Velix ID is a global platform for frictionless identity verification. Find out how it works today in our review.
What Is Velix ID VXD?
Velix.ID VXD is an identity verification service built on the blockchain. Users verify their identity through the Velix.ID mobile app – say, by scanning their fingerprint. Velix.ID can be used to authorize requests or to act as the second stage of a two factor authentication system.
The Velix.ID ecosystem revolves around the use of VXD tokens, which are being sold at a price of $1 USD apiece from January 1, 2018 onward. The system is expected to be ready for public, global release by October 2018.
What Problems Does Velix.ID Seek To Solve?
Obviously, the main problem Velix.ID seeks to solve is the problem of identity theft. Today, it’s too easy to steal and abuse someone’s identity. If you have someone’s password and username, you may be able to login to most of their accounts, for example.
Privacy violations are also a concern. Today, free services are able to offer free service because they sell user information to advertising companies. Personal information is floating across the internet. Any photos you upload to social media are no longer owned by you.
Velix.ID’s team sees a problem with the modern verification system. In today’s system, identity verification is a lot of hassle. Users are required to submit their ID at every juncture.
These IDs are usually government-authorized passports, driver’s licenses, SSNs, etc. The ID is submitted to the organization that is requesting verification, and then that organization needs to verify the ID is genuine. Both of these processes result in financial losses for both the user and the organization. It’s an inefficient, insecure system.
Some of the overall problems Velix.ID seeks to solve include:
- Unwarranted financial loss for both users and verifying parties
- Lost time during the verification process
- Lack of ownership over data
- Corruption or mismanagement in handling of data
- Possibility of identity fraud
- Modern data verification services store personal data in siloed, centralized structures that pose enormous hacking targets
How Does Velix ID VXD Work?
How does Velix ID plan to solve the problems listed above? Velix ID aims to create an ecosystem for all stakeholders in the IDV industry. That platform will offer an open, secure, reliable, and trusted blockchain smart contract that can become the basis of a trust framework. All stakeholders – including identity holders, verified identity providers, and verified identity seekers – can subscribe to this platform.
Here’s how each of the three parties will interact with the Velix.ID platform:
Everyone in the world classifies as an identity holder in the Velix.ID ecosystem. All identity holders on the Velix.ID platform have a number to which all of their data will be associated. Any individual can use Velix.ID for their identity verification.
Verified Identity Seekers:
These are organizations who need an individual’s verified identity, but don’t want to invest time and money into verifying the identity themselves. These people can use the Velix.ID ecosystem as a Verified Identity Seeker.
If the identity of an individual has already been verified by an organization, then the process does not have to be repeated by other organizations to verify the same identity again. The authorization and consent of the user is required in order for this exchange to take place.
Verified Identity Providers:
These are institutions and businesses that verify identity-related information for individuals and businesses. These can be educational organizations, governmental organizations, banks, multinational corporations, and other types of businesses.
The Velix.ID ecosystem will have different levels of personally identity information, or PII. The amount of PII you’re required to divulge to order a pizza, for example, is not the same amount of PII you’re required to divulge when claiming your employee pension.
The Velix.ID ecosystem is separated into the following levels:
For food deliveries, online signups, restaurant reservations, visitor access, loyalty points redemption, and more.
For e-commerce checkouts, flight bookings, bar and nightclub entry, rental services, P2P transactions, hotel bookings, and more.
For hotel check-ins, airport check-ins, KYC for trading accounts, KYC for ICOs, utility connections, and student enrolments.
Employee details, office and property access, insurance and health claims benefits, medical records, travel visas, loan and mortgage applications, bank account applications, and more.
All operations on the Velix.ID blockchain are executed by calling functions on smart contracts. These self-executing smart contracts can enforce the obligations of a certain agreement. The Velix.ID whitepaper describes their self-executing smart contract as “an automated agent that lives on the Velix.ID network, has a Velix.ID address and balance, and can send and receive transactions.”
The smart contract is “activated” every time someone sends a transaction to it, at which point it runs its code, modifies its internal state, or even sends transactions and shuts down.
How Do Velix ID VXD Work?
Velix.ID tokens, or VLX, come with a fixed supply of 100 million. The transaction of verified identity takes place using Verification Stamps, or VS, on the Velix.ID ecosystem, and 1 VS = 0.1 VLX, which equals 10,000 VELs.
Velix.ID chose to introduce its own native ecosystem tokens for fast, automatic settlements within their smart contract. VLX tokens can also be easily used across all jurisdictions. Plus, they’re protected from the volatile nature of other tokens.
The Velix ID VXD ICO
The launch price of VLX tokens is $1 USD.
The token pre-sale starts on January 27, 2018. Out of the total supply of tokens, 50% are being distributed during the token sale. The remaining tokens are being distributed to the team (16%), community and bounties (4%), and a reserve fund (30%).
You can participate in the token sale by visiting Velix.ID.
Other Velix ID VXD Features
The first goal of Velix.ID is to introduce a blockchain-based verification system. In the future, however, the team wants to introduce physical hardware technologies to supplement that system, including:
This card will be a unique identification card issued by Velix.ID to its users. The card will contain all of the user’s information in an encrypted format along with the user’s unique Velix.ID number. The card can be shared by the user with any organization that accepts Velix.ID for verification – like hotel check-in counters and airport terminals.
The Velix.ID Reader is a near field communication (NFC) enabled device that can be installed at any place that requires restrictions on entry. The device can be used to grant access to an area after someone scans his or her Velix.ID Card.
The Velix.ID software development kit will allow third party manufacturers to implement Velix.ID’s verification system into their existing platform. Velix.ID could be installed on any NFC-enabled device – like a smartphone, for example.
Who’s Behind Velix ID VXD?
Velix.ID is led by CEO and co-founder Manav Singhal. He co-founded the company with Balwan Singh (CTO and co-founder).
The team was first formed in June 2016, with testing and development taking place throughout 2017. The company will publicly launch the product globally in October 2018.
Velix.ID is headquartered in Melbourne, Australia.
Velix ID VXD ICO Conclusion
Velix ID is a smart verification system built on the blockchain. The team envisions a future where you can use your Velix ID to access an office building, order a pizza online, or check into a hotel. The core of the system consists of a blockchain and smart contracts.
To learn more about Velix ID and how it plans to solve crucial problems in the identity verification industry, visit online today at Velix ID.