VELIX.ID (A Global Platform for Frictionless Identity Verification)

Velix.ID ICO Review

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In today’s technologically advanced world, proof of identity is extremely essential. However, the way we identify has also undergone evolutionary change including our names, phone no, home address, bank account no, credit card no, usernames, passwords and much more. Governments around the world have been taking serious steps in this direction viz. UN’s ID 2020, Indian Government’s AADHAAR Card and Sweden’s BankID. This is where Velix.ID comes in to provide a platform for smooth identity verification.

The concept may not be something new but is certainly eye-grabbing. But is it really the next big thing? Today, we have taken up to do a Velix.ID ICO Review to test out its potential and if it’s worth your money!

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Important dates

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• Token Sale Start: April 17, 2018
• Token Sale End: May 15, 2018
• Max supply: 100,000,000 VXD
• Hard Cap: $23,800,000 USD
• Soft Cap: $2,500,000 USD
• Price: 1 VXD = $1.00 USD
• Accepts: ETH, BTC, XRP, LTC

All unsold tokens will be burnt

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Velix.ID: A proposed global platform for frictionless identity verification

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With an aim to target this $200 billion market, Velix puts forth the idea of a blockchain-based platform that enables frictionless identity verification worldwide. The current methods used for identity verification involves tremendous financial losses for both individuals and businesses while having lengthy processing time and sometimes even compromisation of personal information.

By using the smart contracts, Stellar consensus protocol (SCP), and zero-knowledge proofs, Velix.ID aims to decentralize the process in order to build an ecosystem that is decentralized, universal and transparent while being time and cost efficient.

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Now, the evaluation time

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White paper- Why so many technical jargons?

Velix.ID provides quite a detailed whitepaper walking an individual through the scenario, the problem, their solution and how exactly they want to achieve this. Having said that, the whitepaper contains technical jargon to an extremity which is difficult to develop the understanding.

Talking about the fund allocation, 45 percent from the sales will go to product development, 25 percent will be set aside for partnership and marketing, 20 percent will be covering the operation cost, research will be allotted 5 percent while the remaining 5 percent will go towards legal part of the project.

One of the point that project lacks in is the non-availability of the prototype. The prototype was supposed to be launched by March 2018.

Though the company is already working on its prototype and have the codes available on the GitHub, the Velix.ID ICO needs to have it ready beforehand to offer a substantive solution to its investors. According to the website of the company, it will be coming soon to the iOS App Store.

Business model: An utility token

The VXD token of Velix.ID is a utility token that will provide its users the opportunity to avail the product or service of the company in the future. In this case, the users will be able to use the VXD tokens to verify and share the verified-identities on an ecosystem. Since the supply of VXD tokens is capped at 100 million, just like any other utility token, it is tradeable on the market which will grow with the platform.

Backing technology

The Velix.ID is based on the ethereum blockchain and hence, initially, the users will be assigned ERC20 standard VXD tokens. Once the platform is launched, the holders will get the equivalent number of VXD tokens that will be in the ratio of 1 VXD = 100,000 VELs, where VEL is the smaller unit of VXD. All the unsold token from the crowdsale will be burned.

Crypto-sale resiliency

The company hasn’t shared the details about its incorporation, restricted areas and the terms and conditions explicitly. Though, reportedly it is Singapore incorporated and restricted in Singapore as well.

The project has about 8 experts standing as their advisors having expertise in their specific fields viz. Tony Simonovsky (marketing advisor, CEO & Founder of Insight.to), Michael Fourgeaud ( investment advisor, CEO & Founder at PrimaBlock), Mohit Kalra (strategic advisor, CEO of Coinsecure), Prof Simon Choi (legal advisor, founding partner of Acme Ardent), Julian Smith (blockchain advisor, CEO of Blockfreight).

The Team- A good one for ICO but not so for the product under development

• Manav Singhal 
   CEO & Co-Founder, Having more than 13 years of experience in entrepreneurship and leadership in various fields, Singhal harbors the expertise, a senior executive needs to possess. He is also on the board at Blockchain Foundation of India that shows his involvement in the blockchain sector.

