Velix.ID Explanation and ICO details


We browse many sites on the web day by day, while never halting and giving a contemplated how secure we really are, at the same time. The web is a risky place, regardless of whether we don't quickly acknowledge it. 

Is all the data that you share on the web safe ? Your email address? Your Phone number? Your Credit Card details ? Are the majority of your long range informal communication accounts secure, where you share data about your everyday exercises, and have private discussions with loved ones and examine business related subtle elements with your associates? 

current methods of identity verification are slow, unsecure and expensive for both businesses and consumers. billions of dollars are lost in the process of identity verification and to identity theft. aims to solve this multi-billion-dollar identity crisis by building a universal, obscure, transparent, decentralized, time & cost-efficient 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 at all times), 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. 

The Problems With Identity Verification

Identity Fraud: As per the data compiled and fact-checked from Forbes, BBC, Mashable, CNBC and the Telegraph, the world is losing up to $200 billion in identity fraud every year, and more than 4 billion data records were stolen globally in 2016 alone.

Data Breaches: When the data is stored in central databases with authorities or businesses, it is susceptible to mass data breaches. It is not just random websites on the internet that are compromising people’s data, even some of the world’s major brands have suffered mass data breaches. The list includes popular brand names; the government databases are no exceptions either. In India particularly, Aadhar has suffered multiple massive data breaches, compromising the most sensitive personal data of millions of Indian citizens. Other key government enterprises including DRDO, ISRO, RBI, EPFO, and several others have faced data breaches as well.

Time & Cost Inefficiency: 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. The laws relating to cryptocurrencies in India are so stringent, that the exchanges have to spend millions of dollars performing KYCs, which inconveniences the consumers by having to wait for multiple days before they can actually start trading.

The Velix.ID Solution

Decentralization: Storing the data in a centralized database makes the identity information susceptible to mass data breaches or misuse in the hands of the concerned authority (such as selling your information to advertisers without your explicit consent). Blockchain Technology allows for this information to be stored on a public ledger in an anonymous manner with no authority having singular control over this information.

Easy Transaction: A unique easy-to-remember 8-digit alphanumeric ID that can be shared globally with anyone to allow seamless sharing of identity information in a secured manner without requiring to repetitively provide the same information over and over again.

Mandatory User Consent: The identity holder should always be in charge of how and where their identity information gets shared. Any transaction of identity cannot occur between two parties without the explicit consent of the identity holder.

A Platform That Doesn’t Require Trust: The blockchain & zero-knowledge proofs technology that Velix.ID utilizes ensures that it doesn’t have any information stored about the user with it, and the identity information is transacted directly to the identity information requester, without any intermediary control. This means that the platform works even without trust.

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

Time & Cost Conservation: The cost for new customer acquisition and identity verification comes down since the same processes do not have to be repeated over and over again. The time spent in performing multiple sign-ups, gathering and verifying identity information also reduces significantly.

Total supply of VXD token is 100 Million
VXD is a ERC-20 compatible token on the Ethereum blockchain.
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.

PURPOSE : Founders, team, and advisors for their contribution towards the development of the Velix.ID product.
AVAILABILITY : For the Founders, every 6 months, 25% is unlocked from the smart contract. For advisors and team, half of the tokens will be available immediately, and the rest 50% will be locked in the smart contract for 3 months.

PURPOSE : To run the bounty program and incentivize the community participants who aid in the development of Velix.ID.
BOUNTIES: 100% will be available immediately.
50% will be available immediately.
50% will be locked in the smart contract for 3 months.

PURPOSE : 30 million retained for future business partners onboarding and incentivising Velix.ID Users.
Read Announcement

PURPOSE : 15 million reserved for a future crowdsale after 18 months.

No comments