In the dynamic digital realm, ESelfKey DAO aims to stand out as the premier decentralized solution for digital identity management through the introduction of its flagship product, ESelfKey iD.

ESelfKey iD was crafted with Self-Sovereign Identity (SSID) at its core, aiming to return control of personal data to the user, thereby enhancing the security of digital identity management. 

This characteristic, coupled with the utilization of Zero-Knowledge (ZK) proof and AI-driven proof of individuality, positions ESelfKey iD as the optimal choice for AlphaKEK.

AlphaKEK, an AI laboratory powering Web3 tools and applications with an advanced, impartial AI infrastructure, consistently strives to enhance the value and functionality of its ecosystem. 

Their successful integration of ESelfKey iD SBT into their backend systems is crucial for ensuring the continued compliance and security of the AlphaKEK platform, particularly as it explores more immersive features such as airdrops.

In this article, we will delve deeper into ESelfKey DAO, ESelfKey iD, and the valuable partnership forged with AlphaKEK.

Highlights

• A Brief Introduction to AlphaKEK AI
• ESelfKey DAO’s Digital Solutions: ESelfKey iD
• Partnership Goals
• Conclusions

A Brief Introduction to AlphaKEK AI

AlphaKEK: Pioneering the Future

AlphaKEK.AI stands as an innovative AI laboratory driving Web3 tools and applications with its cutting-edge, impartial AI infrastructure. Deploying a suite of AI apps, AlphaKEK.AI offers the crypto community a distinctive fusion of functionality, entertainment, and utility.

Vladimir Sotnikov, CEO of AlphaKEK.AI, has deep roots in the AI industry, with connections extending to OpenAI and NVIDIA. This trajectory could potentially pave the way for ESelfKey DAO to explore expansion in similar directions down the line.

Exploring Their Mission

AlphaKEK.AI's suite of AI-powered products encompasses conversational and research assistants available on both web and Telegram platforms. 

Leveraging real-time data, advanced analytics, and soon, AGI capabilities, these tools provide tailored, actionable insights for individuals and businesses seeking to navigate and capitalize on the dynamic Web3 ecosystem.

Included in AlphaKEK.AI's offerings are multiple AI Apps, such as a crypto news reports analyzer that continuously scans crypto news sources across the internet, generating regular updates and enabling users to create personalized reports. 

Additionally, there's an uncensored chatbot and a market sentiment analysis tool.

Moreover, AlphaKEK.AI provides a Telegram bot, enabling users to access the latest crypto reports and engage with the AI chatbot directly through the Telegram platform.

ESelfKey DAO’s Digital Solutions: ESelfKey iD

ESelfKey DAO places a significant emphasis on individuality within its framework. In the ESelfKey Protocol, every member's uniqueness is highly valued as a means of safeguarding their digital identity from theft and forgery. 

The goal is to establish a secure environment through AI-Powered Proof of Individuality, enabling valued members to engage in online interactions using trustless and secure methods.

ESelfKey DAO strives to deliver secure digital identity solutions. Leveraging robust credentials in cryptography and blockchain technology, its objectives encompass empowering users with control over their data. 

ESelfKey iD: Revolutionizing Digital Identity Management

ESelfKey iD is a cutting-edge technology with a goal to revolutionize online identity verification. By leveraging its innovative on-chain credential system, ESelfKey iD aims to provide a quicker, more secure, and cost-effective alternative to conventional identity verification methods.

This novel approach to online identity verification stems from extensive research, user feedback, and collaborative efforts. 

Aligned with the vision of industry experts such as W3C and the authors of the soulbound token paper, ESelfKey DAO aims to establish a modern and potentially more secure identity verification solution.

With ESelfKey iD, users may gain complete autonomy over their digital identities. They may efficiently manage, securely store, and selectively share their credentials with chosen parties. 

This may not only foster user confidence but also serve as a deterrent against identity theft and fraudulent activities.

Overall, ESelfKey iD marks a significant advancement in the realm of digital identity verification. It may have the potential to reshape the landscape of online authentication practices.

Partnership Goals

The goal of ESelfKey DAO is to empower individuals to take full control of their private data, enabling them to securely participate in Web3 transactions while preserving their individuality. 

Therefore, this collaboration represents a major stride in improving user experience and security within the AlphaKEK ecosystem, as ESelfKey DAO strives to be a pioneer in decentralized identity services.

