I haven't seen too many ICOs on the NEO platform, there was Aphelion (which looked interesting but I had a few concerns about it), some Chinese ICOs that I couldn't translate so I wasn't sure about them, and now there's THEKEY.
Even though I'm excited to see an ICO on the NEO platform in a language I can understand, I'm still going to think critically about the project. The main ICO starts February 1 2018, so I'm hoping that the Chinese bans on various crypto exchanges and practices are lifted by then. Although the Chinese ban has done little to slow the rise in value of the main crypto currencies, THEKEY is on NEO and lets be honest "NEO is the Chinese Ethereum". The Chinese ban is my first concern about the project.
THEKEY is basically an identity verification system on the blockchain, and while I can see the need and use cases for the project I would like to point out that there is competition and some of the competitors have a head start. THEKEY plans to use "blockchain based multidimensional identification" (BDMI) or biometric data for IDV (identity verification) in such a way that the platform gains authorization by governments. According to their own estimation, THEKEY will be advantageous as opposed to their competition because "results are more reliable, costs are lower and user experience is better" (I read that from a comment in the THEKEY Bitcointalk ANN by a user named Catherine_THEKEY...I wonder if she is connected to the project...). THEKEY has filed for copyrights on some of their technologies and is trying to form partnerships by "signing contracts with world leading firms".
Aside from my numerous concerns, I like the concept of the project.
I brought up the "China ban" earlier because its my main concern. Who is on the team and so forth is important, but when one of the main selling points is that THEKEY plans to work with the government authority, then China's stance on crypto and ICOs is either going to be a big positive or negative influence on the project.
THEKEY could always work with governments outside of China, and even if China changes their tune on crypto (and uses THEKEY) that doesn't guarantee a successful project. China is a big market though. "How do you think the Chinese crypto ban is going to play out?" is the question you might want to ask yourself before making up your mind on THEKEY. Personally I think the ban will be lifted, but that's just my opinion and I could be wrong.
One of the main points that attracted me to this project is the fact that its on the NEO platform. NEO has a lot going for it as far as their wallets (which I like a lot), similar to the Ethereum network, and since NEO is younger maybe the platform can learn from Ethereum's struggles (let me say here that I think the Ethereum network is awesome, and the fact that I'm looking at NEO related projects in no way takes away from that). I think because I haven't seen that many ICOs on NEO (in English) THEKEY stood out to me. I also like how NEO holders get Gas distributions for transactions and such.
In conclusion I'm putting the links below, have a look for yourself and form your own opinion.
THEKEY website http://www.thekey.vip/
THEKEY telegram https://t.me/joinchat/FkZtERGQ1qUEU7iAzC6xVQ
Additionally:
I intend to apply for a bounty on this post.
This is my personal opinion, form your own.
Tips are appreciated, not expected...
my NEO APf7aoCZ1Rs5PWzpvtDhL9RgL8jXkqm8RV
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