What Are The Uses Of KEY Tokens?
KEY is a utility token which is used as access rights and payment unit within the SelfKey network. KEY deposits will be required to identity owners access the network and to relying parties and certifiers to provide services. Think of staking like a refundable deposit.
SelfKey will require participants to deposit a certain amount of KEY tokens to access the network. This prevents spam, decreases the total amount of float, and encourages people to buy and hold KEY, and act in accordance with the trust framework (legal agreement) so that relying parties don’t for instance, misuse identity data — because if they do, they will lose their stake.
Identity owners will need to hold a certain amount of KEY to unlock marketplaces also. We call this, proof of reputational stake and bonded notaries. Bonded notaries will work exactly how notaries work in the real world, except on chain. The notaries will need to stake a certain amount of KEY in order to become a notary — just like in the real world a notary has to post a surety bond with the government, the same applies here.
KEY can be also used for identity owners do things such as pay for request attestations; receive identity certifications or to pay for marketplace listings.