User Benefits and Perks

This partnership offers several notable benefits, such as:

• Seamless Identity Verification - Users can effortlessly verify their identities using a ESelfKey iD, thanks to the services provided by ESelfKey DAO for AlphaKEK. This is crucial for maintaining compliance and security standards, especially with the introduction of interactive features like airdrops.
• Discounted Services - AlphaKEK users are entitled to a significant 60% discount on ESelfKey's identity verification service by utilizing the code ALPHAKEK. This substantially reduces the entry fee to just $10, making identity verification more accessible.
• Airdrop Incentives - New holders of ESelfKey iD will receive an airdrop of 50 $SELF tokens, the governance token of ESelfKey DAO. This serves as an attractive incentive for users to engage with ESelfKey's ecosystem and participate in its governance processes.
  
• AlphaKEK Benefits - owning a ESelfKey iD SBT will be equivalent to holding $99 worth of $AIKEK tokens when calculating a user's tier for accessing token-gated AI applications on AlphaKEK. 

For instance, if a user already holds $50 worth of $AIKEK tokens, adding a ESelfKey iD SBT to their portfolio will elevate their total value to $149 worth of $AIKEK for the purpose of tier computation. 

This would make the user eligible for Tier 2. Higher tiers give access to more powerful tools. Read more here.

Future Potential

The partnership between ESelfKey DAO and AlphaKEK presents mutual advantages, fortifying each entity's position within the digital landscape.

For ESelfKey DAO, the collaboration translates into amplified user adoption. Integration with AlphaKEK widens the scope of potential users, drawing more individuals into ESelfKey DAO's platform and ecosystem. 

Furthermore, the partnership enhances the utility of ESelfKey tokens (SELF), incentivizing users to hold and utilize them by offering discounts on particular services and airdrop incentives.

On the other hand, AlphaKEK benefits from strengthened security measures by utilizing ESelfKey DAO's services. This partnership underscores AlphaKEK's commitment to providing a secure and compliant environment for its community, fostering trust among users. 

Additionally, AlphaKEK can streamline operations and reduce costs by entrusting identify verification processes to ESelfKey DAO. This may allow ESelfKey DAO to focus on expanding their AI product suite and core competencies

Conclusions

As we transition further into the digital realm and entrust our personal data to online platforms, the demand for advanced digital identity management solutions surges, promising heightened digital security.

The partnership between ESelfKey DAO and AlphaKEK embodies this need for enhanced digital identity management. 

Through collaboration, they leverage each other's strengths to drive innovation and instill trust within the community. ESelfKey DAO provides cutting-edge services, reinforcing AlphaKEK's commitment to security and compliance. 

In turn, AlphaKEK's focus on expanding AI products allows ESelfKey DAO to concentrate on refining its identity management solutions. This symbiotic relationship not only streamlines operations but also fosters an environment of collaboration and mutual growth.

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Note:

We believe the information is correct as of the date stated, but we cannot guarantee its accuracy or completeness. We reserve the right not to update or modify it in the future. Please verify all information independently.

This communication is for informational purposes only. It is not legal or investment advice or service. We do not intend to offer, solicit, or recommend investment advisory services or buy, sell, or hold digital assets. We do not solicit or offer to buy or sell any financial instrument. 

SELF and KEY tokens, SBTs, and NFTs associated with the ESelfKey ecosystem have no monetary value or utility outside of the ESelfKey ecosystem, are not ascribed any price or conversion ratio by ESelfKey and its affiliates, and do not represent ownership interests or confer any rights to profits or revenues. 

These tokens should not be purchased for speculative reasons or considered investments. By engaging with ESelfKey, you acknowledge and agree to the applicable terms and any associated risks. We recommend consulting with legal and financial professionals before participating in the ESelfKey ecosystem and related transactions.

This document may contain statements regarding future events based on current expectations. However, some risks and uncertainties could cause results to differ. The views expressed here were based on the information that may change if new information becomes available.

However, a common question that arises is the difference between a public and a private blockchain. In this article, we will explore the differences, including the advantages and disadvantages of both, and their use cases.

Blockchain as a concept

Before we dive into the private and public blockchain, it’s important to understand what blockchain actually is. Blockchain is the underlying technology which powers cryptocurrency. Because blockchain is decentralized, it manages to be both transparent and secure.

So how does blockchain actually work? Transactions on a blockchain are processed by a network. Computers work together to confirm a transaction, and every computer in the network must ultimately confirm every transaction in the chain. 

