About Velix.ID
The personal identification Information of an individual has grown leaps and bound 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 Govt.'s RealMe, and Sweden's BankID and Indian Government's AADHAAR Card are attempts at simplifying this process; they all lack in protecting the privacy of the concerned individual. 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, time-efficient, and cost-efficient ecosystem for Identity verification.
Problem
• Time Consumption
Current process of identity verification can take from days to weeks to months; depleting resources otherwise capable of generating revenue.
• Privacy
Data stored in centralized locations are vulnerable to multiple and mass data breaches & risk exposing the identity of the user.
• Security
Personally Identifiable Information (PII) is leaked at various stages in the ID verification process which leads to unsolicited use.
• Financial Loss
The process of ID verification inflicts significant financial cost to the businesses.
Solution
- User:
- Decentralized: A platform which does not store data in a central database – making it safe mass data breaches.
- ID: Each user registering on Velix.ID will get a unique 8-digit alpha numeric ID that is easy to remember.
- Consent: User authorization mandatory for all transactions of ID information.
- Trusted: User is in control of his own data always.
- Business:
- Improved Customer Experience: Users can access services easily and instantly without repeatedly requiring to sign-up or entering identity information.
- Cost: The cost for new customer acquisition and identity verification comes down.
- Time: The time spent in performing multiple signups, gathering and verifying identity information reduces significantly.
Use Cases
• ACCESS AN OFFICE-BUILDING: Visitors must sign in a register every time they want to access an office area. With Velix.ID, a User can simply put in their 7digits alphanumeric code, and all their basic personal information such as Name, Address, Phone Number, and Email ID can be shared hassle-free, and they do not have to share the same information at various offices again and again.
• E-COMMERCE CHECKOUT: Every time a person wants to order anything online, they must put in their personal information such as name, phone number, email, address, etc. They have to repeat this process on every e-commerce website they want to order from. With the unique 7-digits alphanumeric Velix.ID, this process can be automated, and the User can just sign up using their Velix.ID for all these websites.
• HOTEL CHECK-IN: Every time a User wants to check into a Hotel, there is a host of formalities awaiting them at the Hotel reception that includes filling out lengthy forms and providing ID documents. With Velix.ID, the User can simply share their 7-digits alphanumeric code, and all your personal information and documents will be securely sent to the Hotel management.
• PREVIOUS-EMPLOYMENT DETAILS: Currently there are no dependable methods in the global employment sector to carry out background checks and authenticate information stated in Resumes, reference letters, and previous employer details. Validation of the details mentioned in the Resumes can be requested from each certifying authority through the Velix.ID ecosystem within a matter of minutes and a few taps on the smartphone’s screen.
Team:
• Manav Singhal – Product – CEO & Co-founder
• Balwant Singh – Technical – CTO & Co-founder
• Neer Varshney – Editor – Head of communications & outreach
Verdict:
The traditional identity verifications methods such as PAN card, Adhar card, Social Security number have become digitized and are facing the risk of data hack and security breach. Due to lack of proper security measures by the governments and private companies the data of public has been compromised. Thus, it become a prime concern for the users to share information with authorities.
Thus, creating a safe, secure platform for storing and sharing data is the primary aim of Velix.id. As the technology progresses, the data will be the most important asset of the digital world.
Token Metrics:
• Token: VXD
• Price: 1 VXD = 1 USD
• Bonus: Available
• Bounty: Available
• Platform: Ethereum
• Accepting: ETH, BTC, XRP, LTC
• Minimum investment: 0.1 ETH
• Soft cap: 2,500,000 USD
• Hard cap: 23,800,000 USD
• Country: Singapore
• Whitelist/KYC: Whitelist
• Restricted areas: Singapore
Important links:
• Website : https://account.velix.id/
• Whitepaper : https://www.velix.id/assets/Velix-White-Paper.pdf
• Twitter : https://twitter.com/VelixId
• Telegram: https://t.me/velixID