Velix ID(VXD)-IdentityVerification System Based on Blockchain
Have you known about an Identity Verification way that based on Blockchain?this is about it. 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. 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 the government-authorized passports, driver’s licenses, SSNs, etc. The ID is submitted to the organization that is requesting verification, and then that the 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. 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, the 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.
Now Its ICO Time
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%).
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