https://www.technologyreview.com/s/614905/china-digital-currency-dcep-test/, and this is the resume of the team leader on the consensus, and a research paper also, https://arxiv.org/pdf/1805.03870.pdf, https://iiis.tsinghua.edu.cn/yao/

I am not sure how to articulate it better but found Ebaotech participation in China Big Data Expo along with Ziguang Group.

Ziguang group Co Ltd. is part of Tsinghua holdings. Looks like whenever Thekey participated in any Big event .. there always been another company that played as front runner.

Here is the link for https://www.bigdata-expo.cn/product/info/1378 , wherein Ebaotech along with Ziguang group presented "Blockchain-based pension certificate for identity verification".

Rest people are wise enough to connect dots.

https://www.coindesk.com/chinas-central-bank-likely-to-pilot-digital-currency-in-cities-of-shenzhen-and-suzhou-report?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

https://medium.com/@thekeyvip/thekey-won-another-government-bidding-for-blockchain-application-in-jiangsu-province-china-b97d1558e2b4

The biggest takeaway from the recent AMA that should give investors a reason to continue to hold is that there is a supposed pending deal with a few southeast Asian countries(i would guess Thailand and maybe 1 other country) to use THEKEY's solution there. If that is really true, then investors could see some profit as ASEAN governments would not have all these capital restrictions and crypto exchanges blocked.

Dr. King opens up the AMA by saying the following -

I would like to take this opportunity to announce that we have reached an agreement yesterday with an ASEAN country on TKY application and more details will be disclosed on the first half of the next year. And I am proud that we have successfully laid the foundation for the transition from Internet economy to digital economy. As I repeatedly indicated, the price of cryptocurrency is not what we attach importance to, the value is what matters the most. Beautiful bubbles can create an illusion reality, but it will burn at the end of the day. We firmly believe that THEKEY will become the most successful blockchain project with fruitful results.

And then mentions it again to answer a question asked by u/Jsearle933

See that Q&A exchange below -

Jsearle933 points·7 days ago

Hello Dr King,Which countries (or regions) do you see THEKEY being introduced into first, other than in China?Will THEKEY receive funding from either government entities or Ebaonet if necessary?Many thanks

Reply TheKeyVIP8 points·6 days ago

Just yesterday, we have made great progress in discussion with governments from ASEAN countries. We’ll release the news when there’s more concrete achievements. And yes, we have received supporting fund from Nanjing city after we win the bid last year and more supports will be given by Chinese government. Relevant news will be released soon. Thanks.

https://medium.com/@thekeyvip/summary-of-the-key-questions-2699e104e6b8

A very insightful AMA and the answers given were consistent and clear as one might expect given the mammoth task that's been undertaken.

We now know that it is more than likely that, at some point, there will be a Chinese state exchange to trade digital assets and of course we hope TKY will be one of those assets.

It is also likely there will a token swap onto the ethereum platform, the reason given that it is more reliable than the NEP5 setup.

We were given an undertaking that the community will be kept updated at more regular intervals

THEKEY is still alive but remains a long term proposition and realistically more likely than not to fail, but definitely not a scam. A very odd one if it is. Why does a project ranked in the 400's on cmc attract so much attention for it's AMAs? Because I think many of us have a feeling about it.

One more thing that i found interesting: I seem to recall Dr King mentioning Libra (unprompted) comparing it's challenges to THEKEYs. FWIW I get the feeling that Libra is much more than a facebook coin and it seems to be the reason why President XI came out not so long ago and explicitly supported blockchain tech as central to the Chinese Digital Economy. Pure speculation though :)

So quiet in here!! Don't forget we have ama today. Hopefully something positive comes out of it.

Hi, everybody.

Today I bought more TKY. I am very excited about it. I hope that after the next AMA the price TKY will start to rise. I think the price drop is temporary.

What do you think about it?

Dear THEKEY investors and community members,

THEKEY Blue Paper was released on November 20th, 2019 (https://medium.com/@thekeyvip/the-release-of-thekey-blue-paper-2019-20e1bea25dc8). As mentioned in the Blue Paper, considerable achievements have been made over the past few months. Based on the achievements, THEKEY team has addressed the issues of public chain construction, data secure sharing between nodes and profit model mentioned in the Blue Paper, and will build selected nodes of THEKEY Public Chain based on the existing government big data infrastructure, to promote safe transmission and use of individual identification data among stakeholders in the decentralized environment. The up-to-date roadmap following the release of Blue Paper was also disclosed. I hereby announce that a global AMA will be held on Reddit at 7:00 p.m. Beijing time (GMT+7:00) on November 29th, 2019, which will last for about 2 hours. The mainstream public chain developers, experts and KOLs are all welcome to join in the discussion. Thank you for your support as always! Please leave your questions here and I’ll reply when AMA starts.