Transactions are processed in blocks (forming the “block” in “blockchain”), and each block is linked to the previous block. This structure makes it impossible to go back and alter a transaction. Additionally, a blockchain is transparent because each computer in the network has a record of every single transaction that has occurred. 

Both private and public blockchains share a number of features:

• Records can be added, but cannot be changed or deleted, making them immutable.
• Both are decentralized, using a peer-to-peer network of computers.
• Verifying the validity of a record is done by the majority agreeing that it is a valid record, giving it its own immutability on some level. This prevents any potential tampering of the records.

Decentralization is at the heart of blockchain technology. No one controls the data, so no one can override a transaction and the system is unlikely to fail. This is how blockchain builds trust – data cannot be modified, is independently verifiable, and is virtually impossible to hack.

The difference between private and public

The primary difference between public and private blockchain is the level of access participants are granted. In order to pursue decentralization to the fullest extent, public blockchains are completely open. Anyone can participate by adding or verifying data. The most common examples of public blockchain are Bitcoin (BTC) and Ethereum (ETH). Both of these cryptocurrencies are created with open source computing codes, which can be viewed and used by anyone. Public blockchain is about accessibility, and this is evident in how it is used. 

Conversely, private blockchain (also known as permissioned blockchain) only allows certain entities to participate in a closed network. Participants are granted specific rights and restrictions in the network, so someone could have full access or limited access at the discretion of the network. As a result, private blockchain is more centralized in nature as only a small group controls the network. The most common examples of private blockchains are Ripple (XRP) and Hyperledger.

Additionally, some public blockchains also allow anonymity, while private blockchains do not. For example, anyone can buy and sell Bitcoin without having their identity revealed. It allows everyone to be treated equally. Whereas with private blockchains, the identities of the participants are known. This is typically because private blockchain is used in the corporate and business to business sphere, where it is important to know who is involved, but we’ll discuss that more later.

The pros and cons of public blockchain

One of the biggest advantages of public blockchain is that there is no need for trust. Everything is recorded, public, and cannot be changed. Everyone is incentivized to do the right thing for the betterment of the network. There is no need for intermediaries.

The other major advantage is security. The more decentralized and active a public blockchain is, the more secure it becomes. As more people work on the network, it becomes harder for any type of attack to be a success. It is nearly impossible for malicious actors to band together and gain control over the network.

The final piece of what makes public blockchain successful is the transparency. All data related to transactions are open to the public for verification. The transparency of public blockchain increases potential use cases, such as decentralized identity.

One of the biggest problems with public blockchain is speed. Public blockchains like Bitcoin are extremely slow, only managing to process seven transactions per second. Compare that to Visa which can do 24,000 transactions per second and you see where the problem is. Public blockchains are slow because it takes time for the network to reach a consensus. Additionally, the time needed to process a single block takes a long time compared to a private blockchain.

Public blockchains also face concerns over scalability. With the current state of things, public blockchains simply can’t compete with traditional systems. In fact, the more a public blockchain is used, the slower it gets because more transactions clog the network. However, steps are being taken to remedy this problem. An example is Bitcoin’s Lightning Network.

Lastly, energy consumption has been a concern when it comes to public blockchain. Bitcoin’s algorithm relies on Proof-of-Work, which relies on using a lot of electricity to function. That being said, there are other algorithms such as Proof-of-Stake which use far less electricity. 

The pros and cons of private blockchain

A big advantage of private blockchain is speed. Private blockchains have far fewer participants, meaning it takes less time for the network to reach a consensus. As a result, more transactions can take place. Private blockchains can process thousands of transactions per second. When you compare that to Bitcoin’s seven transactions per second, that is a massive difference.

Private blockchains are also far more scalable. As only a few nodes are authorized and responsible for managing data, the network is able to process more transactions. The decision making process is much faster because it is centralized.

However, the centralization of private blockchain is one of its biggest disadvantages. Blockchain was built to avoid centralization, and private blockchain inherently becomes centralized due to its private network.

Trust is also a bigger issue when it comes to private blockchain. The credibility of a private blockchain network relies on the credibility of the authorized nodes. They need to be trustworthy as they are verifying and validating transactions. The validity of records also can’t be independently verified.

Security is another concern with private blockchain. With fewer nodes, it is easier for malicious actors to gain control of the network. Unfortunately, a private blockchain is far more at risk of being hacked or having data manipulated.

Which is better?

The majority of people see blockchain as a way to foster trust and security, which makes public blockchain far more appealing. However, it is held back by both speed and scalability. Public blockchain is more popular with projects that are serving larger communities because of the transparency, which in turn fosters more trust.

