Velix ID(VXD)-The Globalized Platform for Frictionless Identity Verification System
Have you known about a Global platform for less friction ID verification? This is about it. Velix ID is a global platform for frictionless identity verification. These are institutions and businesses that verify identity-related information for individuals and businesses. These can be educational organizations, governmental organizations, banks, multinational corporations, and other types of businesses. 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.
Other Velix ID(VXD) Features
The first goal of Velix.ID is to introduce a blockchain-based verification system. In the future, however, the team wants to introduce physical hardware technologies to supplement that system, including
This card will be 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. The card can be shared by the user with any organization that accepts Velix.ID for verification – like hotel check-in counters and airport terminals.
The Velix.ID Reader is a near field communication (NFC) enabled device that can be installed at any place that requires restrictions on entry. The device can be used to grant access to an area after someone scans his or her Velix.ID Card.
The Velix.ID software development kit will allow third party manufacturers to implement Velix.ID’s verification system into their existing platform. Velix.ID could be installed on any NFC-enabled device – like a smartphone, for example.
The Velix ID Team
Velix.ID is led by CEO and co-founder Manav Singhal. He co-founded the company with Balwan Singh (CTO and co-founder). The team was first formed in June 2016, with testing and development taking place throughout 2017. The company will publicly launch the product globally in October 2018.
How Do Velix ID 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, 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. 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.”
Velix ID(VXD)-The Conclusion
Velix ID is a smart verification system built on the blockchain. The team envisions a future where you can use your Velix ID to access an office building, order a pizza online, or check into a hotel. The core of the system consists of a blockchain and smart contracts. To learn more about Velix ID and how it plans to solve the crucial problems in the identity verification the industry, visit online today at Velix ID.
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