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Velix ID – a global platform for frictionless identity verification

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.

THE VELIX.ID BLOCKCHAIN

All operations on the Velix.ID blockchain are executed by calling functions on smart contracts. Smart contracts on the blockchain, also called self-executing contracts, are computer codes with an ability to automatically enforce obligations and terms of an agreement without requiring an intermediary — essentially relegating control to a computer program — a very important requirement for establishing any kind of trust framework among parties who don’t otherwise trust each other.
A Velix.ID Smart contract is essentially an automated agent that lives on the Velix.ID network, has a Velix.ID address and balance, and can send and receive transactions. A contract is “activated” every time someone sends a transaction to it, at which point it runs its code, perhaps modifying its internal state or even sending some transactions, and then shuts down.

PRIVACY ON THE VELIX.ID BLOCKCHAIN

Blockchain is a powerful technology. It allows for a large number of interactions to be codified and carried out; in a way that greatly increases reliability, removes business & political risks, associated with a central entity managing the whole process, and also reduces the need for trust. It creates a platform on which applications from different companies and even of different types can run together, allowing for extremely efficient and seamless interaction, and leaves an audit trail that anyone can check to make sure that everything is being processed correctly.

Velix.ID utilizes the concept of zero-knowledge-proofs to ensure that transactions are anonymous and not visible to other users on the blockchain. Zero-knowledge proofs allow a user to construct a mathematical proof, such that, a given program, when executed on some (possibly hidden) input known by the user, has a particular (publicly known) output, without revealing any other information. There are many specialized types of zero-knowledge proofs that are fairly easy to implement. The way Velix.ID implements zero-knowledge proofs is through a digital signature as a kind of zeroknowledge proof showing that you know the value of a private key, which, when processed using a standard algorithm, can be converted into a particular public key.

Key Features

  • User-Optimized : The Velix.ID ecosystem is both time & cost efficient; the time and cost incurred in verifying identities is reduced significantly both for users and businesses.
  •  Decentralized : No single point of failure can occur in the Velix.ID ecosystem; compromise of a node(s) does not affect the rest of the ecosystem.
  •  Transparent : Transactions on the Velix ID blockchain can be seen by everyone. Verifiable authenticity exists for every transaction made.
  •  Secure : User’s data is not stored with Velix. Even if Velix.ID systems are breached, it does nothing to compromise the data of the User.
  •  Obscure : Using zero-knowledge-proofs, the latest in the blockchain technology, Velix.ID blockchain ensures the privacy of transacting parties from other users on the blockchain.
  •  Universal : VXD tokens globalize the platform by facilitating near-instant autonomous transactions between anyone across the world irrespective of geographic boundaries.

 Velix Token

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.


For more information, visit the Website or read the Whitepaper

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