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SelfKey Begins Identity Wallet Alpha Testing Within its Community

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SelfKey, a blockchain-based digital identity system specializing in decentralized control of personal data, continues to tick off milestones as they strive to become the self-sovereign identity ecosystem.

Founded by industry leader, Edmund Lowell, and backed by a team of over 70 individuals, SelfKey is making real inroads in the digital identity space. Users can also access a broad range of products and services such as citizenship and residency by investment, company incorporation, fintech products, among others.

Their latest announcement is that they have begun testing an Alpha version of their Identity Wallet.

SelfKey_Identity Wallet Dashboard

SelfKey Identity Wallet Dashboard

The SelfKey Identity Wallet is a desktop application that aims to take the difficulty out of current digital identity usage. Issues like data breaches are common and current KYC processes are slow, onerous, and insecure. Through an innovative use of blockchain technology, SelfKey is allowing people to have a reusable KYC profile that is under their control alone.

Although this is just an Alpha test, users will be able to create a SelfKey ID, a two-part KYC profile that includes both “attributes” and “documents”.

Documents are personal identifiers such as a driver’s license, social security card, utility bill or financial statement. Attributes are pieces of data that help substantiate a digital identity. Examples include name, date of birth, email, address or tax ID numbers.

Security is at the heart of this wallet’s design and the above-mentioned data points are stored on the owner’s device and only shared with express consent from the owner.

The wallet has a number of other notable functionalities and supports Ethereum-based tokens. This means that users can transact in ETH or KEY (SelfKey’s native token) and they can also track their portfolio’s performance using pricing data pulled from the CoinMarketCap API.

In keeping with the current Alpha stage of development, SelfKey is carrying out a controlled and selective distribution of its wallet to members of its community. The aim is to get real user feedback and improve the UX before the product is rolled out to the public. SelfKey is still testing additionally functionalities internally.

The initial testing group consists of 40 community members that were filtered through a survey conducted in recent weeks. This pool of testers will be added to sporadically and the application process remains open.

SelfKey Founder Edmund Lowell had this to say about recent developments:

We are tremendously excited to start sharing the work done during these last months with our community. For us, it is a very important step to know their opinion and it will serve us as a safe way to improve our product and make it more user-friendly. Although we are satisfied with the work done these last three months, this is only the beginning. We keep working very hard with our partners to integrate the SelfKey wallet with their platform, in addition to actively seeking new partnerships to increase the SelfKey Wallet and KEY token utility, and the value offered to our community as quickly as possible.

SelfKey raised upwards of $21 million dollars during its token sale, and they’ve been extremely active ever since. Unlike many in the blockchain space, SelfKey already has a functional product, they have a KYC onboarding web app and have collaborated on a number of other token sales, most notably Airswap, CoinJanitor and Invox Finance.

SelfKey has also established some strategic partnerships with Kyber Network, Polymath, and LEXIT. They’ve also branched out and developed ties with some non-blockchain companies such as the corporate services provider NTL Trust and two Caribbean international banks, both of which plan to offer services in the SelfKey marketplace.

The SelfKey marketplace is one of the functionalities that is still being ironed out internally. Once complete, it will allow users to go through instant KYC processes for a range of products and services at the heart of investing and financial maneuvering. These include cryptocurrency exchange accounts, bank accounts, immigration by investment programs and company incorporation.

If you’d like a closer look at the SelfKey Marketplace, a demo is available on their official website.

To learn more about SelfKey’s vision and stay up to date with news, visit https://selfkey.org. You can also follow them on TwitterReddit and Telegram.

Altcoin

2019 Bull Season: Altcoins Get Rekt’d, 1 Down 14 to Go?

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  • XRP, Cardano, Stellar, Dash, and IOTA still down over 92%
  • VERI token dropped like a ton of bricks after SEC filed a lawsuit
  • Risk of holding ICO tokens that could be tagged as unregistered securities

Bitcoin is down but altcoins are still not showing much activity. Crypto winter might be over but for altcoins, there seems to be no end in sight as many top cryptocurrencies like XRP, Cardano, Stellar, Dash, and IOTA are still down more than 92%.

The leading cryptocurrency enjoyed a bull run in the second quarter of 2019, up 185% YTD. However, since BTC broke out in April, Altcoins did exactly the opposite and went downhill as depicted in the chart shared by popular analyst Willy Woo.

Despite losing a major chunk of their value, altcoins aren’t done falling. As for the alt season, it is hard to know if we will even get to see one this time as while some believe only particular altcoins will be able to rally, others don’t see any uptrend for them in the future at all.

Meanwhile, regulators have crackdown on one of these altcoins. The SEC has filed a lawsuit in federal court to freeze the assets of Reggie Middleton, organizer of Veritaseum (VERI), for conducting a fraudulent and illegal $14.8 million initial coin offering (ICO) in 2017.

The price of VERI token dropped like a ton of bricks, going from $17 to $4, in less than 12 hours.

“This is the risk you take by holding ICO tokens that could be tagged as unregistered securities, even if you’re just looking for a quick trade,” said Jake Chervinky, General Counsel at Compound Finance.

This crackdown has one of the altcoins from “Fifteen dead cryptocurrency predictions,” by Nic Carter, Coin Metrics co-founder and board chairman, taking the dagger.

The other fourteen in this list created in January 2018, are Railblocks (Nano), Iota, Verge, Dash, EOS, Bitcoin Gold, Bitconnect, NEM, Tether, Hshare, Augur, Electroneum, Storj, and Iconomi.

