Data has become one of the most valuable resources on the planet, and analyzing, collecting and generating revenue from it has helped companies like Google and Facebook create a niche in the eyes of investors. Revenue generation involves risk, and the protection of privacy is one of the biggest challenges facing companies and data makers.
A cryptocurrency project aimed at helping individuals and businesses manage personal data is SelfKey (KEY), a blockchain-based identity platform that seeks to revolutionize the KYC process and embody the spirit of supreme self-identity.
Data from Cointelegraph Markets and Tradingview shows that the KEY price jumped 470% over the last month, rising from a low of $ 0.00495 on February 17 to a high of $ 0.0283 on March 20, when the volume increased 450% in 24 hours.
As blockchain technology becomes more widespread, the need for ways to secure and transfer identity information increases, and the recent development of the SelfKey project is likely to be one of the leaders in providing appropriate tools to the cryptocurrency community.
SelfKey’s entry into the DeFi arena
Trading activity and community life began to grow in early February when the project started discussions on the SelfKey Exchange Marketplace, also known as KeyFi, which is a DeFi platform that focuses on protecting user data.
On February 18, SelfKey announced the successful completion of the airdrop for users who have completed the KeyFi platform’s credentials, and the team also announced an ongoing airdrop between February and June, when eligible KEY holders will be able to receive KEYFI codes as well as an additional key.
Following the discovery of airdrops, Twitter’s volume and volume increased significantly as DeFi users began to show more interest in the privacy-focused platform.
After an initial price eruption that peaked on February 21, KEY entered a consolidation period that lasted until March 9, when the entire decentralized financial sector saw token prices and protocol activity decline.
Since March 9, the price of KEY has increased by more than 280% as the project engages members of the community in discussions related to Identity Management, SelfKey, Self-ID Portfolio and SelfKey ID.
The emergence of DeFi over the past year has been the driving force behind the growth in the cryptocurrency area and shows no signs of slowing down in the near future. As businesses and informal users begin to explore what DeFi has to offer, SelfKey can see further growth potential if privacy products take hold.