However, it’s important to note that there have been concerns surrounding the privacy of public blockchain. Some believe that confidential data should not be stored on a public blockchain. Even if the information is encrypted, it will remain public forever and there is a chance that encryption could be hacked at some point. That being said, data protection is a hot topic and public blockchain is developing to be even more secure than ever.

In general, financial institutions and the corporate world may be better off with a private blockchain, especially if they are going to be storing information on it. In this case, it is often an advantage for companies to know exactly who has what type of access. However, they may lose trust and be more vulnerable to malicious actors as a result.

Blockchain technology is constantly evolving, and public blockchain in particular has seen some massive developments in just the last few years. As things continue to develop, public blockchains’ current disadvantages could become a thing of the past. 

Either way, there is plenty of room for both private and public blockchain to develop, and they each have their own use cases. Creating a hybrid solution could also be a viable solution for businesses. Some projects are working towards a model that uses a decentralized structure combined with centralized elements. This could offer the best of both worlds - security and transparency alongside scalability and efficiency.

Conclusion - The future is changing

Blockchain technology is constantly evolving, and as it grows in popularity things will certainly continue to change. At the end of the day, blockchain is about accessibility and can be used in a private capacity or a public one. They each have their own use cases, and there is a chance they may start to become one after a time.

Regardless, we can expect that blockchain will continue to take center stage in the years ahead, especially since we have only just started exploring the capabilities. From identity, government projects, healthcare, finance, and more, blockchain has the potential to fundamentally change our lives. 

In this article, we outline everything you need to know about decentralized identity, and how it could change the future. 

Decentralization and Blockchain

To accurately define decentralized identity, we have to first talk about blockchain. You most likely know of blockchain because of Bitcoin, and a big part of Bitcoin’s popularity and appeal has to do with blockchain technology.

Blockchain technology has several unique characteristics that solve the problem of trust, which make it a great fit for identity solutions. Firstly, a blockchain is unchangeable. Here’s how it works: 

Transactions on a blockchain are processed by a network. Computers work together to confirm a transaction, and every computer in the network must ultimately confirm every transaction in the chain. 

Transactions are processed in blocks (forming the “block” in “blockchain”), and each block is linked to the previous block. This structure makes it impossible to go back and alter a transaction. In addition, a blockchain is transparent. Each computer in the network has a record of every single transaction that has occurred. 

Decentralization is at the heart of blockchain technology. No one controls the data, so no one can override a transaction and the system is unlikely to fail. This is how blockchain builds trust - data cannot be modified, is independently verifiable, and is virtually impossible to hack.

What is decentralized identity?

Imagine that you have moved to a new country and need to register for all kinds of services. You will need to set up a variety of important things such as electricity, bank accounts, Netflix, and maybe even a new driver’s license. You may need to get a new phone and install many apps, all of which you are granting access to your data

Normally, you would have to register and provide proof of identity individually to each service provider, which can be a time-consuming process. Each time you want to access an individual account, you need to prove your identity by providing a password or PIN.

DID radically simplifies and improves this whole process. You prove your identity once to a trusted third party, and said third party handles all requests for identity and access so you don’t have to. Instead of submitting a copy of your passport to five different places, you only do it once on a secure platform.

Currently, third party providers of DID use blockchain technology to protect your information from data breaches and hackers. The only way to access your information is through a wallet (usually in the form of a desktop or mobile app) that requires a unique master password to access. 

It is important to note that while the Bitcoin blockchain is public, meaning everyone can see what is happening on it, DID works slightly differently. The different forms of identification and personal data are not publicly available; they are only accessible by the user.

DID and privacy

The dawn of the internet age has led many people to become more concerned with what data they share and who has access to said data. In the United States, 73% of people said their concerns over personal data privacy have increased over the past few years. In a study by Deloitte in 2018, 81% of US consumers felt like they have lost control over their personal data. 

And the concern is valid. With many massive data breaches happening every year, people are becoming more concerned in regards to who has access to their data, and rightfully so. Trust in massive corporations is falling, and people are starting to take steps to protect their data. 

DID gives people far more control over what data they share, and who they share it with. Instead of trusting a company to store data, anyone using DID can now choose where and how they share their personal data.

