Raised during THEKEY AMA on April 20th, 2019
THEKEY Progress Report was released on April 15th ,2019. As mentioned in the report, THEKEY team has developed the Ternary Hybrid Theory which is the foundation for the future development. Under the guidance of the Theory, THEKEY has achieved tremendous progress. The up-to-date roadmap for year 2019 was also disclosed.
In regard to the progress achieved and the future development plan disclosed, Catherine Li, Chairwoman and CEO of THEKEY, held AMA on Reddit on April 20th, which was warmly welcomed. Here is the summary of the AMA.
Q1: If THEKEY is going to be endorsed by China government, won’t the government insist on using some stable coin tied to Chinese yuan as token instead of using THEKEY token?
THEKEY has already been endorsed by Chinese government and has achieved applications for IDV as previously indicated. From technical perspective, IDV must be paid by TKY, but pension will be paid by stable coin.
Q2: As you stated “THEKEY will be devoted to facilitating the development of the National Digital Assets Registration, Clearance and Settlement Center.” Can you tell us in more detail what this project specifically comprises?
THEKEY is the only IDV solution provider won the International Competitive Bidding (ICB) co-launched by People’s Bank of China and Nanjing Municipal Government. It’s not only signifies the recognition of THEKEY project and BDMI technology from Chinese government, but also shows a positive gesture from People’s Bank of China to utilize the technology in facilitating the development of the National Digital Assets Registration, Clearance and Settlement Center. The National Digital Assets Registration, Clearance and Settlement Center is the gateway of China digital economy. IDV together with RIW (Real Identity Wallet) are indisputably the fundamental layer of the gateway.
Q3: How and why did you come to the decision to use a multi-consensus mechanism? What advantages do you expect this to provide THEKEY over the existing DBFT mechanism of NEO? Will there be any circumstances where only some/one of the multi-consensus mechanisms is used?
As I pointed out in the Progress Report, during the Mainnet development, we discovered the following six existing issues to be addressed in the further development of the Project:
§ Multi-scenario application requires a multi-consensus mechanism, and the current single-consensus mechanism is not sufficient to meet this requirement.
§ There is a strong correlation between performance and the consensus mechanism.
§ Security of whichever platform we would choose would be beyond our scope of control, leading to safety and/or security risks to data, funds and patients.
§ Current platforms have not been designed to handle the sheer amount of data, such as patients’ medical image/footage, etc.
§ The business logic can only be realized via Smart Contracts and DAPP development, severely limiting or negating the possibility for extreme platform capacity.
§ Governance logic of virtual world does not suit the real world.
Single consensus mechanism can function in the cryptocurrency issuance and trade, but cannot be used to address social issues, which are completely different and far more complicated than cryptocurrency issuance. NEO or any other public chain cannot properly solve the problems by nature due to its structural constraints and limitations.
Different consensus mechanisms are needed under different data application scenarios. Different nodes in our ecosystem have different permissions in different application scenarios.
Q4: How will the TKY token fit into the new multi-consensus mechanism and when do you expect the new blockchain to be ready for mass deployment?
The new blockchain will be ready for mass deployment in June, 2019. TKY token is under test to fit into the new multi-consensus mechanism. There will be achievement in June, 2019.
Q5: How will you choose validators within the system?
Currently we choose validators from government departments. It will be enlarged into the utility companies soon, and then to the network companies, such as Baidu, Alibaba etc.
Q6: How many nodes in total do you expect to have within the ecosystem?
In a decentralized system each person or agency is a node. To solve the real-world issues and enhance the efficiency, we will put selected nodes into use. The chain will rely on the existing government big data infrastructure, especially the big data infrastructure of the basic medical insurance institutions as the selected nodes. The amount of the selected nodes will be the same as the government nodes. The governance rule of selected nodes will keep up with the rule of the real world, which is the basic theoretical support of the Ternary Hybrid Theory, called Hybrid Governance Theory.
Q7: Who is overseeing the code and auditing the code within the team?
It is firmly abided by the software system CMMI5, short for Capability Maturity Model Integration, level 5. To build a colossal and complex social system requires a big team which needs to be managed effectively. Accordingly, we have created a project consortium made up of a core management team, partners and advisors working side-by-side to deliver our industry leading solutions. My national award-winning team has a very much well-proven track record in all the relevant areas when it comes to technological prowess and management capability. We have also partnered with a number of world-leading technological, legal, financial, auditing and cryptocurrency investment agencies and banks, and have recently set up THEKEY Scientific Research Fund via which we are able to bring onboard more world-class experts, ensuring not only timely and high-quality delivery but also continued market-leading innovation.
Q8: Are you still planning withdraw the TKY from main wallet? Where are the ICO$ TKYs going?
As stated in THEKEY Allocation Plan, except for the 51% which were distributed to the ICO participants, the remaining of the TKY will be allocated as below:
§ 8% will go to Project team and advisors
§ 20% will be reserved to fuel future innovation and ecosystem health
§ 21% will be reserved as a reward mechanism to incentivize the development of community
We are going to spend it. But till now, we didn’t even touch a penny of the 8% allocated for the Project team and advisors, or the 21% reserved as a reward mechanism for the community development.
Q9: When will the remaining tokens be released?
As some community members have noticed that part of the TKYs were moved from our main wallet. It’s mainly for some consultancy fee, community management services, and other technical services which were expected to be paid directly with TKYs. Such costs will occur periodically according to the development of the project and we’ll not make announcement each time when this happens.
But the TKYs reserved as the reward mechanism have not been distributed yet. It will be distributed at proper time by proper way and you will be well- informed.
Q10: How is the THEKEY Fund going on?
THEKEY Scientific Research Fund has been officially launched on June 30th, 2018 by THEKEY. The total funds of the first phase are 20 million US dollars for a period of 5 years, and will be distributed according to annual work plan. The research of multi-consensus mechanism, which is fundamental for the construction of THEKEY public chain, is sponsored this year.
About THEKEY
THEKEY is a decentralized ecosystem of Identity Verification (IDV) tool integrating national big-data and the blockchain. THEKEY’s proprietary Blockchain based Dynamic Multi-dimension Identification (BDMI) platform has been using Personal Identity Information (PII) exclusively authorized by the Chinese Government. THEKEY token (TKY) is the only method to settle smart contracts across THEKEY Ecosystem, which is tradable on HitBTC, Bit-Z, KuCoin, Lbank and LATOKEN, etc. THEKEY mainnet was launched in Nov 2018. THEKEY was granted the National “Technology Innovation Award of 2018 Chinese Government’s Information Product”; won the International Competitive Bidding co-launched by People’s Bank of China and Nanjing Municipal Government, and achieved social security data socialization and commercialization for the first time in Kaifeng, China.
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