• Balwant Singh
   CTO & Co-Founder, He has over 10 years of experience in mobile development, cloud platforms, serverless architecture apps, building smart contracts, and writing DApps. Singh is not new to blockchain world as while currently at the National Australia Bank, he has been working onRipple.

• Guangling Yang
  Blockchain Developer, He has an experience of 3+ years in the fields of IT solution development, product design and enterprise architecture. Yang is a full-stack developer and specializes in Digital Security solution design.

The other team members belong to operations, partnerships, digital marketing, public relations, investment and finance, outreach, KYC/AML and investor relations.

All the team members of the project have their LinkedIn links attached that provides all the required information.
Partners: Velix.ID has a few partners to its names as well viz. Blockchain Foundation India, Coinsecure, Bitxoxo, Bazista and WandX.

Token Distribution

The website of the company provides a clear distribution of the tokens. From the total supply of 100 million tokens, 35 percent i.e. 35 million will be sold at private sale, presale, and crowdsale.

The team will be allotted 16 percent of these tokens i.e. 16 million VXD. Out of these 16 million, 25 percent will go to founders that will be unlocked after 6 months.

The team will be getting the 50 percent that will be unlocked every 3 months and the remaining 25 percent goes to the advisors that too will be unlocked after 3 months. A big question mark here is such a short unlocking period of funds for the founders, team, and advisors of the company which should have been at least a year.
The 4 percent of the tokens will go towards the community. 15 percent will be allotted towards futures crowd sale which doesn’t make much of a sense while the remaining 30 percent will be put into reserve for future business partners. In total, 45 percent token will be locked down which is one odd thing, for sure.

As for the security, the team will be generating a pattern of public/private keys that will be easily backed up but will not easy to guess. They further introduce the concept of the parent extended key, an index and a child extended key for security measures.

Community acceptance

The company is available on a variety of channels viz. Twitter, Facebook, LinkedIn, YouTube, GitHub, Reddit, bitcoin talk, medium and also through the mail. On Telegram, the company has a good 18,000+ members in its community. The team is pretty active in informing its audience and investors about the latest development in news and announcements about the project. Velix.ID team has also been participating in various events that work in their favor and talks about their passion on the blockchain.

Roadmap

Stage of Project

The company has quite an extended version of its roadmap and is currently at it token sale phase set for April 2018. However, the MVP that has to be launched by January 2018 is about 3 months late. The company is already working on it and has every detail available on the GitHub, but they really need to pull their socks up and get on track.

Red Flag

The product as described in the whitepaper is not supported by the pace of the development so far. The website still mentions coming soon for its main mobile apps, which makes it clear that ICO would have made a lot more sense after the public release of the product.

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A note to investors

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The company has undertaken a good concept i.e. identity verification to address. The decentralized platform is aimed to be user-friendly, transparent and versatile. But,

While its website is a quality one that is highly informative, its whitepaper is riddled with technical jargons. A big dynamic team with a group of advisors, the project holds potential.
Having said that, the project is lacking a prototype and that keeps from giving the project the validation it needs. A few more hiccups in terms of a big chunk i.e. 45 percent tokens locked up in reserve and future crowdsale and unclarity on the legality details, further affect the project.

More information on the project ( velix.id ) please visit their website listed below:

 WEBSITE: https://www.velix.id/

 WHITEPAPER: https://www.velix.id/assets/Velix.ID%20White%20Paper.pdf

 ANN THREAD: https://bitcointalk.org/index.php?topic=2721724.

 TELEGRAM: https://t.me/joinchat/EepaREQgVnyEBTlOmgwdbw

 FACEBOOK: https://www.facebook.com/VXDID/

 TWITTER: https://twitter.com/VelixId

Author: Dulaj Dilshan

Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=2053287

Telegram username: @sachindu15

Bountyhive username: Sachindu

Thank You!