Additionally, DID is far safer than other forms of data storage. Traditionally, if someone has knowledge of your personal information, then they can impersonate you and perhaps even steal your identity. However, with a decentralized identity system, a hacker might have access to bits and pieces of personal information but be unable to prove an actual identity. For DID, you must have physical access to a device to validate identity, which is far too tedious and unrewarding for malicious actors to pursue. A hacker would much rather steal from thousands of people instead of just targeting one person, simply because the reward is much higher.

While more laws are coming into effect to help protect consumer privacy and identity management (most recently the GDPR), there is still a long way to go. That being said, governments are taking notice of DID and its potential applications. DID could solve a lot of bureaucratic issues while also ensuring that personal information is truly safe. 

Applications of DID

The ability to prove that you are who you say you are is an integral part of modern society. It’s part of Know Your Customer (KYC), which most companies are legally required to do in order to prevent illegal activities such as money laundering. However, what happens if you don’t have government-issued identification documents?

More than 1.1 billion people on the planet are unable to prove their identity, and as a result, can’t access vital services - like education and healthcare - that many of us take for granted. There have been several international and national initiatives to create some type of identification for those lacking one, however, government bodies are just as vulnerable to data breaches as any company is. Here DID can solve many issues, and it is starting to be considered a strong contender.

Refugees are some of those who regularly suffer from not being able to prove their identity. On the road to asylum, many do not have ID because it was destroyed, stolen, or left behind. A report by the Norwegian Refugee Council found 70% of Syrian refugees lacked basic identification documents. 

DID could offer a potential solution here, and is already starting to be used in Finland. The Finnish Immigration Service has been giving prepaid Mastercard credit cards that are linked to a unique digital identity stored on a blockchain. This has given refugees not only a bank account, but a permanent way to verify their identity.

If we consider a future where all people have a DID, then refugees wouldn’t have to worry about losing identification documents because it would be stored digitally. Even losing your passport wouldn’t be that big of a deal because you would still have a verified copy of it. If governments and companies can figure out a way to create a DID database that is completely secure, then we may be looking at a future that is paperless when it comes to forms of identification.

Interestingly, Microsoft has been a leader in introducing DID to mainstream society. The company has been working with the Decentralized Identity Foundation (DIF), the World Wide Web Consortium (W3C), and the general identity community to develop an open source DID application. 

The project is called ION, which was launched in May of this year and runs on top of the Bitcoin blockchain. The goal is to not only help those without any identification documents, but to also allow more privacy for the average internet user. While the project is still only in its infancy, it certainly has a lot of potential, and it’s nice to see a major corporation embracing a modern digital approach. Allegedly, Facebook was invited to participate in the project but declined, insisting it will follow its (awful) historic approach to user data. 

Conclusion

DID is slowly but surely becoming more mainstream, and is something that has the potential to radically change our future. However, it has raised the question that if DID becomes the new normal, won’t hackers just develop their technologies too? A blockchain can be hacked, however attempts aren’t often successful and for now, cryptocurrencies remain the main target. Given that people’s identities are on the line, any blockchain that works with DID should have extra protection. Blockchain isn’t at fault, rather human error (and criminal ingenuity) prevents anything from being totally secure.

Nevertheless, decentralized identification could possibly be the new normal and create a space where everyone has access to their identification documents, no matter if they are from a first world country or a third world country. This vision may seem slightly utopian, but there is true power behind this technology. 

The best part is that DID is already available to you. Using blockchain technology, the ESelfKey Wallet provides an identity platform where you can manage all of your personal information in one place. You’ll be able to choose what information you want to share, who gets access to it, and for how long. Welcome to the future of identity.

What is identity theft?

The first step in preventing identity theft is understanding what that means and being able to recognize it. Identity theft (also known as identity fraud by law enforcement) is defined as all crimes against individuals where personal and/or financial information is obtained illegally by using fraud or deception. The most common motivation for identity theft is financial gain.

Once someone steals your identity, they can do a number of things:

• Withdraw money from your bank account
• Apply for loans or credit cards under your name
• Use your health insurance to obtain medical care
• Steal your tax refund by using your Social Security number (SSN)
• Sell your information to other criminals
• Impersonate you online (also called catfishing)
• Commit criminal activities under your identity (ex. terrorist activities, murder, etc)

Identity theft is illegal in most of the world, usually punishable by jail time and/or fines. If identity theft is used to conduct criminal activity, the punishment is usually heavier. The majority of identity theft affects consumers, with the most common being credit card fraud according to the Federal Trade Commission (FTC).

