25 April 2018

THEKEY Progress Report AMA – First 3 Months

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After successful completion of days after first Token Generation Event; a progress report has been released on 15th of April which explains all the key progress of first 3 months.
There are undoubtedly a remarkable number of achievement in this course of time.

PROGRESS AMA

They have signed consortium agreement with one of world’s leading telecommunication firm China Unicom and other well-known computer chip and hardware manufacturer Tsinghua Unigroup.

THEYKEY has contracted with Ant Financial(Alibaba) but there is no update has been added to progress report because they don’t mention certain regular partners until unless there is any significant update.

They are now engaged with a world’s well-known boutique investment bank who is focused on digital finance & token-based capital “The Argon Group”. Argon will conduct a complete audit of token generation event to find out the insights and transparent sale process.

They have joined a formal engagement with world’s leading Law firm Pinsent MPillay LLP which has dozens of offices in all over the world almost in every region. Pinsent is working as a legal advisor in any global compliance related issues.

Ontology network is a partner of THEKEY; where ontology is working more on cross chain whereas THEKEY will be looking after IDV & underlying layer of ontology. People are excited about this collaboration. To be noted that IDV is not limited to health field only but can be used for credit services, retirement, pension claims and insurance etc.

THEKEY is in discussion phases with other government to expand their business on a global level.

THEKEY is aimed to start from Cost-per-use model but how they will transfer TKY is still unclear. They in discussion with the Chinese government about some issues regarding the ban on acquiring TKY in China. But they are hopeful to come to a mutual solution which will work for both sides.

NEO is one of the early investors and THEKEY DApp is running on NEO platform. Both Ontology and THEYKEY is working on the same objective whereas THEYKEY DApp is using NEP protocol of NEO platform.

Currently, they haven’t planned any reward plan for their investors.

THEKEY is also working with facial-recognition such as Sugon and Guomin Renzhen.

THEKEY is expecting Chinese government it’s the biggest client because of the fact of the population.

They are currently focusing on identity verification for NYC along with complete access to complete medical record of a person’s whole life.

They are intended to do smart advertisement by selecting individual data where one’s privacy is protected. THEKEY will use data according to Cyber Security Law and while being within certain conditions.
They have deployed DMI in Heilongjiang province, as the first step of TKY usage. Even deployment is done but TKY is not in use. They are planning to shift DMI to BDMI before taking the second step. BDMI is higher level of IDV service.

THEKEY is in now testing various possible option for scalability related challenges; that is why there are no plans to permanently stay on NEO. Once they are complete with initial development phases, other options will be tested to get the experience.

They are currently working with various kinds of data including IDV service, Government ID data, behavior data, scene data and medical history. Their white paper clause clearly mentions that they don’t have any own data center they use data directly from the government without downloading and making any change in data.

The next progress report is expected to be released on 20th May 2018 whereas next upcoming AMA will be around 25th May 2018.

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