Velix.ID — Frictionless Identity Verification

Velix.ID: what new was offered to us in the next blockchain project devoted to the identity verification?

Velix.ID is a decentralized blockchain based ecosystem created to provide a tested and proven trust framework for frictionless and cost-efficient identity verification for everyone anywhere in the world. Velix.ID utilizes Smart Contracts, Zero Knowledge Proofs and Stellar Consensus Protocol (SCP) technologies to build its decentralized and secure identity verification system. VXD token is an ERC20 crypto token issued by the platform to facilitate in app transactions initiated by users.

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Existing problem

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In our daily life we face such a challenge as Identity verification. We need it everywhere, even in our crypto-world. For instance: when we decided to participate in new ICO we should go through KYC system, when we want to trade on cryptocurrency exchange — we need to go through several levels of check. I showed the most obvious examples, but there are many more.

Identity verification is very burdensome and routine work. We spend a lot of time to fill all the fields in an application form and then we spend a lot of time to get an answer to our request from the company. Very often verification process takes about days or even weeks and this is not convenient for the user.

Furthermore, many people suffer from loss or theft of their data. I’m sure that most of you can remember at least one such occasion in your life. I believe that such situations should have no place in the world of high technologies. Is there any solution to solve this? My answer is “yes”!

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How can Velix.ID help me?

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Velix.ID is a multileveled blockchain-based platform, which provides Identity verification and storage of personal data and makes this process simple, secure and fast.

The Velix.ID platform is user-oriented. You pass one-time full verification on the platform, and then you should only confirm it in the system whenever it’s necessary. This function is available due to the unique ID that gets every user in the ecosystem when he/she fills the personal data. It’s very convenient!

In addition to reducing time and labor costs, you get a bonus of privacy protection. On the one side, you can check your personal data at any time, because the database is built on the Blockchain basis, on the other side, your personal data is encrypted and only you have access to it or those participants to whom you authorized access.

This service also will be useful to the companies, because they do not need to maintain the staff who process verification applications, and there is no need to think about where and how to store user data. These measures will significantly reduce companies’ costs and increase efficiency. Therefore, the use of such system has clear advantages for both sides.

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How does it work?

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All operations on the Velix.ID blockchain are executed by calling functions on smart contracts. Smart contracts on the blockchain, also called self-executing contracts, are computer codes with an ability to automatically enforce obligations and terms of an agreement without requiring an intermediary — essentially relegating control to a computer program — a very important requirement for establishing any kind of trust framework among parties who don’t otherwise trust each other. A Velix.ID Smart contract is essentially an automated agent that lives on the Velix.ID network, has a Velix.ID address and balance, and can send and receive transactions. A contract is “activated” every time someone sends a transaction to it, at which point it runs its code, perhaps modifying its internal state or even sending some transactions, and then shuts down.

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How clear is the roadmap?

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Velix.ID has a well drawn out roadmap with a detailed and concise overview of each step of the development process. The development of the Velix.ID concept started out in June 2016, the roadmap runs through the different levels and phases of development until December 2022, when the third and final phase of the expansion project will be completed with about 500 million users across 4 continents on the globe – Asia, Europe, Africa, and America. After the ongoing ICO, the next developmental stage expected to run from May through October 2018 will involve the test run of the Minimum Viable Product (MVP) – the beta version of the Velix.ID system – in the market.

The platform is working hand in hand with the government and various organizations to integrate its identity authentication ecosystem across major industries such as real-estate, banking and insurance, educational institutions etc. that require user verification. When it is fully adopted, Velix.ID is set to disrupt the entire identity verification ecosystem with its blockchain powered decentralized, resources-optimizing and seamless identity verification platform.

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Token

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• Ticker: VXD;

• Token type : utility token;

• Platform: Ethereum blockchain;

• ICO Token Price: 1 VXD = 1 USD;

• Total supply: 100 million VXD;

• Softcap: 2,5 million USD

• Hardcap: 23,8 million USD

• Token sale (pre-sale, ICO): 35% (35 million VXD);

• Team & Advisors reserve: 16% (16 million VXD)

For the founders — every 6 months 25% tokens are unlocked from the smart contract. For team — 50% of the tokens will be available immediately, and the rest 50% will be locked in the smart contract for 3 months. For advisors — 25% of the token are unlocked from the smart contract every 3 months.

• Community reserve: 4% (4 million VXD);

• Bounties: 100% will be available immediately.

• Community: 50% will be available immediately. 50% will be locked in the smart contract for 3 months.

• Reserve: 30% (30 million VXD) — for future partners and investors.

• Future crowd sale reserve: 15 % (15 million reserved for a future crowdsale after 18 months).

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 : https://bitcointalk.org/index.php?topic=2721724.msg27846809#msg27846809

 TELEGRAM: https://t.me/velixID

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

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

Author: cryptocat15

Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1575299

Telegram username: @cryptocat15

Bountyhive username: himashi

Thank You!