Velix.ID (VXD) ICO review
As the contemporary methods of identity verification take too long to process, incur a massive financial loss for both businesses and consumers, and often compromise the personal information of the consumers — Velix.ID is decentralizing the process using smart contracts, zero-knowledge proofs (zSNARKs), and stellar consensus protocol (SCP) to build an ecosystem that is Universal, Obscure, Transparent, Decentralized, Time-Efficient, and Cost-Efficient. Velix.ID Ecosystem has its own native VXD utility tokens which will be used to transact identity verification between the stakeholders in the ecosystem. The initial target markets are India & Australia with over 1.3 Billion identities, to be followed with operations launch in Asia-Pacific and UK. The Velix.ID team and advisors come with extensive experience in the cryptocurrency industry with a varied background including from Cointelegraph, BnkToTheFuture, KickICO, PundiX, Propy, Trade.io, Covesting, Crypterium, and The Next Web.
The personal identification Information of an individual has grown leaps and bound In the last three decades, but the methods of verification have not quite caught up. While recent innovations like the United Nation's ID 2020 initiative, New Zealand Govt.'s RealMe, and Sweden's BankID and Indian Government's AADHAAR Card are attempts at simplifying this process; they all lack in protecting the privacy of the concerned individual. The primary reason why a disruption in the identity-verification (IDV) space has not yet happened is the lack of a tested/proven trust-framework on which all institutions, globally, can rely on for sharing the costs and liability of identity verification. Velix.ID aims at bridging this gap by building a universal, obscure, transparent, decentralized, time-efficient, and cost-efficient ecosystem for Identity verification.
- Time Consumption
Current process of identity verification can take from days to weeks to months; depleting resources otherwise capable of generating revenue.
Data stored in centralized locations are vulnerable to multiple and mass data breaches & risk exposing the identity of the user.
Personally Identifiable Information (PII) is leaked at various stages in the ID verification process which leads to unsolicitated use.
- Financial Loss
The process of ID verification inflicts significant fincancial cost to the businesses.