A Global Platform for Frictionless Identity Verification

Introduction

The individual identification information of an individual has grown leaps and bounds in the last thirty years, but the methods of verification have not reasonably caught up. Though newest innovations like the United Nation’s ID 2020 initiative, New Zealand Government’s RealMe, Sweden’s BankID and Indian Government’s AADHAAR Card are efforts at shortening this process. But they all lack in protecting the confidentiality of the concerned individual.
The main reason why a trouble in the identity-verification (IDV) space has not yet occurred is the absence of a tested or proven trust-framework on which all organizations, worldwide, can depend on for allocation of the costs and liability of identity verification. By building an ecosystem for identity verification which is widespread, obscure, transparent, decentralized, time efficient, and cost-efficient, Velix.ID aims at linking this gap.

The Problems in Current Methods of Identity Verification

• Time Consumption
Present process of identity verification can take from days to weeks to months; reducing resources otherwise capable of producing income.
• Privacy
The data stored in centralized locations are susceptible to multiple and mass data breaches & risk revealing the identity of the user.
• Security
The Personally Recognizable Information (PII) is exposed at different phases in the ID verification procedure leading to unsolicited usage.
• Financial Loss
The process of ID verification imposes significant financial cost to the businesses.

The Solutions provided by Velix.ID

• Decentralized
A Platform that does not store records in a central database - making it safer from mass data breaches.
• Unique ID
Unique 8-digit alpha numeric ID will be provided to every user registering on Velix.ID.
• Consent
User authorization is compulsory for all transactions of ID information.
• Trusted
User is in control of his own data at every time.
• Improved Customer Experience
Users can enter services without any difficulty and straightaway without repetitively requiring to sign-up or enter the identity information.

Velix.ID (VXD) Token Model

• VXD is an ERC-20 well-suited token on the Ethereum blockchain.
• VXD Tokens Assigned: 35 Million
• Soft Cap: $2.5 Million
• Hard Cap: $23.8 Million
• Token type: Utility Token
• Purpose: To be sold in the Private Sale, Presale, and Crowdsale.
• All unsold tokens in the token sales will be burnt.
• Availability: Tokens will be immediately sent to the investor’s ERC-20 wallet by the smart contract.

Conclusion

Effective application of Velix.ID will remove all the shortcomings of the present Identity Verification methods; increase their efficiency and minimize the expenses incurred. The organizations which invest their time and capitals into confirming identities will have a chance to monetize their verifications, and the organizations that do not need to invest in verifying identities themselves at the cost of huge resources, can avail already verified identities at unimportant costs related to their present financial investment. The Users will get the motivation to contribute because they will regulate their own PII. It saves time due to the speedy process; accept VXD tokens for approving the transactions.

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