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.
As Users become more and more aware of the rising risk of surrendering their data to motley organisations, there is an increasing demand for them to want to have control over their own data; to know who can access this data; to know who this data is being shared with; to know where this data is being published. A lot of organisations campaigning for the cause of users to control their own data are gaining momentum. This growing demand for Users to want to control their data must, of course, pave way to revolutionize the way they conduct identity verifications.The consumers are increasingly becoming more concerned with how their privacy is protected when they share their personal information with the businesses. These concerns are not in vain either, as there have been frequent breaches.
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 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.
The VXD tokens are fixed in number at 100 million, when created during the token sale. There isn’t and will never be any mechanism in the smart contract to create more tokens in the future. Initially, during the token sale, the token holders will be assigned ERC20 standard VXD tokens on the Ethereum Blockchain. When the Velix.ID Blockchain is launched, the token holders will be assigned the equivalent number of tokens on the Velix.ID Blockchain (VXD).VXD tokens are utility based. The utility of the token is to improve on the existing methods of managing and verifying identities, and due to the shortcomings of the existing methods, more businesses and organizations will sign up for Velix.ID to access an increasing number of services in a more time & cost efficient manner.VXD tokens are cyclical in circulation, with reward mechanisms for both VerifiedIdentity Providers and the Verified-Identity holders.