Velix.ID - A Transparent and cost-efficient ecosystem for identity verification

in cryptocurrency •  6 years ago 

The Velix.ID Blockchain

All operations taking place on the Velix.ID blockchain are accomplished by calling functions on smart contracts. Smart contracts on the blockchain, which are known as self-executing contracts, are computer codes with the capability of automatically applying obligations and terms of an agreement without needing an intermediary. This is a very essential necessity for creating any kind of trust framework amongst parties who don’t otherwise trust each other. A Velix.ID Smart contract is basically an automated agent that exists on the Velix.ID network, has a Velix.ID address and balance capable of sending and receiving transactions. Each time somebody sends a transaction, a contract is "activated", at which point it runs its code, while adjusting its internal state or even directing some transactions, and then shuts down.

The features of Smart Contracts on the Velix.ID Blockchain

  1. Computational universality
    Contracts can execute any task that anybody may want a contract to execute, and conditionally send out tokens to people depending on the outcome of the calculations.

  2. Size-universality
    Contracts can occur for an arbitrarily lengthy period of time and have randomly numerous participants.

  3. First class citizen property
    Contracts can send and accept VXD tokens, make dealings (possibly to other contracts), read the state of other contracts and even create other contracts by themselves.

  1. Autonomy
    The contract is decided by the User freely; there are no liaisons to approve the agreement. The execution is coped automatically by the network, rather than by one or more, possibly biased, persons who may err.

  2. Rapid and Cost-efficient The absenteeism of a liaison means minimized costs, as the liaison will otherwise have to be paid. The use of a software code as a replacement for the liaison also reduces the time taken to process the documents.

  3. Security and Privacy-
    The documents are on a public ledger in an encrypted way. This certifies Privacy, but also Security as the data occurs on multiple nodes, and cannot be vanished, even if a single node is compromised. Smart contracts on the Velix.ID Blockchain, can be made either by the Velix.ID Administration or by Oracle nodes12. There will be an Administration List including the addresses of all the nodes that are allowable to form Admin Smart Contracts. The right to enhance or eliminate any authority to be able to form ASCs will also be defined in this list. The Genesis Smart Contract which is a particular type of ASCs on the Velix.ID Blockchain acts as the entry point to enter the profile structures, administration list, and Oracle address mappings.

VXD- theVelix.ID Tokens

Demand for the Tokens

The demand for the VXD tokens is predictable to rise for the below mentioned reasons:

  1. VXD tokens are utility based. It will always be more cost-effective to confirm identities by the Velix.ID ecosystem than by fiat or other modern methods of identity verification. Velix.ID will be a favored substitute over current methods.

  2. VXD tokens have a cyclical circulation

For More Details Visit :

Website : https://www.velix.id/

Telegram : https://t.me/joinchat/EepaREQgVnyEBTlOmgwdbw

Facebook: https://www.facebook.com/VXDID/

Twitter: https://twitter.com/VelixId

Bountry: https://bountyhive.io/browse/Velix.ID

Bountyhive Username : Imbit

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  ·  6 years ago Reveal Comment

Extremely interesting article. This project has already interested many investors and ordinary people with its idea. I believe that such projects are the future. It's time to change humanity for the better! I thank the author for the review!)

Velix I.D is a blockchain project that aims at providing a seamless verification system for its user. Its ecosystem is built in such a way individual have a control over their own data.

Surely in modern technological word identity theft and data privacy is a major concern. VelixID brings the businesses and the users in to a single platform to solve the issues above mentioned. Thanks for the article. It is well explained.

Velix.ID is best ico project in this year. they have strong and friendly community. i will buy this one. thank you for this great and clear article.