ICO Review: Velix.ID - solving the problems of financial costs, time consumption, privacy, and security

Velix.ID aims at solving the problems of financial costs, time consumption, privacy, and security concerns in the Identity Verification Space by introducing a decentralized Ecosystem for Identity Verification that puts both Users and Businesses at an advantage. Such a platform is user-optimized (i.e. time and cost efficient), decentralized (does not store data in any central database), transparent (the authenticity of transactions can be verified by anyone), secure (even if Velix.ID systems are breached, it does nothing to compromise the User’s data), obscure (the Users’ privacy is protected at all times), and universal (near-instant ID verification without geographical restrictions).

Velix.ID aims to become an ecosystem for all stakeholders in the IDV industry — by offering an open, secure, reliable and trusted blockchain smart contract that can become the base of a trust-framework subscribable by all the stakeholders; whether identity holders, verified-identity providers or the verified-identity seekers.

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. The features of SmartContracts on the Velix.ID Blockchain can be summed-up as follows:

1. Computational universality- contracts can execute any function that anyone may want a contract to execute, and conditionally send out tokens to people based on the result of the calculations.
2. Size-universality- contracts can exist for an arbitrarily long period of time and have arbitrarily many participants.
3. First class citizen property- contracts can send and receive VXD tokens, make transactions (potentially to other contracts), read the state of other contracts and even create other contracts themselves.
4. Autonomy- The contract is agreed to by the User independently; there are no liaisons to confirm the agreement. The execution is managed automatically by the network, rather than by one or more, possibly biased, individuals who may err.
5. Rapid and Cost-efficient- The absence of a liaison means reduced costs, since the liaison will otherwise have to be paid. The use of a software code instead of the liaison also reduces the time taken to process the documents.
6. Security and Privacy- The documents are on a public ledger in an encrypted form. This ensure Privacy (since the data is anonymous), but also Security since the data exists on multiple nodes, and cannot be lost, even if a single node is compromised.

Token Distrubution

Website : https://www.velix.id/
Twitter : https://twitter.com/VelixId
Telegram : https://t.me/joinchat/EepaREQgVnyEBTlOmgwdbw
Facebook : https://www.facebook.com/VXDID/
Whitepaper : https://www.velix.id/assets/Velix.ID%20White%20Paper.pdf
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