Press Release (ePRNews.com) - SINGAPORE - May 23, 2018 - THEKEY has achieved substantial development in the MVP. On May 14th, at Consensus 2018, Ken Huang, President of THEKEY, announced this breaking news. A few hours later, it is attested by the official “Announcement of the MVP Progress Report”, which emphasized that “the MVP development is accomplished far ahead of schedule in the highest quality”. The MVP here also refers to the Testnet on the NEO blockchain scheduled to be released in Jun 2018 as indicated on the roadmap, and therefore THEKEY has accomplished this more than 1 month ahead of schedule.
Subsequent to this, there were numerous queries about the MVP, pertaining to its functionality, application scenario and its blockchain protocol, be it on the NEO blockchain or on a new protocol.
As mentioned in the White Paper, THEKEY is a decentralized ecosystem of Identity Verification Technology (IDV) tools, which utilizes national big data and blockchain technology. THEKEY Project is now developing a second-generation IDV solution for the internet via BDMI (Blockchain-based Dynamic Multi-Dimension Identification) technology to generate undeniable and unalterable online IDV results. THEKEY current achievements include 38 copyrights and patents, 130 million DMI, partnerships with 6 national laboratories and access to over 210 million government ID data, all of which has made THEKEY an established initiative recognized by prominent institutions.
As described, BDMI will embrace six elements simultaneously to deliver the perfect solution for IDV:
– Unique biometric data serves as the base of BDMI.
– The key data of BDMI used for IDV, including biometric data, are all validated in advance by the relevant government authorities.
– The data of BDMI used for IDV are comprehensive enough so that it can meet the different requirements of various clients.
– To ensure the reliability of BDMI, cross-checking is always carried out during IDV, between the government validated ID data and behavior data and scene data of the same user.
– To ensure solidity of BDMI, BDMI always uses updated data when an IDV is executed, to capture the latest changes, if any.
-Once an IDV is completed, the result will be properly documented for audit so that personal credit of the user can be evaluated and calculated.
If all the above elements could be realized in the MVP that is about to be launched, it will doubtlessly a significant breakthrough for the internet world, as “undeniable” and “unalterable” IDV results are the fundamental requirements for a trusted online economy.
Another point worth mentioning is THEKEY Ecosystem, which consists of three components, namely Participants, Smart Contracts and TKY Tokens. After BDMI is successfully applied in a real-world use case, it means TKY as a cryptocurrency will be the sole method to settle the smart contracts. As is reported in several articles, the first generation IDV solution developed by THEKEY is being applied in several pilot cities in China. Hence, there is reason to believe the application scenario of BDMI will result in a very large user base as well as having tremendous market potential. Due to all these reasons, there is a definitely a lot to expect from the MVP Development.
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