The Darkest Moment
Dear Community Members:
In our post-crowdsale announcement of late January this year we gave our assessment of both the token capital markets and the state of blockchain technology:
1. We believe the ICO market has been evolving without any controls, regulation or discipline which unfortunately has allowed for the widespread proliferation of frauds and scams. The regulatory bodies throughout global jurisdictions have taken notice and have become increasingly, and rightfully, concerned. As a result, regulation has been slowly emerging that is designed to rein in or curb ICOs, and we are confident more will be forthcoming. This trend has triggered, and will continue to evolve, a dampening effect on many cryptocurrencies.
2. We believe blockchain technology is still in its infancy and has a long road ahead before it can be fully and securely commercialized with long-term stability. Having said the above it is promising to see that so many teams and projects are working so enthusiastically to deliver quality innovation and solutions as we get closer to the goal of technological and solutions maturity.
3. We believe the ICO market will close for the majority of blockchain companies that have limited or weak business models. However, those with robust and resilient business models with solid revenue-generating potential will survive and thrive.
Based on the aforesaid judgments, I continue to uphold my promise to the community that I will continue to follow the highest professional and ethical standards and run the Project by the benchmarks, business fundamentals and successful criteria required of all publicly-listed companies.
As a result, in the past half year, we have realized the following significant achievements:
1. We have successfully collaborated with world-leading teams across a variety of relevant fields employed by China Unicom and Tsinghua Unigroup to ensure our Minimum Viable Product (MVP) was delivered on time and of the highest quality.
2. We have continued working with Pinsent Masons MPillay LLP (Pinsent) (www.pinsentmasons.com), a world-leading law global firm, to ensure legal compliance with all applicable laws and regulations in each respective jurisdiction.
3. We have worked with one of the world’s top four accounting firms to ensure our financial systems, controls and audits are managed and conducted in a highly transparent and professional manner.
4. We are in negotiation with a world-leading public relations firm to ensure our communications and announcements to the community and greater public are sent in the optimal form, timing and manner.
5. We have not sold or spent a single token from THEKEY’s reserve fund to reap profits or to manipulate the token price. Instead we have chosen to remain completely focused on developing our project and fulfilling our milestones. We remain fully confident in THEKEY project.
Indeed, as I anticipated this last January, many of the early players of cryptocurrency and blockchain industries have entered a downward spiral, with many crypto celebrities and blockchain projects literally vanishing from the playground. Even TKY itself saw a sharp price decrease from 0.0349 USD to 0.004198USD in this period. During these seemingly darkest moments, and in between the shock and panic shared by most everyone in the field, I however envision a bright future ahead:
1. Per above, projects with limited or weak business models will continue to fade. However, those with robust and resilient business models with solid revenue generating potential, such as THEKEY, will continue to thrive and experience a steady, healthy and sustainable growth.
2. Blockchain technology by itself has been flourishing even in the decline of cryptocurrencies, and when facing unprecedented challenges.
3. With scammers and bubbles being squeezed out of the industry, the total amount of investment injected to high-quality projects is rising rapidly. Although cryptocurrency is experiencing a seemingly continuous bear market, I still hold strong belief and confidence towards our industry and I believe we are approaching the “spring”. If indeed today is winter, can spring be far behind?
Blockchain technology, widely seen as the future, is not going to disappear. Rather, it is growing exponentially as a source of solutions seemingly optimized to address entirely new opportunities. In these darkest moments in the cryptocurrency world, we believe THEKEY is embracing the brightest future.
Therefore, I hereby encourage all of you — our supporters and community member — to join us in holding THEKEY.
THEKEY, which you can always trust and rely on.
Finally, I am delighted to inform you that I will be hosting an AMA on Reddit at 8:00 p.m. (GMT+8) on the 14th of September.
Be there or be square!
With warm regards and I remain,
Most truly yours,
Chairwoman and CEO of THEKEY
The participants acknowledge and understand that as digital assets, TKY tokens, NEO Blockchain and other technologies are new, relatively untested and inherently risky. THEKEY Project team is not and will not be responsible for any non-performance resulting from adverse changes in market forces or underlying technologies.