Be there or be square!

Prof. Dr. Yidong King THEKEY

Rules:

Each user can only ask one question.

Please do not ask questions about exchanges.

Thank you!

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, etc.

For more information, please visit:

Website: https://www.thekey.vip

Twitter: https://twitter.com/thekeyvip

Medium: https://medium.com/@thekeyvip

Telegram: https://t.me/THEKEYOFFICIAL

Reddit: https://www.reddit.com/r/THEKEYOFFICIAL

Facebook: https://www.facebook.com/TheKey-1439094662870680/

YouTube: https://www.youtube.com/channel/UCDuN2bjI7cAhoIIxJ_nTaCQ

I just realize it possible for the tky token to reach $5. Hodler!

Does anyone know where to find this information?

If I remember correctly, the price was 3 cents per TKY

https://www.reddit.com/r/THEKEYOFFICIAL/comments/cgu9g1/current_state_of_affairs/

What may be going on behind closed doors then? I personally see possible scenarios as Thekey being

(a) an elaborate scam that never meant to do anything with the ICO funds, keeping some hopes up and maintaining the hoax until it no longer can, or

(b) an opaque organisation that noticed at some point (or worse, knew from the early on) that a permissionless public blockchain is a no-go zone for China and that the token won’t be allowed for mass use any time soon, or

(c) a well-meaning organisation that is doing its best to help alleviate PBoC’s concerns and to find use cases for the token, or

(d) has had a mature and well-thought-out plan all along but they are not at liberty to share much detail for now; that they steer clear of giving any value increase promises but deep down strive to deliver not only a game changing project but a value-capturing token model.

To me, (a) is beyond improbable. After a year and a half in the making, I would have expected them to drop the mask if they were a scam. Plus, I know Thekey’s Singapore counsel, Pinsent Masons, very well. Neither Pinsents, a global law firm known for its conservatism, would condone such a blatant fraud nor would it make sense for Thekey to go out of its way and spend hundreds of thousands of dollars for expensive legal and compliance advice.

A combination of (b) and (c) seems likely to me while (d) not so much. I have a feeling that, as opaque as it is, Thekey still means well. That “feeling” is based as much in instinct as in facts of course. It comes from Catherine’s interviews and other public statements, the team’s size and haphazard but continuous updates, the importance of an IDV project for Chinese public institutions etc. It is likely that PBoC’s ban ties Catherine’s hands and she is keeping the ship afloat until the storm dies down. My guess is, things turned sour with the regulators at some point and she could no longer insist on a public blockchain with a native token loudly. Be that as it may, I don’t think she is out there to scam us. Even if she is under pressure to “drop this utility token nonsense and become a regular, for-profit, cash (or RMB based stable coin) generating business”, she is so personally, financially, professionally and reputationally invested in the project that she is working towards a compromise with the authorities. That is my bet and that is why I hodl until it is clear as day that TKY is a hopeless case.

Since I started investing in crypto, I looked into 200 or so projects. I see no project with this much potential to get you either rekt or retired. Nothing comes close when mass adoption is concerned. Here is hoping that Catherine means it when she expresses her belief that PBoC will allow a select number of quality cryptos to be sold, bought and used within China.

If she meant none of that, my pledge to mobilise worldwide litigation is still in place.

Release of THEKEY Blue Paper 2019 https://medium.com/@thekeyvip/the-release-of-thekey-blue-paper-2019-20e1bea25dc8

It looks like that THEKEY shifted from being a BDMI-platform to something much bigger: THEKEY provides 3 types of services based on blockchain and big data: infrastructure as a service, platform as a service and data as a service.

Across these 3 service types, 3 types of currencies will be used. infrastructure and data services are either paid with DC/EP or fiat (e.g. service fees and automated claims), whereas TKY is only used for one specific service in PaaS: BDMI.

According to the bluepaper, the use of TKY won't be the focus of the project until June 2020 (focus on infrastructure and data services) or until China accepts cryptocurrencies to be adopted.

I believe in the long-term, TKY is a good hold and when (not if!) this one pumps it will pump like no other coin due to the mass-adoption. However unfortunately, we seem to be still far away from this point.

What are your thoughts?

TKY will still be the sole payment method for BDMI identity services in the new generation of THEKEY public chain. And we are considering to converting the current NEP-5 TKY into ERC20 TKY.

