Learn what is the SKEY token about, its key role in the Skey Network, plus the way the team brings blockchain and IoT devices together.
What is SKEY Token?
The SKEY token is the utility token driving the Skey Network, a blockchain network that aims to provide a fast, scalable, and affordable alternative to other blockchains in the Web3 space.
The network aims to enable the creation of flexible decentralised applications to address our everyday needs, which is done by tapping into the Internet of Things (IoT) present in vehicles such as cars and scooters, as well as electrical appliances and room installations.
To achieve this, the blockchain aims to develop cryptographically secure access control keys to tap into these devices and applications in a decentralised manner.
How Is the SKEY Token Related to the Internet of Things (IoT)?
Automated Payments and Service Access
Through the utilisation of BIoT and smart contracts, the platform enables seamless integration of IoT devices into the blockchain ecosystem, facilitating automated billing and service access. This translates to efficient and secure transactions for both consumers and businesses.
For instance, smart contracts can automatically calculate charges and process payments on payment services, letting users make payments swiftly without having to tap into a centralised system.
Bridging the Physical and Digital Realms
Skey Network is instrumental in bridging the gap between the physical and digital worlds. By leveraging IoT devices, the platform collects real-time data from the physical environment, transforming it into actionable information for decentralised finance (DeFi) applications.
This integration empowers DeFi platforms to make data-driven decisions, enhancing their efficiency and relevance. For example, an agricultural-focused DeFi lending platform can make use of data from IoT sensors in agricultural fields to assess the risk of lending to farmers based on real-time crop conditions.
Enabling a New Generation of Digital Services
Skey Network provides a robust foundation for the development of a wide range of digital services by offering access to a fast, scalable, and secure blockchain infrastructure.
This means anything from mobile applications to complex enterprise systems could be made functional and secure on-chain. For instance, a logistics company can leverage Skey Network to create a mobile app that allows customers to track shipments in real time using blockchain-secured data.
Facilitating Peer-to-Peer Transactions
Skey Network also enables peer-to-peer transactions through the use of temporary access keys on-chain. This technology underpins a new generation of sharing economy platforms, such as home-sharing, car-sharing, and co-working spaces. By eliminating the need for centralised intermediaries, users can conduct transactions with one another without the need for a centralised system.
For example, a Web3 car-sharing platform can allow users to link their hot wallets to Skey Network and securely transfer temporary access keys to vehicles, enabling users to unlock and use cars without having to register or sign up with centralised sharing applications.
What is the Technology Behind the Skey Network?
Skey Network’s technological foundation is built upon an innovative NFT token concept with smart contract capabilities. This unique architecture enables the creation of digital access keys that are given physical worth with IoT devices.
To achieve this, Skey Network integrates three core technologies: BIoT (Blockchain Internet of Things) for connecting physical devices to the blockchain, oracle systems for real-world data verification, and smart contracts for defining access parameters.
The first technology connects an IoT device’s data record to the blockchain. Such IoT devices are installed in locations like cars, gates, homes, parking lots, offices, and parcel lockers where they can collect real-time information.
The second technology uses oracles, which essentially connect real-world data and APIs to smart contracts on blockchains. This information is used to inform smart contract executions. For example, smart contracts use IoT data bridged by oracles to verify diverse information from weather conditions to credit records.
Lastly, smart contracts on the Skey Network create access tokens based on the information provided. Service providers can pre-determine requirements such as contract expiration time, time of access, price, and rules of user verification, which are then automatically carried out by smart contracts.
Skey Network’s interoperability is further enhanced through its seamless integration with the Ethereum network. Plus, the network offers two distinct levels of integration, providing users with flexibility in choosing the depth of blockchain involvement based on their specific requirements.
What is the Tokenomics of the SKEY Token?
The SKEY token has a total supply of 1 billion tokens and is considered to be a deflationary token. The SKEY token supply is distributed across ten functional domains.
1. Company Blockchain of Things (BoT) Global – 13.96 % of the Supply
This allocation is earmarked for the long-term implementation of the project. Funds will be used to facilitate the company’s growth and development, as well as to cover general operational expenses. A phased release of 0.3% of these funds will occur monthly from the start of 2025 to the end of 2027.
2. Blockchain of Things (BoT) Reserve – 5.77 % of the Supply
This portion of the token supply constitutes a core reserve fund designed to mitigate risks associated with the company’s operations.
3. Partners – 8.62 % of the Supply
Allocated to support project partners and companies seeking to integrate their processes and operations with the Skey Network blockchain technology. A quarterly release of 0.2% of these funds will commence from the start of 2024 and continue until the end of 2027 to support partner initiatives.
4. BoT Investment – 12.93 % of the Supply
These funds are dedicated to targeted technological investments. The focus will be on introducing and developing new projects within the Skey Network blockchain ecosystem and acquiring fintech services.
