Cryptonauts are used to unexpected delays, but at least one project has managed to deliver results on time. TheKey (TKY), which is developing a decentralized identity protocol, has completed its mainnet development a full month ahead of schedule. Originally slated for the end of the year, the “Based Dynamic Multi-Dimension Identification,” or BDMI, completed development on November 30th, according to a press release from the project.
The news was announced yesterday, when TheKey uploaded the new code to Github and released a technical report of its mainnet development.
According to the technical report:
THEKEY has accomplished the technical Proof of Concept of Blockchain based Dynamic Multi-dimension Identification (BDMI) Technology, and the “undeniable” and “unalterable” EA5 (e-authentication 5) level online Identity Verification (IDV) results were generated. At the same time, THEKEY has integrated IDV and digital wallets to form the Real Identity Wallet (RIW) for the first time in the world, which will play a significant role in anti-money laundering applications, therefore lays a solid foundation for the healthy development of cryptocurrency and the digital economy.
TheKey is a system for digital identification verification, similar to Civic but based on the NEO blockchain. The need for a reliable system of digital identities has made it a favorite for the Chinese government, whose bureaucracy still stores crucial data on paper.
TheKey won a national award for “Technology Innovation Award of 2018 Chinese Government’s Information Product” at this year’s China International Big Data Industry Expo, an annual conference of the government’s pet projects.
It has also partnered with China’s Ministry of Human Resources to launch a national blockchain laboratory, exploring the potential applications of trustless ID verification for managing social security and pensions. Last month, the project launched a pilot program with the government of Guizhou province, which will use TheKey’s IDV solution for a population of 34.8 million people.
Slow Growth But No Big Reaction
News of the early milestone caused a brief spike in the price of TheKey’s token, which has been slowly gaining on Neo since its ICO last spring. Although the project is sailing against the same market headwinds as the rest of the ecosystem, those winds haven’t slowed down TheKey’s progress.
“Our team still remains true to our original aspiration and we keep our mission firmly in mind, while we continue our journey through all the turbulence and hardships,” said CEO Catherine Li. “We firmly believe TheKey is and will continue to be one of the strongest projects to come out of the current turmoil and volatility.”
The author owns NEO, which is mentioned in this article.