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THEKEY: Announces their Platform for Identity Verification and Pension Claims – Laying the Foundations for Real World Cryptocurrencies Use Cases

THEKEY: Announces their Platform for Identity Verification and Pension Claims – Laying the Foundations for Real World Cryptocurrencies Use Cases

THEKEY Press Release

Bitcoin Press Release: THEKEY’s Identity Verification (IDV) technology in the survival certification part of the pension claim has allowed the Forest Industry Administration of Heilongjiang Province (shortened to the Administration) to be much more efficient and accurate in releasing annual retirement pensions.

12th April 2018, BEIJING, CHINA: THEKEY’s tokens (TKY – tradable on KuCoin exchange under the TKY/ETH pair and additionally on Ibank also using the TKY/ETH pair. The token will be utilised in the second generation of DMI technology known as BDMI (Blockchain-based Dynamic Multidimensional Identification). The Testnet for BDMI is scheduled be released in the middle of this year, and the Mainnet is planned be released at the end of this year. There will be 3 components in the BDMI ecosystem: participants (validators, service providers and individual users), smart contracts and TKY.

TKY is the only method to settle smart contracts signed between the participants in THEKEY’s BDMI Ecosystem. Once the Validator, Service Provider and the Individual User all sign-off on the transaction via the smart contract, the parties will use TKY Tokens to settle the contract according to the agreed price and payment sharing plan. Services that currently utilise THEKEY’s DMI technology will gradually migrate to BDMI technology after the release of the Mainnet and after intensive pilot cities testing. One such service would be the one in use at the

Administration. As such, THEKEY has been laying an extensive ecosystem which will result in real world cryptocurrencies use cases. We will further explore below.

The Current Situation at the Administration

The Administration covers a total business area of 10.098 million hectares,  22% of Heilongjiang Province. It promotes the coordinated development of the forest zone’s economy and society as well as maintains the national forest’s resources to benefit the country and mankind. This is done through conservation, cultivation, and respectful usage of the forest resources.

The Zone  is an important ecological asset for the Administration as it is a natural barrier for Northeast Asia’s terrestrial ecosystem as well as Northeast China’s great granary. The Administration is responsible for the arduous task of conserving and constructing the Zone’s area.

There are nearly 500 thousand insured people in the Zone who are mainly distributed in 9 cities of Heilongjiang region. The retirees in the Zone mainly live in the land of Longjiang, however there are many scattered throughout the large forest area.

Up until now, the process of obtaining a survival certification was very time-consuming and miserable experience for retirees located in the remote areas of the Zone or outside the province. The retirees, of which at least 30 thousand are over 65 years old, were required to make a difficult journey to the ID center. Once there, they then queued in very long lines at the on-site certification centers. This made the certification process tedious and time consuming which resulted in many complaints from distressed retirees.

THEKEY’s products in Use at the Administration

Since August 2016, the local social security bureau has employed THEKEY’s IDV technology in their “Social Security 123 App of Administration” to conduct certification via facial recognition. This has allowed the bureau to release 8 billion annual retirement pensions in a timely manner without undue stress on the elderly.

THEKEY’s IDV technology compares the pensioner’s face with that on their ID card. This can be done through a mobile phone, allowing retirees to apply for their survival certification from the comfort of their homes. The rest of the certification process (which requires cross examination of data from Civil Affairs, criminal records and the fatality database) can be completed without the retiree’s presence. This new IDV technology has greatly increased the certification process’ efficiency and improved the retirees’ standard of life.

Survival Certification of The Elderly in the Social 123 App

Based on the success of THEKEY’s product, THEKEY and the Administration are planning to expand it to online social insurance payments, medical online purchases and family mutual aid, etc. This partnership will allow THEKEY to explore the application of medical treatment based on personal credit, payment by installments of healthcare security and direct compensation of commercial insurance.

Visit the Website: https://www.thekey.vip
Chat on Telegram: https://t.me/joinchat
Join on Facebook: https://www.facebook.com/TheKey-1439094662870680/
Reddit: https://www.reddit.com/user/TheKeyVIP/
Join on Medium: https://medium.com/@thekeyvip
GitHub: https://github.com/thekeygithub

Media Contact
Name: Jit
Location:Singapore
Email: jit@thekey.vip

THEKEY is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest

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The post THEKEY: Announces their Platform for Identity Verification and Pension Claims – Laying the Foundations for Real World Cryptocurrencies Use Cases appeared first on Bitcoin PR Buzz.

Source: Bitcoin Press Releases
THEKEY: Announces their Platform for Identity Verification and Pension Claims – Laying the Foundations for Real World Cryptocurrencies Use Cases

Fintech Volatility Regulators MINEXBANK Hit the Exchanges with their Autonomous Algorithm Project, See a 9-Fold Increase in Price

Bitcoin Press Release: Minexcoin celebrate their third week of being officially exchange listed, and announce a 900% increase in price over that time frame, seeing recognition from CoinMarketCap as one of their “Biggest Gainers”

November 22nd , Hong Kong, China – About three weeks ago Minexcoin was listed on exchanges and presented a Memorandum of the autonomous algorithm for volatility regulation, known as MinexBank. We took a second look at this project to see how’s it going.

In a matter of weeks, MNX managed to achieve a 9-fold increase in price, and got into the “Biggest Gainers” list on CoinMarketCap, and strengthened at the price of $11. Now, as developers explain, the algorithm is being calibrated and the control over volatility will be ensured after reaching a price of $20 per coin. For those who are looking for mid- and long-term investments, it would be useful to read the Memorandum again.