Attachment of achievements made in last half year:
1. On January 11th, 2018, we entered into a formal engagement with Pinsent Masons MPillay LLP (Pinsent) (http://www.pinsentmasons.com). Pinsent is advising THEKEY on any issues related to legal structure and global compliance and regulation. In addition, Pinsent is working with one of our other partners, PricewaterhouseCoopers (see below), on the development of a Code of Conduct. Previously, Pinsent worked with THEKEY to draft policies and guidelines covering corporate governance, investor relations, anti-corruption, technology risk management, and compliance — all of which serve as the standard our employees follow daily.
2. On February 12th, 2018, we entered into a consortium agreement with China Unicom and Tsinghua Unigroup for the commercialization and application of government data. Being able to work with two fantastic world leading organizations will greatly improve THEKEY’s capability and proficiency in a variety of fields, including data processing, storage, security, cloud computing, operations and, most importantly, its ability to achieve its commercial objectives. Currently, under the official support of China’s Ministry of Human Resources and Social Security, the consortium has initiated a pilot project in the commercialization and application of government data in Kaifeng, Jiaxing and Heilongjiang province in China. It is also working on expanding its work into other geographies around the world.
3. Recently, we are entering into a formal engagement with one of the top four accounting firms in the world, which provides professional audit and assurance, consulting and tax services. It’s working with THEKEY to develop our financial compliance framework, which will include the relevant rules and regulations to safeguard against and flag suspicious actions caused by fraud or any other illegal activity. Additionally, it’s working in conjunction with Pinsent to draft a business Code of Conduct, which will clarify our mission, values and principles and link with our standards of professional conduct for all staff of THEKEY to follow.
4. On May 30th, 2018, MVP was released much ahead of schedule. On May 27th, 2018, THEKEY was granted a National “Technology Innovation Award of 2018 Chinese Government’s Information Product” for its MVP/Testnet product and its application in medical insurance payments — Virtual Social Security Card Application Based on Blockchain Technology and IDV, in order to build a Medical Insurance and Medical Big Data Platform.
5. On June 30th, 2018, the Ministry of Human Resources and Social Security (MHRSS) of the People’s Republic of China, and the China Social Insurance Association (CSIA), entered into a Cooperative Agreement with THEKEY dedicated to Research into Blockchain Applications supporting China’s Social Insurance Scheme. This partnership established a new National Laboratory dedicated to exploring Blockchain Technology as applied to Social Insurance and Health Care. This activity signals the real world value and use of blockchain technology as a global breakthrough for social good. It also signals the need for tremendous systematic innovation across a variety of disciplines, including the areas of online identity verification, technology and associated business models.
6. On June 30th, 2018, with the full support of the leadership of relevant national Ministries and agencies, THEKEY has launched a USD $20 million scientific research fund (https://www.thekey.vip/#/Fund) focusing on better understanding, better innovating with, and better promoting blockchain-based social insurance applications.
7. On August 19th, 2018, the Laboratory of the National Group Purchasing Organization of Healthcare Resources was jointly established by China Association of Social Security (CAOSS), the Social Medical Insurance Bureau of Heilongjiang Province and the THEKEY. Our shared intention is to fundamentally reduce the procurement cost of healthcare products and services based on the blockchain and big data technology. The Platform is being designed as an exclusive E-commerce platform comprehensively supported by the healthcare data collected across all of the Chinese basic medical insurance agencies with the intention both to enhance the efficiency of China’s greater medical insurance fund while also increasing the general population’s greater health.
8. On August 30th, 2018, we have initiated Research into the “Security Supervision Mechanism for Social Security Data Socialization”, jointly, with the China Social Insurance Association (CSIA), China Unicom, Tsinghua Unigroup and THEKEY. This consortium aims at promoting and exploring the security standards and supervision mechanisms of social security data within application scenarios dedicated to commercial insurance, finance, credit investigation, etc.
Security Supervision Mechanism for Social Security Data Socialization Research Seminar Hosted by…
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below…
THEKEY is a decentralized ecosystem of Identity Verification (IDV) tools integrating national big-data and the blockchain. THEKEY’s project team is now developing its identification verification (IDV) tool with blockchain using its proprietary Dynamic Multi-dimension Identification (BDMI) platform, uniquely using Personally Identifiable Information (PII) that has been exclusively authorized by the Chinese Government. THEKEY token (TKY) is the only method by which to settle smart contracts signed between all participants across THEKEY Ecosystem. THEKEY testnet was launched in May 2018, and its mainnet is scheduled to be released at the end of this year. TKY is currently tradable across a number of exchange platforms such as HitBTC, Bit-Z, KuCoin, Lbank, Coinrail and LATOKEN.
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