Velix ID is a global platform for frictionless identity verification. Find out how it works today in the review.Velix.ID 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.
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 Card is 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. This Card can be shared by the User, as per his/her convenience, with any Organisation that accepts Velix.ID as a form of identity verification. For example, the Velix.ID Card can be used to quicken the check-in procedures at Airports or Hotels.
Velix.ID Reader will be a NFC (Near-field communication) enabled device that can be installed at any place, where restrictions on entry are required. The device can then be used to grant access to people to such area once their Velix.ID has been verified (either through their Velix.ID Card or another NFC-enabled device such as mobile phone) by the Velix.ID Reader. The authority that controls the restricted area will have to grant access to that Velix.ID in advance, for the Velix.ID User to be able to access the said restricted section. For example, the device can be installed in Office complexes, Schools, Colleges, and public transport stations to grant access to the restricted areas in a time & cost efficient manner.
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.