Problem:
In the present time, identity verification is a lot of hassle. User required to submit your ID at every junction. These IDs are usually government authorised such as Passport, PAN Card, Voter ID, or SSN. The IDs are submitted to the Organisation requesting the ID, and another process for verifying whether the ID is genuine or not is ensued. Both procedures result in substantial financial loss for both the User and the Organisation/Person who had requested the ID
Solution:
The personal identification information of an individual has grown rapidly in the last three decades, the primary reason why a disruption in the identity-verification (IDV) space has not yet happened 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.
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. Such a platform is user-optimized (i.e. time and cost efficient), decentralized (does not store data in any central database), transparent (the authenticity of transactions can be verified by anyone), secure (even if Velix.ID systems are breached, it does nothing to compromise the User’s data), obscure (the Users’ privacy is protected always), and universal (near-instant ID verification without geographical restrictions)
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
Architecture:
Features:
Universal ecosystem:
Velix.ID is not limited to any particular nationality or geographical boundary. The absence of a central authority in the process of verification in the Velix.ID ecosystem allows Velix.ID to be able to be adopted globally. Velix.ID has its own tokens, called VXD tokens, that helps globalizing the platform by facilitating near-instant autonomous transactions between any people across the world irrespective of geographical boundaries.
Transparent ecosystem:
The fact that a transaction has occurred on the Velix.ID Blockchain can be seen by any individual. This makes the Velix.ID ecosystem impeccably transparent. Velix.ID ecosystem provides verifiable authenticity for every transaction made on the blockchain.
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. No details about the content of the transactions is revealed to anyone but the transacting parties.
User-optimized ecosystem:
Verifying identities is typically a tedious process that incurs huge financial burden on the verified-identity seekers, not to mention the resources lost due to the time spent in the process of verification. However, the goal of Velix.ID is to make the process of identity verification as oriented towards the users as possible. 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, which is significantly less from costs incurred otherwise through the traditional methods of identity verification. The time taken to verify an identity is also reduced, as the transactions are recorded and verified almost instantly through the Velix.ID Blockchain.
Roadmap:
Token metrics
Token VXD
Price 1 VXD = 1 USD
Bonus Available
Bounty Available
Platform Ethereum
Accepting ETH, BTC, XRP, LTC
Minimum investment 0.1 ETH
Soft cap 2,500,000 USD
Hard cap 23,800,000 USD
Country Singapore
Whitelist/KYC Whitelist
Restricted areas Singapore
Team:
Manav Singhal
CEO & CO-FOUNDER
Manav has 13+ years of experience in entrepreneurship & leadership in a wide variety of sectors—technology, e-commerce, luxury consulting, insurance and marketing. He is an executive Board Member at Blockchain Foundation of India, and has been one of the earliest pioneers of Blockchain Technology in India.
Balwant Singh
CTO & CO-FOUNDER
Balwant has 10+ years of experience in tech (content frameworks, mobile development, solution architecting, cloud platforms, server less architecture apps, building smart contracts, and writing DApps.) He is also a creative technologist at the National Australia Bank, where he is currently working on innovations with tech, Ripple, Blockchain
Verdict
Pros:
Simple to use (User needs to share 7 digits unique number)
cost efficiency
less time consumption
Cons:
It takes time to adopt to the users
Trust need to be built
Links:
Website: https://www.velix.id/
Facebook: https://www.facebook.com/VXDID/
Twitter: https://twitter.com/VelixId
LinkedIn: https://www.linkedin.com/company-beta/18278988
Bitcoin talk: https://bitcointalk.org/index.php?topic=2721724.msg27846809#msg27846809
Telegram: https://t.me/joinchat/EepaREQgVnyEBTlOmgwdbw
