05 July 2018

THEKEY Reddit AMA – CEO Hints At Big News To Come!

Catherine Li had yet another ‘Ask Me Anything’ Session on Reddit with THEKEY community members. The two hour long AMA was once again entertaining and informative. For those who do not care to read through the ‘roughly’ 12000 words session, we’ll try to summarize it into something more digestible.

THEKEY is a blockchain based project which is focused on providing identity verification services. The project is already rolling out first generation IDV services across Chinese cities and has recently tested its second-generation blockchain based MVP successfully. Mainnet launch of its proprietary BDMI technology is expected by the end of 2018!

Reddit AMA Takeaways

The AMA session got kickstarted with a statement about the current state of the project and THEKEY’s most important accomplishments. Catherine repeated some of the recent news that was released with regards to the cooperation agreement that reached with the Chinese government.

  • Together with the ‘Ministry of Human Resources and Social Security (MOHRSS) of the P.R.C. and the China Social Insurance Association (CSIA), THEKEY is officially tasked with introducing the benefits of Blockchain into government.
  • THEKEY launched a $20 million USD research fund in part to address the technical and regulatory challenges which lie ahead.

While THEKEY CEO did not disclose any additional groundbreaking news, the overall tone was one of progress and resolve and did reveal some interesting perspectives.

  • First of all, it was mentioned that THEKEY sees a clear road towards a ‘highly profitable business model’.
  • THEKEY will be allowed to use the existing ‘Management Information System’ of the CSIA which significantly reduces required investment in infrastructure!
  • To top this off, you will be pleased to learn THEKEY is excited with the notion that the social insurance system has universal coverage in China. In other words, the implementation and adoption rate of the technology should advance rapidly across the country once that everything is ready.

Bits and pieces within the Q&A

Topic: When will the Chinese government allow people to buy TKY token?

A: It’s still under discussion but I am becoming more and more optimistic.

I therefore strongly believe the Chinese government will adopt cryptocurrency system in the not-so-distant future in many areas, especially in the area of social insurance.

Topic: Other government agreements?

We are in discussion with an Asian government currently regarding the potential cooperation and no more detail can be released now. Thanks.

Topic: Ontology cooperation…

THEKEY and ontology is mutual beneficial. THEKEY is developing the MVP on NEO testnet. Ontology focuses on cross chains solution but THEKEY will focus on IDV. We will together serve the same objective, to develop bilateral or multi-lateral trust in the digital world.

Topic: New website and… Catherine is hinting at some big news that we can expect within the next 20 days or so!

 It’s still under preparation. The website will be upgraded with the launch of a VERY IMPORTANT EVENT. Please stay tuned.

Disgruntled investors

Catherine had to address a large number of questions from ‘investors’ who had a hard time understanding why TKY valuation had been battered down lately.

While making clear that THEKEY does not hold any responsibility with respect to personal investment decisions, she did try to point out that regardless of TKY price, the project just ‘delivered’ on some amazing milestones! She also reminded everyone that ‘Chinese Social Insurance’ is the largest insurance entity in the world. CSIA has covered nearly 1.4 billion people.

The statement underpins that this is not just great news for THEKEY, but for the entire blockchain world as it represents one of the most impactful blockchain-technology applications to date, beyond its use as currency!

As part of her mission statement, she repeated numerous times that THEKEY project will focus on creating value through real progress and will not pursue blowing ‘air’ bubbles to move the token price. While these specific words are mine, not hers, this was without a doubt the tone of the conversation on that topic.

In closing – Catherine’s words

Many tokens have no value at all but the price is high. This is not right and this is qualified to be called as bubble. Bubble is beautiful but bubble will burst. I am quite confident THEKEY is now on the right track and we are going to have a better tomorrow!

Once again I invite you to join us to hold THEKEY, to hold THEKEY tightly.

TKY will be a household name. As it’s mentioned in my opening speech, TKY can be used by 1.4 billion people which are covered by the Chinese social insurance scheme. As you may already notice in our MVP progress report which has already been released, we have tested the BDMI in the smart social insurance pay and which is indispensable and frequently used in people’s daily life. Another fact, the social insurance payment is around 1.5 trillion USD annually. Cryptocurrency can realize the pier to pier transaction without going through the centralized bank, thus it will reduce the cost significantly. So I am certain TKY will be one of the most frequently used tokens.

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