we introduced is for medical bills, data capability output, infrastructure and other services, which will improve the project’s sustainable development ability and financial ability for the moment.
Q2: What is TheKey’s response to the recent launch of the Social Security and Human Resource e-certificate service which digitizes IDV and already serves many of the functions TheKey is looking to address？
E-certificate is different. It lacks of four functions as indicated in the White Paper. First, the cross validation. Identity information cannot be compared with behavioral data, location data. Second, identification of legal liability of the four types of personnel: the departed；the missing；escaped convicts or the sentenced. Third, no beta. Fourth, no results of audit. It is widely convinced that BDMI is the future.
Q3: What’s the current status of the blockchain registration?
After filed the application in July, the approval time was far longer than we expected and we’ll share the news when the registration is approved by the Bureau, which is supposed to happen in Dec. The registration was filed under our operation company — Ebaonet
Q4: Could you give us some detail about THEKEY’s cooperation with China social credit system?
THEKEY was invited to attend the Research of Medical Insurance Credit Evaluation System Kickoff Meeting as the exclusive technical provider, which shows the recognition of THEKEY’s IDV solution from Chinese government, and a positive gesture for the national deployment in promoting the quality and efficiency of China’s medical insurance service.
Q5: What are your plans to improve communication with the community?
We have faced great challenges and made great significant progress during past 6 months. As stated in the blue paper, as we dig deep into the project, challenges appear to be even more serious than we expected, which explains our quietness before. Meantime, we’ll make the updates of milestones hit and the progress achieved more regularly through our official channels. Some other forms of communication may also be explored, such as interview of the management team as well as live AMA if it’s possible.
Q6: What is your timetable for a working product including the token utilization? Can you provide us with more details?
We have already had working products in cities like Kaifeng. However, we cannot guarantee the time when TKY is being utilized in reality due to the reasons I have mentioned in the blue paper. We believe that the application of blockchain technology has greatly changed the data, IT architecture and operating processes of the existing financial system from content to form. Therefore, it is imperative to continue financial innovation based on decentralization and increase efficiency and reduce costs at the same time. In addition, it is necessary to reshape the financial industry’s risk management system in the new environment, and avoid possible operational, credit and market risks to drive the rapid, healthy, and sustainable development of the digital economy.`
Q7: What is the benefit of changing to erc token?
We are considering convert from NEP 5 to ERC 20 token due to the fact that the ERC 20 protocol is performing better and more stable than NEP 5 and because it’s using hyper leger. But as stated in the blue paper, our final goal is to build our own public chain. Thanks.
Q8: Could you give more information about the solution from this article:
How does it work without mechanism of sharing data between nodes? Is this solution working right now in Kaifeng City? Will this solution have deployed in other cities?
Without the data sharing mechanism, we still can realize the credit evaluation through centralized data collection. Of course in this case, the cost would be much higher and not that efficient. The solution will be deployed in other cities in the future. Currently we mainly focus on the evaluation of the system reliability and sustainability. Thanks.
Q9: Does TheKey plan on making use of any form of secure computation such as SGX enclave or secure multiparty computation?
The safe data sharing and computing of the data between nodes is indeed a very crucial part, and that’s why it has been explained in the blue paper with a whole chapter about our Three-safe Nested Data Security Technology (please find attachment 7 of the blue paper, unfortunately it’s in Chinese). One of the pillars of the technology is just MPC (multiparty computing, formerly known as SMC, secure multiparty computation), currently we are working with the team led by Turing award winner — Prof. Qizhi Yao. The work is still in progress and we’ll release relevant news when its ready. MPC and similar technology still has some distance from industrial application due to its limits.
Q10: Will THEKEY use Hedera Hashgraph service if proven efficient instead of using its own?
When it comes to consensus system, we are not facing a challenge that is related to efficiency. As I indicated in THEKEY Blue Paper, the single consensus mechanism cannot meet the needs of multiple consensus mechanisms required for the development of THEKEY identity technology in multiple scenarios.
About 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, Bit-Z, KuCoin, etc.
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