Signs that your identity has been stolen

Once someone has stolen your identity, the signs are usually easy to spot. Most of us, at some point, have received a call from our bank asking about suspicious transactions, but there are other signs to look for.

• You stop receiving household bills. This can be an indicator that someone has taken your information and used it to change your billing address. If this happens, it’s best to call your utility providers and put a password on your account for any future changes.

• You are rejected for a loan or line of credit. If you have a good credit history and are suddenly rejected, this could be a sign that your identity has been compromised. Additionally, if you are approved but with higher interest rates, this can be another sign of identity theft.

• You receive bills for medical services you did not use. While identity theft for medical services is less common, it does occur. If it does happen to you, you should get in touch with the hospital that billed you for the services. Also keep an eye out for being rejected by a health insurance provider for a condition you don’t have, or your healthcare provider rejecting your claim because you have already reached your benefits limit.

• You are billed for purchases you didn’t buy. This is probably the most common form of identity theft. Most banks will give you a call if they see suspicious transactions, but you can be proactive by regularly checking your own accounts.

• Your tax return is denied. If you receive a rejection letter from the IRS (or your country’s equivalent) after filing your tax return, this could mean that someone else has filed a return under your name.

• “Test charges” show up on your credit card statements. Some criminals will make small charges, usually under $5, to make sure the card is still active. If these transactions go through, then the thief knows that they can make larger transactions.

• You receive calls from debt collectors for debt that doesn’t belong to you. This is a sure sign that someone has stolen your identity.

• You receive a notification that a company you work for or have an account with has been hacked. Usually, the company in question will let you know what steps you will need to take, or if you simply need to update your password. Either way, it’s a good idea to change your passwords anyhow and monitor your credit card transactions if necessary.
• You get a court summons in the mail. This is a result of criminal activity, and is unfortunately quite hard to disprove. If you think you may be a victim of this type of identity theft, you should contact law enforcement immediately.

If you notice any of these signs, it is important to take action immediately. There are also a number of steps you can take to prevent your identity from being stolen in the first place.

Preventing identity theft

An important first step you can take to prevent your identity from being stolen is to actively monitor your financial statements. If possible, check your bank account and credit card statements online at least once a week. If checking your statements online isn’t possible, make sure you are monitoring your monthly statements.

Another step you can take is to freeze your credit. This makes it a lot harder for someone to open a credit card or take out a loan under your name, as the bank won’t be able to run a credit check. It’s also free, and you can temporarily lift it if need be. However, it can be a bit of a nuisance as there are three separate credit bureaus you have to contact to do this in the US. You can also enroll in a credit monitoring service, such as PrivacyGuard or Credit Karma, or place a fraud alert on your credit.

Making sure you have strong, diverse passwords on all of your accounts is also key. We all know not to use passwords like “password” or “12345”, but having a strong password goes a lot further than that. Not only should you avoid personal things like pets or family names, but you should even avoid using words that are in the dictionary. If you find remembering different passwords for every account difficult, you can use a service like LastPass to generate unique passwords and safely store them for login.

How blockchain technology can help protect your identity

In recent years blockchain technology has built a reputation for providing an unbreakable and un-hackable payments infrastructure. If you're not aware of how a blockchain works, it typically goes like this:

1. Alice wants to send money to Bob - so she performs a transaction
2. The transaction is timestamped and recorded on a digital ledger
3. Once a certain number of transactions have been performed, they are collected in a "block" and cryptographically linked to the previous block of transactions - called a confirmation.

In order to alter her transaction, Alice would need to break the cryptographic hash of each of the blocks that have been added since. Given the complexity of the hashing algorithm and the resource-intensive nature of hacking this kind of infrastructure, this rarely makes economic sense. In short blockchain technology is set up in such a way as to make hacking it both technically difficult and uneconomical.

Given these impressive features, the question becomes: how can we utilize the secure and distributed nature of the blockchain to protect individuals from identity theft.

Well, since 2017, the ESelfKey Foundation has been building an end-to-end identity management solution utilizing the Ethereum blockchain. This ecosystem will allow individuals and corporations to authenticate themselves online while minimizing the amount of personal information that needs to be shared.

As a simplified example, imagine going to the liquor store and having to show your driver's license to prove that you are of legal drinking age. The liquor store is legally compelled to ensure that you are of legal drinking age, but typical forms of ID contain much more information than is necessary at this junction. A US driver's licence for example contains:

• The full legal name
• Date of birth
• Photo
• Current residence
• Height
• Weight
• Gender
• Eye color
• Hair color
• Signature
• Document number

You can be sure that, in an online environment, all this information is stored and will be leaked in the case of a data breach.

