Identity has formed the basis of all our activities today. You literally cannot do anything without identity and identity verification today. Banks, schools, hotels, various organizations etc. needs you to verify your identity before you can be attended to or serviced.
Identity Verification Origins
Identity has been in existence since the biblical ages when the king of Babylon gave a letter of verification to Nehemiah to present to soldiers for safe passage so he can build the broken walls of Jerusalem. Ever since then identity has been used for several actions. Identity and identity verifications began it massive use when people needed to travel out of their countries for various reasons. And today we see identity and identity verification playing a very cogent part in internet services. You literally cannot enter or interact with any website without some of your identity like your name, e-mail, gender, account number, etc.
Your identity as an onliner is not only limited to your name, e-mail, gender, account number, etc. It extends to your desires and favorites, your preferences, your browsing history which can be used to predict what your choice will be when deciding products.
Over the years as much as people adopted the digital identity, they get scared of using it because they feel they are not secured for many occurrences and reports show that digital identities can be hacked, and used for so many incriminating activities. Many people have been traumatized because their digital identity was hacked, manipulated and used for different purposes other than they wanted. Others face increasing risk of financial and health loss because of insecurity of their identity information.
Nowadays hacked or stolen digital identities are used by businesses or companies to build targeted advertisements to increase their yield. They buy identity information from black markets which consist of websites, application owners who wish to monetize their users’ or subscribers’ identities.
Onliners go over identity verification processes repeatedly through the processes are always the same. This is a waste of time for the identity holder and also cost implicating for the identity seekers.
Personally
Every day, I hear about identity thefts and frauds, it makes me more afraid as almost all my asset are online and tied to my digital identity, many of which are entrusted to centralized systems. I become sad because some of my personal information is not secured and are actually being monetized by some of my ‘service providers’. As I hear news of people losing all or part of their money because their identity got hacked, it hits my panic button as I continually loose trust in digital identity, surely we need a savior. I have found some solutions with decentralized systems but their services are not satisfying.
There comes the Velix.id to the rescue
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Velix.id introduces a decentralized ecosystem for identity verification which gives a great advantage for users and businesses.
Velix.ID is decentralizing the verification process using Smart Contracts, Zero-Knowledge Proofs, and Stellar Consensus Protocol (SCP) to build an ecosystem that is universal, obscure, transparent, decentralized, time-efficient, and cost-efficient. Velix.ID plans to integrate its ecosystem across all major vertical like Cryptocurrency Trading, Real-Estate, Travel & Hospitality, Banking & Insurance, Employment, Commerce, Transport.
Velix.id makes identity verification less cost-effective for the identity seekers, thus reducing the time of verification for identity holders. The platform is decentralized as against centralized identity verification systems: this ensures the security of the identity information. All transactions on velix.id are stored on the blockchain which makes it secure (knowing that transactions on the blockchain cannot be altered or deleted as it remains permanent and unchanged) and transparent. Velix.id holders do not have to be worried about the security of their identity data or information as they are in TOTAL custody of the holder and not velix.id.
Key Players
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Velix.id gives great advantages for the three key players on the identity verification industry:
Identity Holders
A unique identitification number is attached to the data of the identity holder on the velix.id ecosystem. Organisations can verify the identity of the holder using this platform, the identity holder information is kept secure with the identity holders themselves and not with velix.id.
Verified Identity seekers
Organizations seeking to verify the identity of individuals do not have to run identity verifications over and over again. With velix.id multiple organizations can use the already verified identity information of an individual on the platform.
Verified Providers
Any institution or organization that verifies the identity of an individual can be verified identity provi9der on the velix.id blockchain.
Advantages of Velix.id
• Velix.id is better than all centralized identity verification systems because it is not limited to any particular nationality neither location. It is irrespective of geographical boundaries which makes it very easy to use.
• Velix.id does not store user identity information or data with them, they are stored with the users. Users completely have total control over their identity information.
• Transactions are stored in distributed ledgers to make transactions anonymous and uneasy to hack.
• Transaction on velix.id are transparent: this means that transactions details can be seen by any individuals.
• Velix.id also reduces cost and time taken for identity seekers. It also cancels repetition in identity verification and processes for both identity seekers and holders.
Velix.id Hardware and Software
Velix.id releases hardware and software to ease the verification of identities on different levels:
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• Velix ID cards: This contains the information of ID holders in encrypted form with the user unique velix ID number. This can be used at any company that accepts velix.id as means of identification.
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• Velix.id NFC reader: Which can be installed at any place to verify people with velix.id
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• Velix.id SDK: This is the software to be installed in any NFC enabled device by a 3rd party to allow the device accept velix.id as a method to authorize people or entry to a restricted area.
Use Cases
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• Instead signing in and out of offices and places of work via repeated entry of basic information, workers can enter their unique Velix.id number and all their basic information can be shared.
• Instead of filling lengthy forms when checking-in in a hotel, one can enter velix.id number (or the Velix.id Card) and all needed information can be registered.
Token Details
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All transactions are made with the VXD tokens and there are 100millionVXD. At initial launch, the price of 1VXD is 1usd. VXD tokens are utility based to improve the existing methods of managing and verifying identities.
For further information on Velix.id, you can read:
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