The personal identification information of an individual has grown leaps and bounds in the last three decades, but the methods of verification have not quite caught up. While recent innovations like the United Nation’s ID 2020 initiative, New Zealand Government’s RealMe, Sweden’s BankID and Indian Government’s AADHAAR Card are attempts at simplifying this process. The primary reason why a disruption in the identity-verification (IDV) space has not yet happened 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, timeefficient, and cost-efficient ecosystem for identity verification
In the present time, identity verification is a lot of hassle. People are required to submit their ID at every junction. These IDs are usually government authorised such as Passport, PAN Card , Voter ID, or SSN . The IDs are submitted to the Organisation requesting the ID, and another process for verifying whether the ID is genuine or not is ensued. Both of these procedures result in substantial financial loss for both the User and the Organisation/Person who had requested the ID.
Security Concerns of the People
1. Who will own the data once another person shares it?
2. Can people share another person data with anyone without another person authorization?
3. Can one person supposedly anonymous data be traced back to another one?
4. Is persons information secure with the verifier? Is it prone to cyber attacks?
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. 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 VELIX.ID Blockchain
All operations on the Velix.ID blockchain are executed by calling functions on smart contracts. Plusses are:
1. Computational universality
3. First class citizen property
5. Rapid and Cost-efficient
6. Security and Privacy
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. The transaction of verified-identity takes place using Verification Stamps (VS) on the Velix.ID ecosystem, with 1 VS = 0.1 VXD = 10,000 VELs.
The reasons to have native Ecosystem tokens
– enable fast and automatic settlements within a smart contract
– easy to move digital assets/information among the Users of the blockchain as no exchanges will be involved in the process
– can be used across all jurisdictions
– are protected from the volatile nature of other tokens
– can be converted to other cryptocurrencies via an exchange
– can be redeemed for goods/services on a marketplace designed especially for this purpose
Supply of the tokens
1. The total supply of the VXD tokens is capped at 100 million tokens and the launch price on exchanges of VXD tokens will be USD $1.
2. The partners at Velix.ID buy/are offered Verification Stamps, the equivalent value of which in number of tokens is locked into the smart contract, and cannot be exchanged sold/dumped by the partner. These tokens are released only when the verification stamps are utilized to verify identities on the Velix.ID ecosystem. For a model case, suppose a partner has been offered 1000 Verification Stamps (i.e. 100 VXD tokens), then the 100 VXD tokens are locked into the smart contract, and when the partner utilizes 1 Verification Stamp, the equivalent value of VXD tokens (i.e. 0.1 VXD or 10,000 VELs) is released from the smart contracts. This ensures that the supply of the tokens is restricted primarily to its utilit..