5. Marketing – 12.93 % of the Supply
This allocation is earmarked for marketing activities and initiatives aimed at promoting the Skey Network platform. A quarterly release of 0.5% of these funds will commence from the start of 2024 and continue until the end of 2027 to support marketing efforts.
6. Decentralised and Centralised Support – 5.77 % of the Supply
These funds will be used to maintain liquidity on decentralised exchanges, facilitate the Skey Network bridge to Ethereum and BNB networks, and support liquidity allocation within fintech processes. A quarterly release of 0.2% of these funds will commence from the start of 2024 and continue until the end of 2027.
7. Skey Network Team – 10 % of the Supply
These funds belong to the project team and will be released according to a predetermined schedule. Previously, the team held 20% of the tokens, but this allocation has been reduced to 10%, with the remaining 10% distributed to marketing activities and the company BoT Global. A monthly release of 0.5% of these funds will commence from mid-2025 onwards.
8. Advisors support – 4.31 % of the Supply
These funds are allocated to marketing activities focused on acquiring key influencers and media representatives to support the project, as well as lobbying efforts to promote the technology. A quarterly release of 0.5% of these funds will commence from the start of 2024 and continue until the end of 2027.
9. Decentralised and Centralised listing – 3.23 % of the Supply
These funds will be used to purchase listing services on exchanges and to secure contractual liquidity through the deposit of Skey tokens.
10. Circulating Tokens – 22.48 % of the Supply
The total amount of SKEY tokens available for circulation is limited to 22.48% of the overall token supply.
To participate in the Skey Network ecosystem, users must convert SKEY tokens into SkeyUSD, a stablecoin. SkeyUSD serves as the primary currency for purchasing NFT Access Keys, which grant permission to utilise various network services. These keys have a defined lifespan, and their cost is determined by their duration.
Products and Services that Utilise the Skey Network
Skey Network offers a comprehensive suite of products and services designed to meet the diverse needs of individuals and businesses.
1. Skey Access Control
A comprehensive platform that leverages Skey Network technology to securely manage access to IoT devices. Designed for both businesses and individuals, it offers a flexible solution for controlling access to a wide range of assets. Users can easily create, share, and manage access keys, enabling convenient and secure access to properties, vehicles, and other protected areas.
2. Skey Blockchain
Skey Blockchain acts as a foundational layer for building digital services and applications. It offers flexibility and control while providing essential tools and support. Businesses and developers can leverage ready-made applications or create custom solutions tailored to their specific needs.
3. Skey Box
Skey Box is a Blockchain-as-a-Service (BaaS) platform that empowers organisations to harness blockchain technology. By providing a secure and immutable record of operations and transactions, Skey Box enhances transparency and trust.
Businesses can integrate their products and services with the platform to create new value propositions, containing features such as data management APIs, secure file storage, and NFT-based certification.
4. Skey TIX
Skey TIX is a NFT ticketing solution that leverages Web3 technology to create secure, traceable tickets. By transferring tickets to the blockchain, Skey TIX provides robust anti-counterfeit protection and enables efficient ticket management. Key benefits include enhanced security, faster ticket verification, real-time ticket status, and valuable data analytics.
5. Upcoming Products
Skey Network is continually expanding its product offerings to meet the evolving needs of the market. Upcoming products include:
- Skey AI: An AI-powered platform for optimising the creation of essential documents, such as carbon certificates.
- Skey Payment Solution: A comprehensive payment system designed for banks, financial institutions, and payment card operators.
- Skey RWA: A platform for simplifying the tokenisation of various assets, including real estate, advertising, and agricultural land.
Who are the Team Members Behind the Project?
The following members are featured as the key leaders driving the project impetus.
- Chief Technology Officer and Co-Founder: Herman Sadik
- Chief Executive Officer: Radosław Krzycki
- Founder and Chief Executive Officer: Szymon Fiedorowicz
Where is the SKEY Token Available for Purchase?
SKEY tokens can be acquired on the following cryptocurrency exchanges:
- Probit, a leading exchange with a strong presence in the Asian market, offers SKEY token trading.
- KuCoin, a globally recognised platform with a large user base, also lists the SKEY token on its platform.
- Uniswap, a popular decentralised exchange, also offers SKEY trading.
- BitMart, a digital asset exchange, further expands the availability of SKEY tokens to a wider audience.
Skey Network and Decentralised IoT
The SKEY token plays an important role in the Skey Network, and those who believe in the potential of the blockchain can acquire SKEY tokens. As the network gains traction and adoption, the demand for SKEY tokens is expected to grow.
Disclaimer: This information is intended for general knowledge and informational purposes only, and does not constitute financial advice. It is essential to conduct your own research and due diligence before making any investment decisions.
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