Data has become one of the most valuable resources on the planet, and its analysis, collection and monetization have helped companies like Google and Facebook achieve blue chip status in the eyes of investors. With monetization comes risk, and privacy is one of the biggest challenges companies and data producers face.
One cryptocurrency project that aims to help individuals and companies manage personal data is SelfKey (KEY), a blockchain-based identity platform that revolutionizes the KYC process and embodies the ethos of Self-Sovereign Identity.
Data from Cointelegraph Markets and Tradingview shows that the KEY price has fallen to 470% over the past month, climbing from a low of $ 0.00495 on February 17 to a maximum of $ 0.0283 on March 20 as trading volume increased 450% in 24 hours.
As blockchain technology gains traditional acceptance, the need for ways to secure and transmit identity information is becoming increasingly important, and recent developments in the SelfKey project could become one of the leading providers of relevant tools for the cryptocurrency community.
SelfKey enters the DeFi arena
The business activity and excitement of the community began to develop in early February, when the project began discussing the SelfKey Exchange Marketplace, also known as KeyFi, a DeFi platform focused on user data protection.
February 18, SelfKey announced successful completion of the airdrop to users who have completed verification of the KeyFi platform credentials, as well as the team revealed ongoing landings between February and June, where qualified KEY holders would have the opportunity to obtain KEYFI tokens and other KEYs.
Following the unveiling of the airdrop, the volume of trading and Twitter increased significantly as DeFi users began to show more interest in the privacy platform.
After an initial price increase that culminated on February 21, KEY entered a consolidation period that lasted until March 9, as the entire decentralized financial sector saw a decline in token prices and protocol activity.
Since March 9, the KEY price has increased by more than 280% as the project has involved community members in discussions about identity management, the SelfKey Foundation, the SelfKey Identity Wallet, and the SelfKey ID.
The formation of DeFi in the past year has been a driving force for growth in the cryptocurrency space and shows no signs of slowing in the near future. As companies and regular users begin to explore what DeFi has to offer, SelfKey could see another boost if they gain traction with its identity protection products.
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