VELIX.ID: SECURING IDENTITY INFORMATION OF USERS AND BUSINESSES WITH THE AID OF BLOCKCHAIN TECHNOLOGY

Without identity or any proof of identity, that individual in question is as good as dead.
Let just say someone comes to your house and claims to be your long lost brother, will you accept? What proof does he have to back up such?
I once saw a movie(Jolly LLB.2) where a man was proclaimed dead by his relations just to syphon his wealth. Funny enough all documents(death certificate etc) present, indicates that the man is dead. The man went to the court and all the Judge requests for was to see an official document with his name and date on it, only then can he consider his plea. The man threw his shoe at the judge, the judge ordered him to be arrested, the police charged him, case solved.
Why the deviation? It's to make us understand how important our identity is.
Had it been there is a system put in place to take care of identity verification, maybe that man wouldn't have spent all his money trying to prove he is alive.
Our identity is that which really explains all there is to know about us. The internet is still evolving, but most times the way we share this identity informations matters a lot.
We share our information on different websites which in turn exploit us to their own advantage, either by spamming our mailbox, identity fraud etc.
Identity security shouldn't be overlooked, whether we share it on the internet, with other people, whoever we are sharing our identity with, we should take it seriously, because it's who we are.
One might pause and ask, who cares? Isn't it right to share with whomever I so, please? From research it has been shown that once we access most websites (mostly social media networks) we give up the right to certain aspects of our lives, the data we share isn't secured, we are prone to cyber attacks etc.
Identity protection should be everyone's concern and as such a project called VELIX.ID will be ensuring we are protected online.

Velix.ID platform is a decentralized ecosystem for users in Identity verification industry ensuring privacy, security, reliability in addition to blockchain smart contracts which serves as the base for trust-framework, thereby giving access to all users (identity holders etc).
With Velix.ID the issues associated with Identity verification such as; time consumption, security, financial costs etc are solved through a decentralized ecosystem which safeguards users and businesses.
The current ID verification process is faced with problems.
From research, it has been shown that the cost of verifying identities is nearing $100 billion a year.
The processes involved in ID verification is expensive, also the current system used in Identity verification is inefficient and time-consuming, it could take days, weeks or even a month, thus discouraging the individual involved.
Data stored in the centralized platform are insecure and vulnerable. Once there are cyber attacks, the identity of users are exposed.
Furthermore, in terms of Security, it has been shown that our PII (Personally Identifiable Information) is leaked in the process of verifying our identity.

SOLUTION TO THE PROBLEMS IN THE CURRENT ID VERIFICATION PROCESS

The simple solution to the current problems in ID verification process is Velix.ID.
Velix.ID aims to solve this issues by taking care of the problems faced by users and businesses separately.
For Users:
Users will be presented with a decentralized platform, where no data is stored in any central database. The user will be given unique ID which is easy to remember while registering in Velix.ID, in addition to that, no transaction is done without the users' consent thereby giving the user authority over his data. This, in the long run, brings trust to the platform.
For Businesses:
Users in this aspect are presented with a user-friendly platform, they can access the platform without passing through the hassles of putting identity information all over again. The cost associated with customers acquisition and identity verification is reduced, as well as the time spent in gathering, verifying ID information and multiple sign-ups.

THE VELIX.ID TOKEN (VXD)

Velix.ID token VXD is a utility token with the total supply of 100,000,000, with no possibility of creating another in the future.
The VXD, first will be an ERC20 token built on Ethereum blockchain, as soon as Velix.ID launch its own blockchain, token holders will be allocated the equivalent number of tokens on Velix.ID blockchain.
VXD is used to ensure the exchange of verified identity in Velix.ID ecosystem. In order to ensure transparency, easy and convenient identity verification, VXD is divided into smaller units called VEL,
1 VXD = 100,000 VELs.
In Velix.Id platform, identity verification is done using Verification Stamps (VS). One VS is the cost of one identity verification transaction on Velix.ID blockchain.
In Velix.ID, 1 VS= 0.1 VXD= 10,000 VELs.

Importance Of Using VXD Within Velix.ID Ecosystem
i. It ensures faster transaction.
ii. Easy to transfer to other users.
iii. Can be converted to other cryptocurrencies using available exchanges.
iv. The volatility of other tokens doesn't affect it, etc.

TOKEN SALE

OUTSTANDING FEATURES OF VELIX.ID

1. It is User Optimized; Time and cost associated with ID verification are cheap.
2. It is Decentralized; No central database where data is stored and no single point of failure.
3. It is Transparent; Transactions made on the platform can be verified by anyone.
4. It is Secured; With data not being with Velix.ID, no compromise of data takes place in case of a data breach.
5. It is Obscure; With the latest advancements in blockchain (zero-knowledge-proofs), users privacy is protected at all times.
6. It is Universal; Transactions can take place with anyone irrespective of geographical restrictions.

CONCLUSION

Velix.ID is a platform for the purpose of implementing an easy, secured and fast identity verification process across the globe. The current identity verification process is faced with challenges such as slow verification process which incurs a high financial loss for both businesses and individuals, and most times compromising the personal information of the user.
Velix.ID aims to solve this issues by building an ecosystem with the following features:
a. Blockchain Smart Contracts,
b. Zero Knowledge Proofs,
c. Stellar Consensus Protocol (SCP).
With this features, time and cost are optimized for both users and businesses.
In accordance with its roadmap, Velix.ID will also build NFC-enabled ID cards, devices and software which will be used to install Velix.ID verification system at restricted areas, such as offices, institutions etc.

TEAM

PARTNERS

TO KNOW MORE ABOUT VELIX.ID

Join the Telegram Group: https://t.me/joinchat/EepaREQgVnyEBTlOmgwdbw

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

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

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