SelfKey lists on KuCoin amid frenzied trade
A feather in the cap for SelfKey as listing on KuCoin grows investor confidence.
On 14 January 2018 it was reported by KuCoin that it would be listing SelfKey (KEY) as of 15 January. The move has come as part of a flurry of listings by KuCoin among which have also included AiGang, Enjin and BosCoin.
All newly listed pairs have been authorised to trade against bitcoin and Ethereum initially as the coins develop trading liquidity.
Of these newly listed coins, KEY has been the most popular. On debut, the trading pairs of KEY / Etherum and KEY / bitcoin have already been recording over US$30 million in 24-hour trading volume, according to data accessed from CoinMarketCap.
KuCoin itself has a 24-hour trading volume of US$198.5 million. As that number grows KuCoin will outstrip its present market ranking where it stands at 18th among all other cryptocurrency exchanges.
Although trading data is limited, KEY has managed to maintain a sizeable US$20 million worth of 24-hour trading volume. That early liquidity will see the cryptocurrency through its initial stages.
KEY is an ERC20-compliant token native to the SelfKey blockchain. The SelfKey blockchain is a revolutionary blockchain seeking to shift data storage away from centralised systems. For the individual, this grants personal ownership of identity information. This could transform the existing system of international payments.
It is anticipated that this will happen by individuals being given the power to possess and store their own sensitive information. This will then give the individual power over who to conduct business with. For example, with the individual’s credit card information stored securely with SelfKey, this will allow making transactions without the use of third-party identity verifiers.
The key aspect of SelfKey is that it empowers users to only share the information that they are willing to share. Usually, when asked for personal information over the internet, virtually all of an individual’s personal information is shared. The innovations presented by SelfKey permit users to send only the information that is relevant to the business at hand.
This means that instead of sending sensitive data to a seller on Amazon, only the relevant information of the seller is needed for the transaction to be completed.
It is believed that there is a significant demand within the market for more privacy focused transactions, and SelfKey seeks to address that gap in the market. Whether KEY will follow through and deliver the promising results detailed in its white paper is another thing. Not only is there competition in the market, there will be systemic resistance from established institutions. In addition to that, how SelfKey seeks to address regulatory hurdles is unclear.
The SelfKey white paper states that the protocol has the ability to allow individual transactions to adhere to know-your-customer and anti-money laundering (KYC-AML) legal frameworks. The trouble is that regulation in these areas differs from country to country. These specific details are yet to be addressed.
What is known is that the SelfKey white paper has the potential to be revolutionary for individuals and businesses alike. It may be that these solid intentions translate to investor confidence. However, for that base to grow, SelfKey will need to deliver on its proposals.