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SelfKey KEY 080118 ASTRO (1) .pdf



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SelfKey (KEY)
08 January 2018

Produced by Picolo Research

SELFKEY (KEY)
7.9
Digital identity ownership and management on
the blockchain
Summary

SelfKey is a Hong Kong based company that has created an integrated
platform for the management and use of personal identification. The platform
utilizes the blockchain to store necessary information which can then be used
for an array of different interconnected services such as Citizenship, financial
services transactions and much more.
Concept

MVP

General

Ticker:

KEY

White Paper:

Click here

Sale Period:

January 2018

Website:

Click here

Established
Sale info

Exposure

Astronaut has taken moderate exposure in SelfKey due to the following
reasons:
1) SelfKey has an extensive technical history with multiple MVP’s having
already been released (KYC-Chain)
2) The company is on the verge of releasing a full commercial product in Q1
2018
3) Deal structure appears to be fair with a substantial amount of interest in
presale
4) Short and long-term outlook for SelfKey are positive given upcoming
milestones and investor demand
Deal Structure

Astronaut contributed a moderate level of exposure to SelfKey equating to 120
ETH. As the Astronaut contribution was made during private sale, it is entitled
to a 50% presale bonus.

Birds-Eye View

100%

Rating

75%
50%
25%
0%

Viability

8 January 2018

Product

Management

Deal Structure

Community

Pricing:

1KEY=$0.015 (public)

Accepted:

ETH

Min Goal:

NA

Cap:

~$21m

Escrow:

Smart Contract

Bonus:

50% private sale

Exposure

Currency:

ETH

Amount (ETH):

120

Entry Price:

Contribution + 50%

Stop loss:

-

Outlook:

Buy

Company Overview

SelfKey has been in the ideation phase of the venture dating back to 2013
when the team began to create various solutions for identity verification and
management. Since this time, SelfKey has released multiple consumer and B2B
offerings in a bid to create an integrated identity system which can also act as
a marketplace.
The team at SelfKey term the protocol developed as ‘Self-Sovereign Identity
‘ (SSID).
The launch of the SelfKey token sale comes at a time when secure and
seamless identity management is in extremely high demand.
Commercial & Technical Strategy

SelfKey seeks to implement a significant amount of functionality by Q4 2018.
We anticipate that some of the most disruptive aspects of the venture include
those which are linked to applications of government issued services such as
passports, residency services and more.
Referring to the information found in the whitepaper, there are multiple
releases of each functionality from Alpha to Beta and finally commercial.
2018 Q1
• SelfKey Desktop Alpha
• Token Sale and Crypto marketplace
• KEY used for notarization
2018 Q2
• Support for cyrptocurrency transactions
• Integration with crypto asset providers
• Fully Electronic claims
2018 Q3
• SelfKey Alpha launch
• Government and Utility partnerships
• Integration with Trusts Foundations, Residences and Passports
2018 Q4
• SelfKey SDK
• Fiat alternative for services

Roadmap

The roadmap is quite extensive and includes a high-level overview of the
implementation strategy for 2019.
In brief, it consists of integration with a number of verticals such as precious
metals purchase, digital wallets and other money transmission verticals.
The full roadmap can be viewed by clicking here.

8 January 2018

Token Sale

Under the code KEY, SelfKey will be issuing ~6,000,000,000 tokens in total.
Crowd - Exactly 33% of tokens are offered through the crowd sale between
three stages: Private, Presale and Public. Various bonus amounts are offered at
these stages.
KEY Team - A total of 16.5% of tokens are allocated to the founding team. The
whitepaper and documentation indicate that these tokens are vested for 1 year.
Reserve/long term expenses - A further 16.5% of tokens are said to be held as
‘reserve for long-term expenses.’ Discussions with management indicate that
this amount works as a ‘buffer’ for longer term global market penetration.

Token Sale Split

1%
17%

Crowd
Reserve
Legal

Team
Incentive Pool

33%

17%
33%

Token Use

The KEY tokens that are issued have several use cases within the SelfKey
ecosystem.


the token can be used for the application of services such as citizenship and
residency



KEY can be utilized for company incorporation and business services



the tokens are also used for the verification of new services and KYC
application for new token sales

Use of Proceeds

The use of proceeds indicates that the majority of funding will be utilized for
‘Growth Grants.’ Our interpretation of this is that this allocation refers to
development costs, operational expenses and business development.

Token Sale Split

5%
5%

Growth

Legal

OPEX
90%

8 January 2018

Team

The website and marketing material indicate that there are over 45 team
members split across operations, legal and R&D.
Edmund Lowell (CEO): Edmund has been in the technology investment sphere
since 2014 where he advised and invested in several tech startups. Since 2013,
he has been the Founder and CEO of KYC-Chain, a blockchain startup focused
on B2B KYC offerings.
Edmund To (Dev): Full stack software engineer specializing in blockchain
solutions and smart contract development.
Advisors

There are a total of 26 advisors listed on SelfKeys material. We find that there
are several quality names listed, however we would also say that the vast
number can sometimes dilute the messaging and positioning of the venture.
Lester Lim: Blockchain investor and digital marketing strategist
Alexey Troshichev: Founder of Distributed Ledgers
Tim Frost: Founder of Taurus.vision

Previous Investors

The team has indicated that there has been no outside capital injected into the
company.

