Velix.ID - platform for identity verification

Overview

As the contemporary methods of identity verification take too long to process, incur a massive financial loss for both businesses and consumers, and often compromise the personal information of the consumers , Velix.ID is a platform to enable frictionless identity verification across the globe. Velix.ID is decentralizing the process using Smart Contracts, Zero Knowledge Proofs, and Stellar Consensus Protocol (SCP) to build an ecosystem that is universal, obscure, transparent, decentralized, time-efficient, and cost-efficient. Velix.ID Ecosystem has its own native VXD utility tokens which will be used to transact identity verification between the stakeholders in the ecosystem. Velix.ID plans to integrate its ecosystem across all major vertical like cryptocurrency trading, real-estate, Travel & Hospitality, Banking & Insurance, Employment, Commerce, Transport.

What is Velix.ID?

The personal identification Information of an individual has grown leaps and bound In the last three decades, but the methods of verification have not quite caught up. Velix.ID aims to become an ecosystem for all stakeholders in the IDV industry — by offering an open, secure, reliable and trusted blockchain smart contract that can become the base of a trust-framework subscribable by all the stakeholders; whether identity holders, verified-identity providers or the verified-identity seekers.

Features of Velix.ID

A UNIVERSAL ECOSYSTEM Velix.ID is not limited to any particular nationality or geographical boundary.

A SECURE ECOSYSTEM Velix.ID uses Smart Contracts to govern the system, there is no possibility of manipulation in the system either.

AN OBSCURE ECOSYSTEM Using zero-knowledge-proofs, the latest in the blockchain technology, Velix.ID blockchain ensures the privacy of transacting parties from other users on the blockchain.

A TRANSPARENT ECOSYSTEM Velix.ID ecosystem provides verifiable authenticity for every transaction made on the blockchain.

A DECENTRALIZED ECOSYSTEM With Blockchain, Velix.ID is able to decentralize the whole infrastructure in a way that every institution can verify and prove the authenticity of transactions of information — recorded on a transaction ledger.

A USER-OPTIMIZED ECOSYSTEM The Velix.ID ecosystem will reduce the costs significantly as only a small fee has to be paid to the verified identity provider by the verified identity seeker.

How It works?

Velix.ID aims at solving the problems of financial costs, time consumption, privacy, and security concerns in the Identity Verification Space by introducing a decentralized Ecosystem for Identity Verification that puts both Users and Businesses at an advantage.

The below structure shows how the VXD tokens will be distributed and put in use for identity verification

Use Cases

ACCESS AN OFFICE-BUILDING — With Velix.ID, a User can simply put in their 7- digits alphanumeric code, and all their basic personal information can be shared hassle-free, and they do not have to share the same information at various offices again and again.

E-COMMERCE CHECKOUT — With the help of Velix.ID’s code, the User can just sign up using their Velix.ID for all of the ecommerce websites.

HOTEL CHECK-IN — With Velix.ID, the User can simply share their 7-digits alphanumeric code, and all of your personal information and documents will be securely sent to the hotel management.

PREVIOUS-EMPLOYMENT DETAILS — Validation of the details mentioned in the Resumes can be requested from each certifying authority through the Velix.ID ecosystem within a matter of minutes.

ROADMAP

The organisation has provided their overall journey and what they are upto in the near future.

The Team

Manav Singhal — Product — CEO & Co-founder, he was the earliest adopter of bitcoin and blockchain technology in India.
Balwant Singh — Technical — CTO & Co-founder, he has 10+ yrs of experience in tech like cloud platform, serverless architecture, smart contracts etc.
Neer Varshney — Editor — Head of communications & outreach, she has 5+ yrs experience in FinTech journalism and academic writing.

Token Metrics

Token VXD
Platform Ethereum
Token Price 1 USD
Token for Sale 35 million VXD
Token supply 100 million VXD
Soft cap 2.5 million USD
Hard cap 23.8 million USD
Accepting ETH
Restricted Countries No restrictions
Know Your Customer (KYC) Yes
Whitelist Yes

Verdict

This project has lots of potential and also successful implementation of Velix.ID will eliminate all the shortcomings of the existing Identity Verification methods; improve their efficiency and reduce the costs incurred. This project gives various organisation an opportunity to monetize their verification. The fact that they have recently launched their MVP gives alot of information about the kind of team that is working on this project.

Reference

Website : https://www.velix.id/
Whitepaper: https://www.velix.id/assets/Velix.ID%20White%20Paper.pdf
Twitter : https://twitter.com/velixID
Telegram : https://t.me/joinchat/EepaREQgVnyEBTlOmgwdbw