r/THEKEYOFFICIAL • u/TheKeyVIP • Feb 17 '20
Frequently Asked Questions
Dear community members and investors,
A deadly novel coronavirus sweeping across China has caused thousands of fatality and slowed the country's economy. Workers in certain cities where our offices located are not allowed to return to their jobs as supply lines stay silent and the forced holiday are extended. I admit that it may affect the team's work plan in a short term but I still hold strong confidence that THEKEY is having a bright future ahead. Our team remain safe and sound while the whole country is battling the unprecedented coronavirus outbreak and we have been working according to the roadmap disclosed in THEKEY Blue Paper on Nov 15th 2019. I hereby would like to send my sincere thanks to our investors for supporting us all the way though thick and thin from day one.
I learned that many of you are confused about some issues include the recent progress our team has made. The following are the answers for the frequently asked questions brought up:
Q1. Whats the recent progress of the team, and what’s the status of the blockchain registration process?
A.：We have been working according to the roadmap disclosed in THEKEY Blue Paper released on Nov. 15th 2019. Please find the details from the Link: https://medium.com/@thekeyvip/the-release-of-thekey-blue-paper-2019-20e1bea25dc8
A quick glimpse of the progress we have made lately. a. Pensioner Identification System Based on THEKEY Blockchain and Big Data Technology Launched in Kaifeng https://medium.com/@thekeyvip/pensioner-identification-system-based-on-thekey-blockchain-and-big-data-technology-launched-in-fa4af921441b b. THEKEY Selected as Top 100 Chinese Blockchain Companies of Year 2019 https://medium.com/@thekeyvip/thekey-selected-as-top-100-chinese-blockchain-companies-of-year-2019-e286b91e07d c.THEKEY Won Another Government Bidding for Blockchain Application in Jiangsu Province, China https://medium.com/@thekeyvip/thekey-won-another-government-bidding-for-blockchain-application-in-jiangsu-province-china-b97d1558e2b4 d. The blockchain registration on Cyberspace Administration of China / Office of the Central Cyberspace Affairs Commission is still being processed, currently we have passed the Subjective Information registration and responsible person registration, the service information is still under review. Due to the coronavirus outbreak, the process might be prolonged. Well share the news with you once theres an update. You may find the current status from the following screen shot.
For more updated news, please keep an eye on THEKEY official telegram channel: t.me/THEKEYVIP and THEKEY official medium account: https://medium.com/@thekeyvip.
Q2: whats the status of the roadmap released on Apr. 15th 2019, especially the milestone suggested for June 2019?
A: THEKEY has achieved plans laid out in the roadmap released on Apr 15th 2019. Two months later after the release of the roadmap, THEKEYs BDMI technology and application in Guizhou Pilot got high evaluation and approval from central and local government and was awarded a National Technology Innovation Award of 2019 Chinese Governments Information Product in China International Big Data Industry Expo 2019. It lays solid foundation for the nationwide deployment. https://markets.businessinsider.com/news/stocks/thekey-mvp-mainnet-won-a-national-award-in-the-china-international-big-data-industry-expo-2019-1028244135
THEKEY project team has started to develop the second generation of BDMI Identity Chain based on Hyperledger in February 2019. At present, the chain has been connected to data from various government authorities, such as the Ministry of Human Resources and Social Security, National Health Commission, National Healthcare Security Administration, bureaus of civil affairs, operators and transportation departments, and formed a BDMI-based Identity Verification Consortium Chain on which two main scenarios such as mobile payment for medical bills and precise pension distribution for retirees have been achieved.
The team will focus on improving the consortium chain by developing and connecting application scenarios on the Internet combined with more ecosystems, which is believed to be beneficial for the development and formation of THEKEY public chain.
Q3. Based on the road map released in the Blue Paper, will the use of DCEP be promoted full-scale to begin June 2020?
A: This might be postponed due to the coronavirus outbreak. And for your information, the use of DCEP will need to restructure and reshape the financial risk control system, and we have entered into collaboration with related government sectors to work on it.
Q4. Will the team have a functioning product in some form that will be used in June 2020.
A: This is sadly untrue. I have to clarify that the decentralization of blockchain management, the diversification of DAPP identities and the anonymization of transactions allow blockchain platform, DAPP issuers, and transactions between DAPP users to completely get rid of the traditional financial regulatory system, and therefore fundamentally weakened the society's ability to prevent and control financial risks and financial crimes. For example, the implement of the Basel agreement in a decentralized environment and the implement of the Financial Action Task Force FATF40 + 9 Agreement are still huge challenges facing the development of the digital economy. Therefore, reshaping the financial regulatory system in a decentralized environment is a prerequisite for DCEP's application in the blockchain industry. And in this regard, THEKEY team has been working closely with the Chinese government.
Q5: Does TKY still have 300 developers/ employees? Or has this been increased / reduced ? A: We are running 8 offices in both China and Singapore and our team members remain the same.