8 January 2018

Strengths


SelfKey comes at a time where security and safe-management of personal
data are of the utmost concern. Blockchain backed solutions that can safely
store and manage personal information are in high demand.
Top personal data breaches

975m

Users

Recent breaches
relating to private
data are a core
concern amongst
internet users

1300m

650m
325m
0m

Yahoo

Myspace

Equifax



The team has a long track-record of commercialization with the establishment
of KYC-Chain, a B2B focused KYC service offering.



The functionality listed on the roadmap is extensive. Between token sale
application, government document and residency application, and fiat
money transfers, there is a large list of verticals that are accessible to the
SelfKey marketplace.



The deal structure is favorable for token sale participants, particularly those
contributing in the earlier stages. Community support and progress indicates
a relatively fair max cap.



The team and advisory board seem to have adequate experience to
successfully commercialize the product from both a technical and sales
perspective.



We are impressed with the community support to date and the success of the
private/presale of the KEY token sale.

Weaknesses


The vesting period for the management team of one year may be deemed as
being ‘short’ in comparison to some other token sales. As a matter of
preference, management tokens should be vested over a 2-4 year basis.



There is an allocation of 16.5% of tokens for future growth, operational costs
etc. We are advised that this is a ‘buffer’ in the event that more capital is
needed. In any event, this is a substantial amount of tokens to be kept in
reserve when taking into consideration the amount being raised for OPEX.

8 January 2018

Opportunities


SelfKey has the opportunity to become the KYC platform of choice from the
perspective of the blockchain community. The penetration in the ‘new-token’
market is a good starting point for sustainable growth.



Collaboration with various government may lead to other certification
opportunities and separate verticals.



Business incorporation is a substantial opportunity which countless countries
are trying to improve. Implementation of sufficient KYC standards via
blockchain is a viable option for this sector growth.



We foresee significant opportunity in the banking market, particularly with
new wallets and exchanges which are seeking a streamlined KYC and
identification process.

Threats


Failure to collaborate with various government entities will inhibit SelfKeys
ability to proceed with some of its key milestones.



Failure to collaborate with upcoming token sales, new wallets and other
verticals will slow the growth and liquidity of the KEY token.



While we consider the roadmap and capability of SelfKey to be considerable,
we acknowledge competition from the likes of Civic.



The growth of the token may be inhibited if there is any delay in
development.

8 January 2018

Astronaut Investment Decision

Astronaut is attracted to SelfKey and their aspirations to become a leader in the
identification sector.
For the reasons listed below, Astronaut has taken exposure to the SelfKey ICO:




A long history of commercialization and proven technology
Fast implementation of new functionality (Q1-Q4 2018)
Strong token sale support and a sufficient max-cap to achieve success
200ETH

Astronaut has taken
‘medium’ exposure to
SelfKey due to the
development roadmap
and deal structure.

150ETH

100ETH

50ETH

0ETH

None

Conservative

Medium

High

Astronaut acknowledges the presence of competitors in the industry that are
seeking to develop somewhat similar solutions to SelfKey. The likes of Civic
(CVC) have had enormous success with community support, market pricing and
technical progress.
In Astronauts view, we believe that SelfKey presents a superior opportunity that
has not been subject to the same level of PR and community exposure due to
market timing.
With an experienced team, an extensive roadmap that is nearing
commercialization and a favorable deal structure for participants, the Astronaut
Investment Committee (IC) anticipate significant price appreciation and has
chosen to invest in SelfKey (KEY) based on a medium/long-term outlook.

8 January 2018

Disclaimer

This report has been compiled by Picolo Research for the exclusive use by
Astronaut Capital. Picolo Research is an independent provider of research on
cryptocurrency ICO’s. We have not been paid, nor mandated for this research
report. The views expressed within this report are Picolo’s in its entirety.
The contents of this report and its attached documents have been prepared
without taking account of your objectives, financial situation or needs.
Because of that you should, before taking any action to acquire or deal in, or
follow a recommendation (if any) in respect of any of the financial products or
information mentioned in or downloaded from or through this website,
consult your own investment advisor to consider whether it is appropriate
having regard to your own objectives, financial situation and needs.
Whilst Picolo believes the information contained in this report is based on
information which is considered to be reliable, its accuracy and completeness
are not guaranteed and no warranty of accuracy or reliability is given or
implied and no responsibility for any loss or damage arising in any way for
any representation, act or omission is accepted by Picolo or by any officer,
agent or employee of Picolo or its related entities. Picolo at all times reserves
the right to at any time vary, without notice, the range of services offered by
Picolo and its subsidiaries, and the terms under which such services are
offered. The information within this report is our own opinion only and is not
to be used in making a decision for investment.

Contact us
w: www.astronaut.capital
e: admin@astronaut.capital
a: #08-03 Claymore Hill, Singapore

8 January 2018


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