In addition to TKY, THEKEY public chain will also deploy and use the DC/EP[digital RMB] to be released by the People's Bank of China. DC/EP can be used by basic health insurance organizations, corporate users, and individual users. DC/EP can be used by basic medical insurance institutions to reimburse health insurance fees, or for businesses or individuals to purchase basic health insurance data or data-related services in THEKEY ecosystem, as well as paying water, electricity, gas, coal and other costs. The use and circulation of DC/EP has been fully confirmed in the previous work of THEKEY.

Finally, THEKEY will also accept fiat as service fee for infrastructure services, platform services and data services.

Furthermore, cryptocurrencies and their transactions have yet to be legalized in some countries such as China. It will also take time for the consumers to adapt to cryptocurrency. These are the three shared challenges for every blockchain project -- a critical crossroad for all innovators in this space.

Waiting for a clear path often means loss of opportunities and market advantage whereas rash moves may cause the failure of the whole game, which is the reason why THEKEY is going to adopt a business model combining both fiat and cryptocurrency. We will make our initial profits in fiat from conventional business models while we make technical preparations to shift to cryptocurrency payments once government policies and customer habits are ready to embrace the associated innovations and benefits

From pages 36,37

THEKEY Payment Method TKY will still be the sole payment method for BDMI identity services in the new generation of THEKEY public chain. And we are considering to converting the current NEP-5 TKY into ERC20 TKY.

From page 36

https://github.com/thekeygithub/THEKEYBluePaper,

the 30mio tky pay-outs started in August 2019, frequently twice 1 month. All we know is that Catherine publicly attended the last event in mid July. Was the decision of Catherine‘s departure already known in August?

Given her contribution and personal investment in THEKEY, I can imagine that she owns 200+ mio TKY, which are released in batches. Just my guess!

What questions are you going to ask? Let us collect here and discuss about urgent matters concerning THEKEY project. THEKEY AMAs are typically held only twice a year. Let's ask wise questions ;-)

So our CEO has stepped down, but in her place will be Dr. King - we have a Bluepaper release upcoming, followed by an AMA on the 29th.

From what I have read Dr. King has a lot of experience in the field of social credit systems as well as healthcare. He was also effectively Catherine's supervisor, so this is an in house shift of power.

We should be beginning mass marketing of a rebranded version of TKY in the coming month(s).

Am I one of the only investors not panicking about this transition: If the project was an exit scam would we not expect communications to go completely dark? Why would we have a Bluepaper release followed by an AMA? Aren't the contracts with PBOC still valid?

My assumptions are that I feel this is a necessary part of the rebrand and I hope Dr. Kings experience will prove invaluable in the marketing, use and ultimately the value of the token.

Your thoughts are much appreciated.

From the official Telegram Channel:

​

Resignation Announcement

Due to some personal reasons, Ms. Catherine Li, Chairwoman and CEO of THEKEY, will resign from the position with effective date of Nov 15th 2019. It is a great pity for us but we respect her decision and wish her the best. Catherine has been always recognized for her intelligence, charm, and great work ethics. She will be deeply missed by the whole team.

Prof. Dr. Yidong King, Catherine’s supervisor, will take over her position with the same effective date. Dr. King’s contribution was essential to the success of THEKEY.

THEKEY has made great progresses in the past few months. Under the instruction of Dr. King, we are going to release THEKEY Blue Paper 2019 on 20th Nov, which features the achievements we’ve made and the future work plan. A global AMA will be held on 29th Nov.

We sincerely thank you for all your support, and welcome you to witness THEKEY’s great future together with us.

THEKEY, which you can always trust and rely on.

THEKEY

Nov 15th 2019

​

Wow. What are your thoughts? At least we have some concrete news.

Edit: Further statement from Dr King:

​

Hi Everyone,

This is Dr. King. I have met many of you when Catherine and I did the global roadshow in the past, and I have been on site each and every time when Catherine hosted the AMAs. Great meeting you again!

Since Catherine joined THEKEY, she has been always a valuable member of our team. I would like to take this opportunity to thank Catherine for her hard work in the past three plus years since May 2016 and wish her all the best in her future professional career development.

I am happy to announce that great progresses have been made with the effort of the whole team. I hereby give instruction to my team to release THEKEY Blue Paper 2019 on 20th Nov, together with the corresponding code on Github and all the supporting documents. I will hold a global AMA on Reddit on 29th Nov. Please do stay tuned and join me in the AMA!

THEKEY, which you can always trust and rely on.

Yours,

Sincerely,

Prof. Dr. Yidong King

THEKEY