It’s yet to be known which altcoins will emerge as the winner and which ones will be dead, however, Binance’s native token BNB, Chainlink, and recently Litecoin has shown promising growth and price action.

Source. bitcoinexchangeguide.


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XRP, ETH, and other altcoins show surprising deviation from Metcalfe’s law

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Popular altcoins like ETH, XRP, and TRX were seen following the footsteps of BTC as they mirrored BTC’s surge and drop. Bitcoin, with a market cap of $207 billion, is the largest cryptocurrency and the on-chain activities of the coin like transaction volume, active addresses, number of transactions, etc. have been influencing the growth of the coin’s market capitalization.

Market cap of altcoins is fairly lower than that of Bitcoin and crypto company Messari shared a cross-sectional study in an attempt to examine the correlation between the market cap of altcoins and its on-chain metrics.

Contrary to the time series analysis (which studies the advancements of one asset over different intervals of time), Messari used cross-sectional studies to determine the required data with multiple assets, at one point in time.

The research considered three on-chain activities to determine if there was a positive correlation between the market cap of altcoins and the latter.

The above image displays the best fit line between transaction volume and liquid market cap where each dot in the graph represents crypto assets. Moreover, the graph also paints a brief picture of transaction volume in the last 24 hours in relation to its liquid market cap. Simply put, it can be inferred from the graph that the altcoin with the highest market cap had the highest transaction volume, but this is not set in stone.

Additionally, the second graph depicts the relationship between the active addresses of the altcoins and liquid market cap in 24-hours. As expected, a trend similar to the first graph can be seen here.

The last graph also revealed a similar trend as the liquid market cap of the altcoins was the highest when the number of transactions was the highest.

While the findings were in line with the expected result, it defies the famous Metcalfe’s Law, which suggests that the strength of the network is proportional to the square of the users. In this case, the relationship between crypto-assets and market cap and on-chain metrics was found to be linear.

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Crypto Update: Altcoins Turn Lower As Litecoin’s Rally Runs Out Of Steam

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While the cryptocurrency segment, and especially Bitcoin, was headed for another bullish close, the major coins all suffered a hit in US trading, with especially Litecoin losing ground ahead of the weekend. BTC is still relatively strong, despite the late-day dip, and the most valuable coin is holding on to most of its recent gains while hovering above the $10,000 level.

The strong divergence between the majors continues to hint at a bearish continuation, even considering BTC’s relative strength, as with LTC’s dip, Bitcoin is now the only top coin in a somewhat bullish short-term technical position. That said a broad recovery rally still can’t be ruled out, and while odds favor a move below the recent swing lows, bulls still can hope that the larger scale rally will resume in the coming weeks.

Our trend model remains on sell signal son both time-frames in the case of the top coins, even though BTC got close to a renewed short-term buy signal in the past couple of days. Traders should remain defensive here due to the market-wide weakness, and even if a buy signal is triggered in the coming days, strict risk management rules should still be applied.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is now the sole coin with a chance of establishing a short-term uptrend, but given the segment-wide weakness, the outlook is far from being clearly bullish. The coin is still well below the mid-July swing high, but it remains above $10,000, and well clear of the lower boundary of the consolidation range that developed following the recent plunge.

While the coin is not far from a renewed buy signal in our trend, and a confirmed swing low would be sufficient for an upgrade, traders should remain cautious, as the broad weakness could lead to a violent sell-off in the segment should the prior lows be violated by the major altcoins. Below  $10,000 support is found near the $9,200 level, with further key zones near $8,400, $8,200, and between $7,600 and $7,800, while resistance zones are now ahead near $11,300 and $13,000.

 ETH/USD, 4-Hour Chart Analysis

Ethereum is also stuck in the short-term consolidation range, and while the coin has been trading in a narrow range today, the dominant pattern remains bearish in its market. The weak rising trendline is still intact but odds continue to favor a move below $200, which could trigger another significant sell-off. The coin is in clear short-term downtrend, and it remains relatively weak from a technical perspective compared to the likes of BTC and even LTC.

Our trend model remains on sell signals on both time-frames, and while still can’t rule out a broader recovery rally, traders should avoid entering new positions below the key $230 resistance level. Below $200 further support levels zones found near $180, and $160, while above $230, resistance levels ahead near $260 and $275.

Litecoin Fades as Ripple Threatens With Breakdown Again

XRP/USD, 4-Hour Chart Analysis

Ripple still hasn’t shown any sign of relative strength despite the rally attempts in the segment, and as wevrepeatedly warned, it remains the prime candidate to lead the market lower. The coin is still stuck below the $0.32 level and within its bearish consolidation pattern. XRP looks ready to test the $0.30 level again, and a breakdown looks more and more likely.

Our trend model is still firmly on sell signals on both time-frames and the long-term bear market will likely resume soon, even considering the possibility of a broader recovery rally in the segment. Below 0.30, XRP strong support is found near $0.28 and $0.26, with further resistance zones also ahead near $0.33, $0.3550, and $0.3750.

LTC/USD, 4-Hour Chart Analysis

Litecoin has been acting bullish for the past two days, but today, it turned sharply lower after failing at the $100 price level. The coin also remains below the dominant declining short-term trendline, and it looks ready to test the key $85-$90 support zone once again, and a move below that zone is still likely in the coming weeks.

LTC remains on sell signals on both time-frames in our trend model due to the failed rally, but a renewed buy signal is still not out of the question, as the short-term consolidation pattern is still intact. Below $85, further support zones are found near $75 and $64, with resistance zones ahead between $110 and $112 and near $125.

by https://hacked.com

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