THEKEY MVP/Mainnet Progress Report
Dear THEKEY investors and community members,
THEKEY project team released “THEKEY MVP/Testnet Progress Report” which outlined the development progress of our Blockchain Based Dynamic Multi-Dimension Identification (BDMI) on May 28th 2018. In that report, the following three achievements with regard to the development of the BDMI Testnet were disclosed:
First, “undeniable” and “unalterable” online Identity Verification (IDV) results were generated for the first time in the world through BDMI technology. BDMI embraces 6 elements simultaneously to realize EA5 (e-authentication-5) level IDV services. We believe that BDMI will become an underlying layer that will facilitate the development of blockchain technology and the digital economy.
Second, THEKEY adopted a 5-pillar private key management system that directly triggers the signing of a smart contract and token circulation. The initial results appear to provide a great starting point for a feasible solution for private key management, deviceless IDV and deviceless payment.
And third, also for the first time, THEKEY was able to integrate IDV and digital wallets to form a Real Identity Wallet (RIW).
Thanks to the abovementioned achievements, THEKEY project team was awarded the “Technology Innovation Award of 2018 Chinese Government’s Information Product” at the China International Big Data Industry Expo on May 26th, 2018. Along with the Ministry of Human Resources and Social Security (MOHRSS), the largest insurance agency in the world, THEKEY launched the National Laboratory of Application of Blockchain in Social Insurance on June 30th, 2018. On October 9th, 2018, with support of both the central and local government, THEKEY began to deploy BDMI as the IDV solution for Guizhou Pension Program, serving 35.8 million people and as a national pilot.
Against this background and based on the following documents: (i) “A Decentralized Ecosystem of An Identity Verification Tool Using National Big-data and Blockchain” Whitepaper (November 1st, 2017); (ii) “Minimum Viable Product Development Plan of BDMI Technology” (December 25th, 2017); and (iii) THEKEY MVP/Testnet Progress Report (May 28th, 2018), THEKEY project team has developed the BDMI Mainnet which focuses on the following two aspects based on the BDMI Testnet:
First, THEKEY has focused on improving the performance, efficiency and reliability of BDMI technology based on what we have already achieved so that it can be implemented in real-world applications as soon as possible.
Second, from the development of the BDMI Testnet, THEKEY understands the vital need to have a Trusted Execution Environment (TEE) and a Secure Environment (SE) to underpin any of the work BDMI technology will be based on. Therefore, we have also conducted a feasibility study on potential proprietary hardware devices while concurrently developing the Mainnet.
I believe the BDMI Mainnet has attained a high design standard after extensive experimentation and evaluation. As you are aware that THEKEY is very good at “under promise and over delivery” and we promised to launch Mainnet on December 30th 2018. Today, one month ahead of the schedule, I am proud to announce that the Technical Report of the BDMI Mainnet Deployment submitted by our technical team has been approved and the relevant code has been uploaded to GITHUB (https://github.com/thekeygithub/MVP/tree/master/THEKEY%20Mainnet) for beta testing at 10:00 a.m. on November 30th, 2018 (GMT+8:00). Furthermore, I will host a global AMA on Reddit at 8:00 p.m. on December 7th, 2018 (GMT+8:00), where I will be ready to answer questions from all of you. I will also be welcoming the world’s leading IDV providers to join us during the AMA to enhance the discussion. I look forward to hearing from you all!
To close, I want to acknowledge our investors and community members. As I predicted in my 2018 New Year’s announcement, this year would be an extremely tough year for the blockchain and cryptocurrency industry, and it has. Due to a variety of factors from increased regulation/supervision from governments to the downturn in the cryptocurrency markets, many of the early participants of the cryptocurrency and blockchain industry have entered a difficult time period with many “crypto celebrities” and blockchain projects vanishing from the ecosystem. However, we are still standing here and enjoying a very strong position. I want to give thanks to you all for your support. Our team still remains true to our original aspiration and we keep our mission firmly in mind, while we continue our journey through all the turbulence and hardships. Although we still have a long way to go before the Mainnet can be implemented into real-world applications, we firmly believe THEKEY is and will continue to be one of the strongest projects to come out of the current turmoil and volatility. I can assure you more will come in the coming months!
I thank you sincerely for your support!
THEKEY, which you can always trust and rely on.
With warm regards and I remain,
Most truly yours,
Chairwoman and CEO of THEKEY
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 token) is the only method by which to settle smart contracts signed between all participants across THEKEY Ecosystem. THEKEY mainnet was launched in November, 2018. TKY is currently tradable across a number of exchange platforms such as HitBTC, Bit-Z, KuCoin, Lbank, Coinrail and LATOKEN.
For more information, please visit: