Velix.ID A Global Platform for Frictionless Identity Verification

dlek (15)in #velix • 6 years ago (edited)

Velix.ID is a platform to enable frictionless identity verification across the globe. The contemporary methods of identity verification take too long to process, incur massive financial loss for both businesses & individuals, and often compromise the personal information of the user. The reason why a disruption in the identity-verification space has not yet occurred is the lack of a tested/proven trust-framework on which all institutions, globally, can rely on for sharing the costs and liability of identity verification. Velix.ID aims at bridging this gap by building a universal, obscure, transparent, decentralized, time-efficient, and cost-efficient ecosystem for identity verification.

VELIX.ID APP:

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Velix.ID is a RegTech blockchain startup catering to a $200 Billion a year target market in the identity verification space.

As the contemporary methods of identity verification take too long to process, incur massive financial loss for both businesses & individuals, and often compromise the personal information of the user, 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.

Working in synergy with government & industry, Velix.ID plans to integrate its ecosystem across all major vertical like cryptocurrency trading, real-estate, Travel & Hospitality, Banking & Insurance, Employment, Commerce, Transport. The initial target markets are India & Australia with over 1.3 Billion identities, to be followed with operations launch in Asia-Pacific and UK.

We, at Velix.ID, are envisaging a world, where the individual controls his/her own personal information and what information they share with whom. Velix.ID allows for a seamless exchange of verified identities between businesses & organizations near-instantly, with the explicit consent of the User, that can be obtained in real-time.

We are utilizing blockchain Smart Contracts, Zero Knowledge Proofs, and Stellar Consensus Protocol (SCP) to build an ecosystem that optimizes time & cost resources for both businesses and consumers to their maximum potential. In line with its mission, Velix.ID will also build NFC-enabled ID cards, devices & softwares to install Velix.ID verification system at entry-restricted areas, such as offices, educational institutes, or metro stations etc.

Velix.ID aims to solve economic cost, time consumption, privacy and security problems in the identity verification space by introducing distributed ecosystem for identity verification. The platform is user optimized (time and cost efficient), decentralized (it does not store data in the central database), transparent (transaction authenticity can be verified by anyone), secure (even if the Velix.ID system is violated ), Obscure (user's privacy is always protected), versatility (instantaneous ID verification, no restriction on the map) can be used.

Main function:
User has optimized
The Velix.ID ecosystem is efficient at both time and cost. The time and cost of verifying identity is greatly reduced in both users and companies.

Distributed
There is no single point of failure in the Velix.ID ecosystem. Node compromise does not affect the rest of the ecosystem.

Transparent
Transactions on the Velix ID block chain can be seen by anyone. Validated authenticity exists in all transactions made.

Safety
User's data is not stored in Velix. Velix.ID Even if a system is compromised, it will not violate user's data.

Ambiguity
The Velix.ID block chain uses the latest block chain technology, zero knowledge proof, to guarantee the privacy of business partners from other users on the block chain.

Universal
VLX tokens globalize the platform by instantly facilitating autonomous transactions with anyone in the world regardless of geographical boundaries.

TOKEN DISTRIBUTION:

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