PROBLEMS WITH EXISTING IDV SERVICES
There are lot of hassles and challenges with existing identity verification (IDV) services. One is required to submit his/her Identity (such as, Passport, Voter ID, SSN, Tax ID, etc.) issued by government and government agencies at every junction to verify their identity. This involves submission of IDs to the firm or organization requesting identity and involves verification process to verify whether the submitted ID is authentic and not being tampered with.
Some of the problems and risk involved are: -
- Financial loss of resources and time
- Data leak and Mismanagement of data management
- Likelihood of identity fraud
Apart from that, there will be security and privacy concerns such as: -
- Who will own the data containing Personal Sensitive Information (PSI) once you share your ID?
- Will your personal data be shared with anyone else without your authorization?
- Is your data secure with the verifier in terms of prone to cyber-attacks?
This leads to growing demand with the users to control their own data, thereby revolutionizing the way identity verification is being conducted.
Velix.ID aims to solve these problems (i.e. involving financial loss of time and resources, security and privacy concerns in the ID verification process) by introducing a decentralized ecosystem deployed on blockchain technology using smart contracts.
Velix.ID Ecosystem
Velix.ID aims to build an ecosystem involving all the stakeholders of the IDV industry by providing a secure, transparent, trusted and reliable blockchain' smart contract which can become the base of a trust based framework involving all the stakeholders of IDV i.e. identity holders, identity verification service providers and identity verification service seekers.
Velix.ID Features
The platform to be built by Velix.ID will offer the following features: -
User Optimization Services - In the Velix.ID ecosystem, the identity verification service seeker will provide only a small fee to the identity verification service provider, thereby significantly reduce the costs associated with time and resources.
Universal Ecosystem - The Velix.ID ecosystem is not limited to any geographical or national boundary. Through VDX tokens (i.e. utility tokens on the Velix.ID ecosystem), near autonomous globalized transactions can be executed across the globe without ant geographical restrictions.
Secure Ecosystem - The Velix.ID ecosystem uses blockchain based smart contracts, thereby removing any possibility of manipulation within the system. Velix.ID doesn't store any user's data within its infrastructure, therefore, even if Velix.ID systems are breached, the user's data is not compromised.
Transparent Ecosystem - All operations on the Velix.ID platform is executed on blockchain, where all the information is transparent and available to anyone. The Velix.ID ecosystem allows verifiable legitimacy for every transaction executed on the blockchain.
Decentralized Ecosystem - Deployed on the blockchain technology, the whole infrastructure of the Velix.ID ecosystem is decentralized such that anyone can verify and authenticate the authenticity of transactions executed on the blockchain, which is recorded on the blockchain ledger.
Velix.ID (VXD) TOKENS
Velix.ID (VXD) Tokens are the utility tokens used to facilitate the exchange of verified identities on the Velix.ID platform. These tokens are not meant to be used as a trading token.
The Velix.ID ecosystem will be hosted on the Ethereum Blockchain Network and the VXD tokens will be ERC-20 compliant tokens. Those requesting identity verification services would pay to the identity verification provider for seeking the services. An incentive would be paid to the identity holders as an incentive for participating in the identity verification transaction and providing his/her consent for carrying out the transaction.
The supply of VXD tokens is fixed at 100 million. The VXD is further fragmented into smaller denomination of VEL, 1 VXD = 100,000 VELs.
CONCLUSION
Thus, Velix.ID aims to solve and eliminate the deficiencies of the existing Identity Verification Methods, which would help in improving their efficiency and reducing the associated costs. By deploying solutions offered by Velix.ID, organizations which invest their time and resources in verifying identities will be provided an opportunity to monetize their efforts (i.e. ID verification). Further, those organizations who want to outsource the task of ID verification can obtain already verified IDs at comparatively cheap costs rather than investing on this exercise.
For more information on the Velix.ID project, please refer the following links: -
*Website - https://www.velix.id/
*Whitepaper - https://www.velix.id/assets/Velix.ID%20White%20Paper.pdf
*Join @Telegram - https://t.me/joinchat/EepaREQgVnyEBTlOmgwdbw
*Follow on Twitter - https://twitter.com/VelixId
*Join on Facebook - https://www.facebook.com/VXDID/
*Follow on Reddit - https://www.reddit.com/r/VelixID/
*Subscribe on YouTube - https://www.youtube.com/channel/UCrQlTZv-VcndYw6rwhinDYw
Published by 'Sameer S'
Bountyhive Username: - Sameer
BTalk Profile URL: - https://bitcointalk.org/index.php?action=profile;u=1978491
Disclaimer: - Nothing written in this article should be considered as legal or investment advice. Kindly conduct your due diligence before making your decision on this project.