Civic and TheKey are different projects, with different goals. I wouldn’t say that we are better or worse. Judgement should be done by our audience and not by us publicly. However, perhaps I can help you to judge for yourself by giving you some facts:
Our core team has been developing KYC and identity software since 2014. Since that time, we had a lot of clients for which we have powered their KYC. This includes deploying software capable of performing sanction screening, document scanning, OCR and Biometric Matching, company registry look up, automated processes based on risk scoring, audit trail through the blockchain, among other KYC tools. The software is capable of performing financial institution grade KYC – we worked with Standard Chartered Bank in its development (https://www.sc.com/en/navigate-the-future/my-fintech-story-from-blockchain-start-up-to-working-with-a-bank/)
Now we go a step further, and we are developing a consumer wallet so not only service providers can conduct a seamless KYC process to screen individuals and companies. Also, individuals and companies can securely build their reusable KYC profile, have it verified and go through financial services KYC processes with a few clicks. The KYC software was built to incorporate the services of relying parties and certifiers in a marketplace. I think this greatly adds value to an already incredible platform.
In my opinion our application is robust and utilitarian in ways that some competitors do not rise to the level of, and here is why: we are developing an app with which users are capable to either request document e-notarization/certification (traditional means, but fully digital and usable with current laws) and request blockchain signed verified claims standard (what we will use in the future, but not yet applicable with current laws – we first need to prove to authorities that this is a more reliable and secure way to verify identities).
What does this mean?
This means we can ‘cross the chasm’ between what’s currently legally acceptable, and what technology is fully capable of accomplishing!
This means that our application can potentially be used to verify identities and onboard onto any financial service that requires KYC, in the real world - today. This also means that our app scope is broader, is likely more attractive to service providers and certifiers, and is therefore ready for a broad scope of adoption. And, it means that we can survive into the future as laws and regulations change the way identity is managed.
In the broad view, at this point I do not see Civic as a direct competitor. As a CEO of a blockchain identity startup once said to me: “We are both mosquitos at a nudist colony.” We are at the beginning of the adoption of decentralized identity systems globally - and this market will materialize because of numerous companies creating solutions that are interoperable - not because of more silos. Civic and SelfKey are both members of DIF, and we welcome any collaboration.
With regard to TheKey, they have a totally different purpose, product and approach. The SelfKey Foundation was formed with the purpose of developing a decentralized self-sovereign identity system to enhance individual freedoms related to digital identity.
Although there doesn't seem to be many public details on their proposition, TheKey seems to be developing a system that matches identity data provided by an individual with identity data stored in silo’d government databases (we are unsure how a Singapore-based project can secure long term agreements for use of tokens with Chinese governmental authorities that have publicly banned ICOs and tokens?). In my mind, this data silo approach is not a decentralized solution, and arguably does not need a blockchain or token. I think this is totally different from what we are building.
People usually compare us to them because they launched shortly after us, chose a similar name, chose a similar color scheme, and claimed to be in the blockchain identity space. I personally don't think we have much in common.
Hope you have found this helpful, Thank you very much for your continued support.
good answer about this from the recent q and a.