MINEXBANK MEMORANDUM

for the period of 2017-2018

Dear members of Minexcoin community and the cryptomarket participants.

While entirely recognizing our responsibility to reach the main goal of Minexcoin project, namely, securing MNX with the status of reserve currency on cryptomarket, we at MINEXBANK would like to address you with this Memorandum.

From the moment of starting MNX trade at the stock exchanges on November 1, 2017, MINEXBANK is going to consistently process complex financial policy which aims to ensure the following macroeconomic indicators:

  • Reach the exchange rate of 20 USD/MNX in the near future – average rate through the basket of the top 10 cryptocurrencies.
    Provide an increasing exchange rate of MNX to USD upon reaching the above-mentioned rate by the end of 2017 on the basis of 42,7% annual growth. This level corresponds to average annual growth of market capitalization of the top 10 cryptocurrencies in 2016 – Q1 2017.
  • Next revision of the MNX growth rate to USD will be effected on March 1, 2018.
  • After March 1, 2018, the average annual growth rate of MNX to USD would be revised upwards based on realities of cryptocurrency market development. This is characterized by the significant growth of joint market capitalization in 2017 as compared to 2016.
  • The base annual parking rate of MNX will be reviewed every 6 months based on the assessment of changes occurring in the cryptocurrency market for the expired period. Based on the analysis of the growth rate of the cryptocurrency market for the last 6 months, the base annual parking rate is set at 85% now.
  • Special reservation: During the three months from November 1, 2017, there will be a period of creation and development of the MNX exchange market. The market will be formed in stages due to different terms of trades launching on various exchanges. In addition, there will be a process of testing and debugging the algorithm of Minexbank’s operation in real conditions (the development of a database and response tools). Therefore, deviations from the real macroeconomic parameters declared in the Memorandum are possible in the first three months.
    MINEXBANK will seek to achieve the above-mentioned indicators using corresponding parking rates of MNX or with direct BTC or MNX interventions, if necessary.

The total volume of preliminary MNX emission is 5 500 000 MNX. MINEXBANK’s reserve is 1 500 000 MNX out of the above-mentioned amount. The developers’ compensation is 1 000 000 MNX.

Developers have decided not to bring their coins to the market until the end of 2017. Hence the net money supply is 3 000 000 MNX while MINEXBANK reserve is 50% out of the net money supply. This testifies high level of the Bank procedures’ durability provided to stabilize the MNX market.

With the increase of the MNX volume in the market due to additional emission (work and miners’ reward) a gradual replenishment and increase of the reserves amount will be required. This growth will be ensured by a progressive percentage of deductions in favor of MINEXBANK for each unit unraveled by the miners:

  •   Blocks       1 – 900 001 = 20%
  •   Blocks       900 001 – 1 800 000 = 30%
  •   Blocks       1 800 001 – 2 700 000 = 40%
  •   Blocks       2 700 001 – 3 600 000 = 50%
  •   Blocks       3 600 001 – 4 500 000 = 60%
  •   Blocks       4 500 001 – 5 400 000 = 70%
  • After the coin issue is completed, starting from block number 5 400 001, miners will deduct a fixed 70% in favor of MINEXBANK.

We’d like to pay special attention of the MNX market participants to the following circumstance. MINEXBANK’s activity will be aimed at keeping the MNX quotes to USD within the 5% range of fluctuations relative to the representing the estimated growth rate of 42,7% per annum from the rate of 20 USD/MNX.

MINEXBANK urges all market participants to refrain from making deals outside the 5% corridor of  the exchange rate fluctuations in order to avoid possible financial losses.”

About MinexSystems

Minex Systems Limited”, a Hong Kong registered company, specializes in the blockchain product development. The company offers solutions which include the best of both conventional financial system and cryptocurrency ecosystem, and works on the unified Minex Platform. To date, the flagship product is an autonomous algorithm for controlling the volatility of MinexCoin named MinexBank.

Visit the Minex Systems Website: https://minexsystems.com/
View the Memorandum:https://minexbank.com/index.php?r=site%2Fmemorandum

 

Disclaimer: Minex Systems is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. ROI cannot be guaranteed. Readers are urged to make investment decisions at their own discretion and the company will not be responsible for the outcome of such decisions. This press release may contain certain forward-looking statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations they are based on will occur.

The post Fintech Volatility Regulators MINEXBANK Hit the Exchanges with their Autonomous Algorithm Project, See a 9-Fold Increase in Price appeared first on Bitcoin PR Buzz.

Source: Bitcoin Press Releases
Fintech Volatility Regulators MINEXBANK Hit the Exchanges with their Autonomous Algorithm Project, See a 9-Fold Increase in Price

Blockchain Research Lab to Combat Financial Fraud in Shenzhen

A group of think tanks and universities are co-launching a new blockchain research lab in Shenzhen, China. Opened on June 26th, the research lab is a collaborative initiative that includes participation from the Chinese Academy of Sciences, the Shenzhen Institutes of Advanced Technology and Zhaolian Finance, one of the largest companies in China’s consumer finance industry. According […]

The post Blockchain Research Lab to Combat Financial Fraud in Shenzhen appeared first on Bitcoin Wiki.

Source: Science of Crypto
Blockchain Research Lab to Combat Financial Fraud in Shenzhen