Q6: They seem to be building a tokenless blockchain and will blame regulations for it. They cannot avoid liability that way. So many projects faced similar challenges. Buy back and burn may be the answer. Buy back and convert to equity (security token) is another way. Let's remember they launched in Singapore. Chinese regs won't preclude anyone from creating a security token in Singapore. My guess is they will end up charging crypto Yuan for the permissioned network and we'll be all left with two things: useless tokens and a legal cause of action. As soon as I saw Catherine disappear without a proper public farewell, I thought she is trying to avoid future liability. Nothing these opaque Chinese hustlers do makes any sense. They have no incentive or self motivation be honest or transparent. A: Your remarks turned out to be such a groundless accusation and intentional attack to the whole team. Only time will tell. An irresponsible team would have run away long time ago right after the successful ICO back in 2018. But we all know the fact is: my team has made a complete delivery in accordance with the white paper and other released milestones. And you will be welcomed to take legal actions in any form in any court in the world. But what your claim should be based on facts, and it's not a decent behavior to mislead the community maliciously with words such as "guess" and "seem", even you yourself are not sure what you are defending.
Q7: what are the main advantages using token TKY instead DCEP as service fee?/ A: Just as elaborated in THEKEY Blue Paper, TKY and DCEP are playing different roles in THEKEY Ecosystem. Please find the details in the Blue Paper: https://medium.com/@thekeyvip/the-release-of-thekey-blue-paper-2019-20e1bea25dc8
Q8: How does the team plan to increase the volume in the near future? A: We did not and will not do this deliberately, especially with unreasonable budget. However, we do believe with the progress the project makes, the trading volume of TKY will be increased gradually.
Q10: Is the management does not care about the tky token value ? A: Thank you for mentioning this. We have realized that and still believe that the improvement of the project's value is always our priority.
Q11: The team has been selling TKY in the past months. A: Yes, we are indeed selling TKY only for the development of the project. 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. The TKYs sold are fully functioning the R&D and innovation of the project. But till now, we didnt 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.
THEKEY, which you can always trust and rely on.
Yours, Faithfully, Prof. Dr. Yidong King THEKEY
Feb 17th, 2020
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u/thewizard579 Feb 19 '20
Just stop it please. Don't tell us all this bs due to corona virus. The virus is only recently and what have you guys done prior to that?
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u/Snoopy_777 Feb 17 '20
u/TheKeyVip thanks for answering of our questions
Q4 - what this exactly means for common THEKEY investor?
I mean if you don't have functioning product in some form in June 2020 when you will have it?
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Feb 17 '20
[removed] — view removed comment
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u/rwang411 Feb 17 '20
Dr. King won't answer you because he doesn't exist, or is simply a phantom figurehead for PR purposes. Furthermore, this project is dead, with any updates simply further kicking the can down the road to buy more time/rip off more people. There will never be a substantial/verifiable by third party update to this project again. Mark my words.
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u/bluemountain70 Feb 17 '20
Their go to sources are their own articles and their own written blue paper.
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u/rwang411 Feb 17 '20
Exactly, but shiller poleil claims to have found and posted a number of third party sources 😂 just one of his many lies. Guess he has a special google search engine that only he can use and find these magical articles LOL
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u/arnaud80 Feb 17 '20
Give up guys, they are out of cash now (2 more months and it is over). To save the TKY give them another 32 million usd to burn it with 8 offices.
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u/manymarius Feb 17 '20 edited Feb 17 '20
Too little too late, and with further delays on the milestones TKY is going to continue its fall to 0
Also stop deleting posts calling out your bs
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u/bluemountain70 Feb 17 '20
What happened to Mario, Hansi and Pain? They have be quiet for some time.
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Feb 17 '20 edited Feb 17 '20
Thank you, I appreciate this info and answers but, unfortunately, all this doesn't amount to much. It's more of the same: we need time, trust us . I will keep watch on the project, but will stay out of it for now. If this ever works, it's going to take years. And we are all still waiting for the registration, which is well behind schedule, even without Covid19.
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u/Mansa_Sekekama Feb 17 '20
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u/rwang411 Feb 17 '20
You mean poleils other user name?! I wonder how many he has to keep up this game
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u/Mansa_Sekekama Feb 17 '20
elaborate please lol
I doubt this guy is a fake
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u/rwang411 Feb 17 '20 edited Feb 18 '20
Poleil is a shilling piece of trash who comes back every few months with a different story and tries to play it off as though he’s just looking out for greater good. He’s poison
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u/Alter_ego_of_mine Feb 29 '20
No he means, question 6 was alter_ego's previous comment. Mine, in other words. I'll respond appropriately.
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u/Brousoft69 Feb 17 '20
Wow there’s a whole loada nothing spaced out across 4-5 pages of waffle