But now imagine the same situation, but instead of an ID you show a notarized certificate simply showing a facial imagine and the sentence: "We, NAME OF NOTARY, hereby confirm that John Doe is of legal drinking age."

In this second scenario, you can see a simplified example of how the ESelfKey ecosystem will use certifiers in order provide evidence but not information. In the case of a breach or a hack, no valuable information would be shared. All a hacker might know is that there is a man called John Doe and he's over the age of 21.

Then you combine this approach with the security and transparency of the blockchain, alongside decentralized identifiers, and you start having a strong identity management system that improves on the current system in many important ways.

Conclusion - How to protect yourself from identity theft

Unfortunately, identity theft is a problem that is not likely to disappear anytime soon and often, we only realize that our identity has been compromised once it is too late. There needs to be a shift in public thinking to be far more proactive in preventing identity theft. Stronger passwords, credit monitoring, and fraud alerts are all good actions to take, but they don’t ultimately solve some of the bigger problems.

It’s become a worryingly frequent occurrence for companies to be hacked, and there are plenty of opportunities for malicious actors to get a hold of your data. Most of us are in the bad habit of not reading the terms and conditions, and privacy policy of every website we sign-up to. We are often giving away a lot of our personal information and may not even realize it.

The time has come for us to take back control of our identity instead of waiting for companies, organizations, and government bodies to lose it. Self-sovereign identity is a very real possibility in the future, but the general population has to make the shift. More awareness needs to be put in place, and we need better solutions that actively prevent identity theft. Your identity is the one thing that should belong exclusively to you, let’s put the power back in your hands and let you decide who gets access to what information.

Download the ESelfKey Identity Wallet and take the first step towards protecting yourself from identity theft.

Many excellent jurisdictions will be available upon launch, with many others being added over time. The Bank Accounts Marketplace also offers unprecedented convenience, as the application is submitted digitally through the Wallet. Additionally, the know your customer (KYC) process is expedited by the ESelfKey ID. As a result, this may well be the world’s fastest application for a bank account. 

Here’s how to get started:

How to open a bank account using the Bank Accounts Marketplace?

We specifically designed the user experience to be as simple as possible. This should help create transparency and clarity as to the requirements, documentation and cost associated with opening a bank account abroad through the ESelfKey Marketplace. 

Step #1: Download the Wallet

The ESelfKey Identity Wallet is free, open-source and designed keep your tokens safe. That being said, it’s much more than a simple cryptocurrency wallet. Instead it allows you to manage your identification documents and even provides access to the Self!Key Marketplace. 

Head over to this page and download the wallet on Windows, Linux and MAC. It’s free and light-weight, meaning you’ll thoroughly enjoy using it. Of course, you own your private keys and can even access the Wallet using Ledger and Trezor.

Step #2: Set up your Wallet

Setting up your wallet couldn’t be easier, but it’s a very important step so make sure you do it correctly. The first thing you need to do is securely store your public and private keys. As a non-custodial Wallet, ESelfKey cannot recover your private key so make sure you don’t lose it. 

Step #3: Complete your ESelfKey ID

Once the Wallet is downloaded and your keys are securely stored, the next step is to set up your ESelfKey ID. This is a collection of locally stored "know your customer" information used to quickly access new service providers. Thanks to the ESelfKey ID you can reuse the same KYC data multiple times. Instead of having to go through many different sign up processes within the Marketplace, you simply complete your ESelfKey ID once and then use it whenever you need it.

As a result, if you want to open multiple bank accounts abroad, you simply complete your ESelfKey ID once and then use it for all registrations.

Step #4: Select your preferred bank account

Now that your ESelfKey ID is set up it’s time to head to the ESelfKey Marketplace and check out the different bank accounts on offer. When logged into the Wallet, click on the Menu in the top right of your screen and select “Marketplace”. 

Six different Marketplaces should appear now with one clearly being for bank accounts. Click on the button to see a screen similar to this one: 

The jurisdictions shown above are simply for illustrative purposes, but you should see a number of different bank accounts available all over the world.

To learn more about each, make sure to click on “Details” and peruse the individual listing pages. We’ve endeavoured to give you all the relevant information, but please make sure to do your own research as well. 

Below you can see an example for Singapore: 

Here you will find the costs, eligibility criteria, KYC requirements and all other miscellaneous conditions as well as benefits.  

