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THEKEY (TKY) – a decentralized ecosystem of an identity verification (IDV) tool running atop the NEO blockchain – has launched a self-funded $US20 million initiative dubbed the ‘THEKEY Scientific Research Fund’, after having recently reached an agreement with the Information Center of Ministry of Human Resources and Social Security (MHRSS) and China’s Social Insurance Association (CSIA) to “cooperate on research in the area of social insurance blockchain applications.”

MHRSS and CSIA – both national ministries and agencies within the People’s Republic of China (PBoC) – have each pledged their “full support” behind THEKEY as they proceed to deploy the scientific research fund “with the relevant academic and commercial institutions/personnel.”

We are confident that the Fund will facilitate the research and development required to build new technologies, business models and efficiencies in social insurance service to the Chinese, then global masses.” – Li

During a press conference held at Saturday’s ‘Fund Launch’, it was announced that the Fund’s “2018/2019 Projects of The Racing Plan” is seeking “Expression of Interests.” THEKEY revealed that “relevant instructions and application forms” will be made available to download on their website “by July 15th.” Their social media channels will make it known when these can be accessed.

Per the Fund’s dedicated webpage, THEKEY BDMI International Foundation Ltd. is the full-funder for the entire initial phase, which will last for “a period of 5 years.” The $20 million, therefore, “will be distributed according to annual work plan.”

Four thematic areas were identified by THEKEY as being the ideal projects that they are seeking to fund and collaborate with. Such use cases were:

Research on security and supervision mechanism of blockchain technology application, and data commercialization and application in Chinese social insurance services;

Research on operation and maintenance of national medical resources Group Purchase Organizations (GPO);

Development and application of blockchain technology in China’s social insurance services; and

Processing, analysis and application of healthcare big data.

Another AMA On The Way

In a Sunday letter authored by Catherine Li (Chairwoman & CEO, THEKEY), she confirmed that the “important news” first mentioned (i.e., assessed as being “very likely” to eventuate) in an early June AMA (Ask Me Anything) had indeed come to fruition.

Also, Li announced that she would be conducting a two-hour-long “global AMA (Ask Me Anything) on Reddit at 8:00 pm (GMT +8) July 4th.” The corresponding link has been provided below.

THEKEY AMA at 8:00 p.m. July 4th (GMT+8) from r/THEKEYOFFICIAL

The crypto market took favourably to news of ‘THEKEY Scientific Research Fund’ having been launched. Despite a third-party press release being issued on Friday, THEKEY’s TKY NEP-5 token still saw a sizeable price jump after Li’s blog post was uploaded by the Beijing-headquartered crypto startup on Sunday (GMT +8) – rising by roughly 20 percent since they tweeted about the news of its uploading.

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