Velix.ID: A Global Platform for Frictionless Identity Verification through crypto currency

hadex (47)in #crypto • 6 years ago

INTRODUCTION
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The identity of a human being has developed with the evolution of the homo sapiens themselves. From relying on other tribe members to be able to verify if the individual in question is a member of the tribe — to today — when identity information often goes like “Here’s my Name, Phone No., Email ID, Facebook, Twitter, Instagram, Work Address, Home Address, GPS location, Passport No., Visa No., Credit Card No., Usernames, Passwords, Bank Account No., Driver’s License No., Employee ID, and the list goes on....” Clearly, the way we identify ourselves has undergone a revolutionary change.

‘WHY SHOULD I CARE?’
A common question when it comes to the protection of personal data is ‘Why should I care? It’s not like I have anything to hide. I have done no wrong’. This is, of course, a misconception. You have many reasons to protect your privacy, even if you have nothing to fear from the law:
PRIVACY VIOLATION CONCERNS
IDENTITY THEFT
A study by Carnegie Mellon University showed that most or all of the 9-digits of a User’s Social Security Number can be predicted from online databases and Social Media.

UNWANTED ADVERTISEMENTS: Your browsing data is shared with advertising agencies by Social Networks and Websites.
CYBER VICTIMIZATION: Access to private information about an individual often makes them vulnerable to online bullying, sexual harassment, moral policing and blackmail against online Predators.
INVASIVE AGREEMENTS: Did you know that you give up a right on your picture if you upload it on Social Media?
MINORS’ SAFETY: A large number of teenagers and preteens are now putting private information about themselves on the Web, especially Social Media, raising concerns over the safety of Minors.
PROBLEM
In the present time, identity verification is a lot of hassle. You are required to submit your ID at every junction. These IDs are usually government authorized such as Passport, PAN 2 3Card, Voter ID, or SSN. The IDs are submitted to the Organization requesting the ID, and another process for verifying whether the ID is genuine or not is ensued. Both of these procedures result in substantial financial loss for both the User and the Organization/Person who had requested the ID.
ECONOMIC VALUE OF IDENTITY: FINANCIAL & TIME COSTS
The process of verifying identities ends up incurring enormous direct financial burden on the verified-identity seekers and hidden financial costs incurred due to time extirpated both for the businesses needing a verified-identity and the consumers. As per research conducted in Australia, up to $11 billion could be saved through reduced cost to serve, 10cost of fraud, and improved consumer experience.

SOLUTION CREATED BY VELIX.ID
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).
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Segregation of Pii on the
Velix.id ECOSYSTEM

This level defines assignment of a Unique ALPHA-NUMERIC id associated with an Identity. At this level, an Identity will have basic information linked with Velix.ID, like email addresses, phone numbers, and residential addresses (unverified), which are verified using code verifications sent over SMS and email.
LEVEL 1: VERIFIED PII
If the identity holder has information verified equivalent to this level, then the Velix.ID of the User can be accepted as an identity proof for the purpose of KYC.
SegregatioN of Pii on the
velix.id ECOSYSTEM
LEVEL 1: VERIFIED PII
If the identity holder has information verified equivalent to this level, then the Velix.ID of the User can be accepted as an identity proof for the purpose of KYC.
LEVEL 2: ADVANCED PII
At this level, the Platform will be capable to store nonstandard and industry specific data for an Identity on the Blockchain. Below is the list of a few examples which can be implemented as secondary data on the platform.
LEVEL 3 – BEYOND PII
At this level, the User has had their identity verified to the point where transaction of verified documents from workplace/educational institutes/governmental organizations, etc. can be requested. Information such as whether or not the Velix.ID holder is associated with an organisation, or what were the dates of employment at an organization, etc. can be requested to be validated by the concerned organization.

MORE ABOUT THE ICO TOKEN
All transactions in the Velix.ID ecosystem are made in VXD tokens. VXD tokens are primarily utility tokens meant to facilitate the exchange of verified identities on the Velix.ID ecosystem, and not meant to be used as a trading currency.
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).
Given the utility basis of the Velix.ID Ecosystem, VXD is further fragmented into a smaller unit called VEL, with 1 VXD = 100,000 VELs. This is done in order to make individual identity verification procedure more convenient for the user, since the cost in VXD tokens will be in small fractions.

WATCH THIS YOUTUBE VIDEO TO UNDERSTAND MORE ABOUT VELIX.ID.

ROAD MAP
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