17 May 2018
THEKEY project, proudly announced that they have finished development on their ‘Minimum Viable Product’ (MVP). Catherine Li, Chairwoman, and CEO of the project also disclosed that the MVP went through a thorough internal review and evaluation process. She also said, that a full ‘Progress Report’ will be shared with the community on May 28th at 8:00 p.m Beijing Time (GMT +8).
Developers will also be pleased to know, that the codebase will equally be released at the same time. The open source code of the MVP will be available for public review on Github. (https://github.com/thekeygithub)
The ‘Chinese Female entrepreneur of the year 2017’, further went on to say that she will be attending to an ‘Ask Me Anything’ (AMA) session on June 1st.
THEKEY, which is frequently hosting AMA sessions on their official Reddit channel, is inviting us all to address any questions, comments or suggestions we may have regarding the project, its progress, source code, etc…
For those who are new to the blockchain community, Reddit is an excellent forum to discover and engage with the crypto community. We will most likely further discuss the AMA here at Neonbeginner. In the meantime, do leave us a comment below if you have any questions you think are relevant, so we can jumpstart the discussion.
The minimum viable product was initially expected to be completed by the end of the second quarter 2018. It is, however, ready far ahead of schedule, as can be seen on the roadmap illustration below. You’ll find more detailed info in the official project ‘White Paper‘.
This is an important milestone for THEKEY project! It is rapidly advancing towards introducing one of the most disrupting use cases for blockchain Technology, namely, ‘Blockchain-based Identification‘.
Now, while other projects like Selfkey, Bridge Protocol, Civic, and others are also working on blockchain-based ‘Identificatioin Verification Systems’ (IDV), THKEY is arguably leading the pack.
THEKEY actually already has a well-advanced, first-generation Identification Verification System’ (IDV) in place. As we have mentioned here at Neonbeginner, THEKEY project’s current IDV Pilot project is a success and is being deployed in cities all over China at an accelerated pace.
They are currently capable of delivering government authenticated proof of identity for over 230 million people. By mid-2018, it is expected that this verified database access will have expanded to 500 million Chinese citizens as we discussed in our article on May 12th, 2018.
The main takeaway here is that the THEKEY is actually ‘killing 2 birds with one stone’! The current ‘running’ pilot program gives them real-world knowledge and experience on how these systems should work in practice. At the same time, they are building out their proprietary BDMI technology. This patented ‘Blockchain Tech’ will be based on the real-life experiences of their pilot program.
This is not wishful thinking anymore! There are no doubts on the ‘route to market’ as they already have the core partnerships in place. Implementation is already underway, and it will just be a matter of upgrading the technology once BDMI is fully ready for its deployment.
BDMI technology will obviously have to work hand in hand with the regulatory body. With this in mind, THEKEY is positioning itself to become a proactive participant in the discussion. On May 14th, it was announced that Ken Huang, president of THEKEY, will be working towards advancing legal compliance. He was appointed as ‘Distinguished researcher and Lecturer at Renmin University’s ‘Blockchain Labs’.
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