Verif-y – VFY ICO Digital Identity Verified Blockchain Contracts?
Verif-y is a blockchain-based platform promoted as a powerful identity for the digital economy. This identity solution currently provides unique services to various users and organizations from around the world. It allows users to use their computers, smartphones, and other mobile devices to ensure accuracy, disseminate, manage, and publicize their digital identity the best way they see fit.
Why You May Need Verif-y
This identity solution addresses the need to have a user managed, accurate, verifiable, retrievable, and secure digital identity. The platform enables a quick and secure digital verification process for various credentials such as employment histories, licenses, transcripts, and degrees, among others.
Current Token Distribution
The company has published on its official website how they are going to share Verif-y Tokens. The details are as follows:
- 40% Of The Tokens Will Be Available In The Token Sale
- 25% To Be Used For Marketing, Promotion, And Adaption
- 35% Will Be Reserved For Future Use
- 20% Of Tokens Will Be Made Available Now
- 40% Will Be Locked For 12 Months
- 40% Of Tokens Will Be Locked For 24 Months
How To Get Started
At the moment, the token sale on Verif-y is a private event. In order to participate during this presale period, you need to obtain a password with an invitation from the sales team. This password will enable you to login and open your Verif-y account. Once you have opened your account, you can then proceed to add your education and professional histories. The platform will then use an internal process to verify and confirm the validity of your entries.
The fees to utilize these services have not been revealed on the official website. The company is likely to reveal the fees once the presale period is over.
How Does Verif-y Work?
The platform receives a verified upload of certificates, credentials, and other important documents from the awarding institutions. These document records are then arranged in the user’s repository system. The user controls who can access their verified documents, determines which parts of their repository system can be made public or private, and for how long.
If the user chooses to share his or her verified credentials, the platform immediately notifies the recipient. The user is also notified that his or her credentials have been viewed by the intended third-party recipient. Afterwards, the share and a percentage of the total cost of this service is forwarded to the user and third party’s token wallet. The contract is automatically closed upon ending.
Benefits Of Verif-y
- Makes independently verified employment history, credentials, and other institution awarded documents available instantly and directly.
- Provides users with instant access, management, and control over who can access their information and when they can do so.
- Users will be able to choose records they would like to share from their profile.
- For employers or educational institutions, this platform provides accurate and timely results, reducing costs and other inconveniences.
- Help employers and educational institutions track and verify employee or student records.
- The platform alleviates the need for employers or educational institutions to maintain past records for numerous years.
Is Verif-y Secure?
The company’s official website uses a secure SSL certificate to ensure all data stored or passed between the browsers and the web remain private and secure. The company also claims that all stored credentials are encrypted and protected by several layers of the latest security. With all these features, we can undoubtedly conclude that the company fully complies with both government regulations and industry standards.
Risks And Downsides
- No server in the whole world is 100% immune from external attacks. This means that files on this platform can be accessed by authorized parties if the site is hacked.
- Verif-y founders are real human beings so they can access the files from the website backend.
- You can upload your resume into the platform. This means that you will be forced to send it separately upon request by your employer or educational institution.
Verif-y is expected to be one of the most reliable and secure credential verification and management platforms in the near future. Users will be provided with lifetime access to their credentials and employment records. It is a unique platform that brings efficiencies and value to all parties who participate in the ecosystem.
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