Velix.ID - A Global Platform for Frictionless Identity Verification

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https://www.velix.id
Velix.ID is decentralizing the verification 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 plans to integrate its ecosystem across all major vertical like Cryptocurrency Trading, Real-Estate, Travel & Hospitality, Banking & Insurance, Employment, Commerce, Transport.

The Problem

Current Methods of Identity Verification are too slow and inefficient for both consumers and businesses — taking the cost of verifying identities to near $100 billion a year.

Time Consumption

Current process of identity verification can take from days to weeks to months; depleting resources otherwise capable of generating revenue.

Privacy

Data stored in centralized locations are vulnerable to multiple and mass data breaches & risk exposing the identity of the user.

Security

Personally Identifiable Information (PII) is leaked at various stages in the ID verification process which leads to unsolicitated use.

Financial Loss

The process of ID verification inflicts significant financial cost to the businesses.

The Solution

User

Decentralized
A Platform which does not store data in a central database - instead puts it on encrypted public ledger - making it safe from mass data breaches.

Unique ID
Each user registering on Velix.ID will get a unique 8-digit alpha numeric ID that is easy to remember.

Consent
User authorization mandatory for all transactions of ID information.

Trusted
User is in control of his own data at all times.

Business

Improved Customer Experience
Users can access services easily and instantly without repeatedly requiring to sign-up or entering identity information.

Resource Conservation
Cost
The cost for new customer acquisition and identity verification comes down.

Time
The time spent in performing multiple signups, gathering and verifying identity information reduces significantly.

Velix.ID Ecosystem

Key Features

User-Optimized
The Velix.ID ecosystem is both time & cost efficient; the time and cost incurred in verifying identities is reduced significantly both for users and businesses.

Decentralized
No single point of failure can occur in the Velix.ID ecosystem; compromise of a node(s) does not affect the rest of the ecosystem.

Transparent
Transactions on the Velix ID blockchain can be seen by everyone. Verifiable authenticity exists for every transaction made.

Secure
User’s data is not stored with Velix. Even if Velix.ID systems are breached, it does nothing to compromise the data of the User.

Obscure
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.

Universal
VXD tokens globalize the platform by facilitating near-instant autonomous transactions between anyone across the world irrespective of geographic boundaries.

Use Cases

Telecom/Internet Connection

Getting a new telecom/internet connection is usually a cumbersome process that requires a customer to dedicate a lot of time to fill-in repetitive forms and verify their identity. This process also incurs a long wait-time before the utility connection can be finalized. Velix.ID allows this process to be shortened significantly by cutting short the time required to fill in the identity forms and the verification process.

Signing-Up on a Website

Signing-up on a website is a lot of hassle with having to sign-up on each website again and again— to fill all the personal information such as Name, Gender, Date of Birth, City/State/Country, Email Address, Birthdate. Then, Email address and Date of Birth have to be verified through codes that are sent to your email address and mobile phone and need to be entered on the website. This process, with Velix.

Employee Details Verification

Currently, there are no dependable methods in the global employment sector to carry out background checks and authenticate information stated in Resumes, reference letters, and previous employer details. This problem was highlighted globally when it turned out that even Yahoo CEO had lied about the details of his degree in his Resume, and had to be fired as a result of it. The entire process of background checking can be revolutionized with Velix.ID verified identities.

Access to an Office Building

How many times that you just want to access an office building but they require you to write down your name, phone number, address, and entry and exit time? This can be really frustrating when you just want to quickly get-in and get-out.

E-Commerce Checkout

You do not always want to keep ordering from the same e-commerce service, but every time you want a change, you have to enter all your information again, including typing out that long address. With Velix.ID, you can shop from any number of e-commerce services you want.

Hotel Check-In

Every time a User wants to check into a Hotel, there is a host of formalities awaiting them at the Hotel reception that includes filling out lengthy forms and providing ID documents. With Velix.ID, the User can simply share their 8-digits alphanumeric Velix ID, and all of your personal information and documents will be securely sent to the Hotel management.

VXD Token Model

Grows in Value

Value grows with the growth of the Platform and demand for identity verification.

Backed by Identity

A utility token that can be used to verify/share verified-identities on an Ecosystem.
Meets Regulatory Standards

A Utility-based token model that doesn’t violate regulatory standards.
Tradable, usable, and liquid

Use to verify identities or trade/sell in the market.

https://www.velix.id/assets/Token%20Paper.pdf

Total supply of VXD token is 100 Million

VXD is a ERC-20 compatible token on the Ethereum blockchain.

VXD TOKENS ALLOTTED : 35 Million
TOKEN TYPE : Utility Token

PURPOSE :
To be sold in the Private Sale, Presale, and Crowdsale.

SOFT CAP : $2.5 Million
HARD CAP : $23.8 Million
All unsold tokens from the token sales will be burnt.

AVAILABILITY :
Tokens will be instantly sent to the investor’s ERC-20 wallet through the smart contract.

Road Map

JUNE 2016

CONCEPTUALIZATION
A blockchain-based universal unique ID for each individual

JUNE 2016 - MARCH 2017

RESEARCH & DEVELOPMENT
Testing the concept over Bitcoin's, Ethereum’s, Stellar’s and other available blockchains

APRIL 2016 - NOVEMBER 2017

VALIDATION
Architecting the idea with a hybrid blockchain of Ethereum and Stellar — validation of idea by technical advisors

DECEMBER 2017

PUBLIC LAUNCH
Concept launched publicly — Website, White Paper, and Public Communications, presenting the idea to potential advisors & partners

NOVEMBER 2017 - MARCH 2018

TEAM EXPANSION
Seed-funding raised, team expanded with Developers, Blockchain & Smart Contracts Experts, and PR, Strategy, and Marketing Professionals