The Velix.ID Blockchain
All operations taking place on the Velix.ID blockchain are accomplished by calling functions on smart contracts. Smart contracts on the blockchain, which are known as self-executing contracts, are computer codes with the capability of automatically applying obligations and terms of an agreement without needing an intermediary. This is a very essential necessity for creating any kind of trust framework amongst parties who don’t otherwise trust each other. A Velix.ID Smart contract is basically an automated agent that exists on the Velix.ID network, has a Velix.ID address and balance capable of sending and receiving transactions. Each time somebody sends a transaction, a contract is "activated", at which point it runs its code, while adjusting its internal state or even directing some transactions, and then shuts down.
The features of Smart Contracts on the Velix.ID Blockchain
Computational universality
Contracts can execute any task that anybody may want a contract to execute, and conditionally send out tokens to people depending on the outcome of the calculations.Size-universality
Contracts can occur for an arbitrarily lengthy period of time and have randomly numerous participants.First class citizen property
Contracts can send and accept VXD tokens, make dealings (possibly to other contracts), read the state of other contracts and even create other contracts by themselves.
Autonomy
The contract is decided by the User freely; there are no liaisons to approve the agreement. The execution is coped automatically by the network, rather than by one or more, possibly biased, persons who may err.Rapid and Cost-efficient The absenteeism of a liaison means minimized costs, as the liaison will otherwise have to be paid. The use of a software code as a replacement for the liaison also reduces the time taken to process the documents.
Security and Privacy-
The documents are on a public ledger in an encrypted way. This certifies Privacy, but also Security as the data occurs on multiple nodes, and cannot be vanished, even if a single node is compromised. Smart contracts on the Velix.ID Blockchain, can be made either by the Velix.ID Administration or by Oracle nodes12. There will be an Administration List including the addresses of all the nodes that are allowable to form Admin Smart Contracts. The right to enhance or eliminate any authority to be able to form ASCs will also be defined in this list. The Genesis Smart Contract which is a particular type of ASCs on the Velix.ID Blockchain acts as the entry point to enter the profile structures, administration list, and Oracle address mappings.
VXD- theVelix.ID Tokens
Demand for the Tokens
The demand for the VXD tokens is predictable to rise for the below mentioned reasons:
VXD tokens are utility based. It will always be more cost-effective to confirm identities by the Velix.ID ecosystem than by fiat or other modern methods of identity verification. Velix.ID will be a favored substitute over current methods.
VXD tokens have a cyclical circulation
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