What is SelfKey?

  • Twitter wouldn’t let me post their URL at all, popping the following message every time I tried to tweet out their site:
  • “This request looks like it might be automated. To protect our users from spam and other malicious activity, we can’t complete this action right now. Please try again later.”
  • Same for the token site itself — though they are pushing out alerts for it — Twitter won’t allow it.
  • This, to me, means that Twitter has blocked their URL. Perhaps they got too aggressive but it’s a red flag for me.
  • Their Twitter account is loaded with what look like paid for followers. How does a supposedly self sovereign identity company suddenly exist with a massive team and nobody heard of them before.
  • The team is massive — and I wonder how their advisors are being compensated. In market we have seen advisors asking for substantial percentages of tokens that are issued. The list of advisors is huge. I have confirmed that Chris Skinner is an advisor though, so that is cleared up (I was tweeting on that one).
  • Their market makes little sense other than the citizenship-through-investment angle, which is about as small a niche as you can find. KYC and AML are brutal hard things to solve — and the best banks are going to take years to unravel that Gordian knot.
  • The development plans are insanely aggressive — kudos for the guts but they don’t control nearly as much as they think they do. I’ve always said “Control only what you must. Influence the rest.” — they are attempting to control too many things in their dev pipeline IMO.
  • Loads more things that make my “spidey sense” tingle — things just don’t feel right.
  • What happens if they go under? A truly self sovereign network would be able to pick up the pieces and keep going. I don’t see how they do that.
  • Governance — the number 1 play for big organizations to jump on board is solid governance. I don’t see anything here at all in the handling of the business, legal, and technical governance that is a must for success with self sovereign identity.

--

--

--

I am an entrepreneur and advisor focused on Blockchain and Self Sovereign Identity/Decentralized Identity.

Love podcasts or audiobooks? Learn on the go with our new app.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Darrell O’Donnell, P.Eng.

Darrell O’Donnell, P.Eng.

I am an entrepreneur and advisor focused on Blockchain and Self Sovereign Identity/Decentralized Identity.

More from Medium

How Marc Benioff ‘Waged War’ and ‘Partied with a Purpose” With Bold Storytelling Tactics That…

A Beautiful (Os)mind

Impressions of Keynes Documentary

Colonial Legal System