Step #5: Submit your request

Once you’ve found your preferred bank account it’s time to submit your request. Doing this is incredibly easy. Simply click on the “Open Bank Account” button on the top right of the screen. Next you will see a screen detailing exactly what is included in the service provided. 

To continue click on the blue “PAY FEE” button. Next you will see a checklist detailing the required KYC documentation for the chosen bank account. Thanks to your completed ESelfKey ID, this information is pulled directly from your ESelfKey Identity wallet, and can be used again for all other services within the ESelfKey Marketplace.

If all the required information is provided, the following screen checks your ESelfKey wallet to ensure that enough funds are available to make the purchase. If the funds are in the Wallet your request is submitted. Voila, you just applied for a bank account from within a cryptocurrency wallet. 

Step #6: Handing in additional information and/or visiting the bank

Congratulations, you’ve successfully submitted your request to the bank of your choosing. In the following days you will receive email communication updating you on the status of your application. All jurisdictions have slightly different vetting processes so additional data or clarification may be needed. 

Why should you open a bank account abroad?

As we can see opening a bank account through the ESelfKey Marketplace will be fast and easy, but you may well be asking what the advantages are compared to new online services like Transferwise and Revolut. To answer these questions, we’ve provided a detailed explanation of 10 excellent reasons to open a bank account abroad, where we explain some of the crucial differences.

For now it’s worth knowing that a bank account: 

1. Allows you to earn interest on your deposits - Europe, the US and many other countries are experiencing a low-interest environment in which deposits typically lose money due to inflation. Other countries - like Georgia and Azerbaijan - on the other hand offer as much as 7% return on your deposits (ie. after inflation). As a result, a foreign bank account can really help you to accumulate wealth in a smart yet passive way.
2. Guarantees your money’s safety - In turbulent times it is crucial to protect your wealth from unforeseen catastrophes. Using online banks, like the ones mentioned above, you are actually not a client of a bank, but instead only have a business relationship with the Electronic Money Institution. That means that important government schemes designed to protect your money - like the Financial Services Compensation Scheme (FSCS) - do not apply to you. By keeping your money in a real bank account you add an extra layer of safety and protect yourself from economic disasters. 
3. Makes it easier to rent or buy a local property - Having a bank account in a given jurisdiction makes it much easier to live there. Renting or even buying property typically involves a credit check which, in many cases, requires a nationally recognized bank account to complete. Therefore, if you are planning on moving or just want to keep that option open, you’ll make things much easier with a bank account in your chosen country. 
4. Spreads your currency risk - Individuals with their wealth tied up in the GBP have seen their value decline by 5% over the last two months. Since Brexit was announced and the prospect of a hard Brexit looms large, the Pound has been in free fall. Fiat currencies, whether it’s the GBP, the Venezuelan Bolivar or the Turkish Lira have experienced significant, long-term decline. Spreading your wealth across multiple safe currencies within foreign bank accounts mitigates this risk.
5. Allows you to access a more stable banking system - The strength of national banking institutions varies significantly from country to country and is subject to change over time. In Germany for example, a country with a historically robust finance sector, Deutsche Bank has been forced to pay massive fines for failing to comply with Anti-Money Laundering legislation. As a result the German banking system is looking rather frail compared to the banks in Singapore for example. Again, a foreign bank account allows you to mitigate risk by reducing dependency on one institution or region. 
6. Enables faster and cheaper transactions - If you are planning on doing business abroad, having a bank account in that country has significant benefits. Typical international wire transfers take five business days and cost up to $45. Domestic wire transfers on the other hand typically take 1-2 business days and cost significantly less. Therefore, if you’re planning on doing business abroad, owning a bank account in that country has significant cost advantages. 

Conclusion - Opening a bank account from within the ESelfKey Marketplace

The upcoming ESelfKey Bank Accounts Marketplace represents a milestone, not just in ESelfKey’s history, but also for the blockchain space. Cryptocurrency was first created as an antithesis to banks, but it is clear that a synergy is needed. 

Yes, Banks are archaic but they are here to stay and innovation is at its best when it marries the old with the new. ESelfKey’s upcoming Bank Accounts Marketplace makes foreign bank accounts available to those who would not otherwise have access to them. 

Moreover, the application process is so streamlined and easy that it can be completed in a matter of minutes. In a world in which opening a typical bank account takes roughly two hours, this added convenience alone is worth getting excited about.

Download the Wallet today and be the first to use the Bank Accounts Marketplace once it goes live.