Identification has evolved from relying on other tribe members to be able to verify if an individual in question is a member of the tribe to an identity like “here is my Name, phone number, email ID, facebook, work address, home address, instagram, twitter, passport no, e.t.c. This shows that the way we identify ourselves has undergone a revolutionary change.

However, technological revolution that comes to play in the last 3 decades has entirely overhauled the very way we identify ourselves. Now with the introduction of the digital space, one now put a lot of information about oneself on the internet. This ranges from putting up name, gender and email ID, to putting up more intimate information such as date of birth, residential address, phone number, medical records, credit card details, e.t.c. The question now is, is it safe to put all these information on the internet? At first, the digital space seems safe and friendly, people think after all what can harm me when I am sitting behind the screen in the comfort of my house but in the real sense giving out a lot of intimate information that gives away ones identity can make one susceptible to spamming and identity fraud.

Personal Note
I have seen a lot of people taking advantage of the internet to defraud people. I live in a country where a high percentage of young people think scamming other people is a good hustle that can make them rich within a space of months. They build site, pretend to be banking agency/ financial institution telling their their potential victim their ATM card has been blocked and to unblock it they should go through a link that will direct them to a form where they will be required to enter information about themselves which includes the ATM pin, card number. Anyone that fall into this trick become their prey and thus a victim of money laundering and scam.

It is not just the random website on the internet that one should be wary of, personal information is also shared everywhere for example you give out information when making shopping online, opening bank account, buying new SIM, applying for a job, e.t.c. knowing this one then realize how many times he/she ends up giving out information that compromises his/her privacy.

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THE PROBLEM

Everyone have come to accept that the contemporary identity verification method are deplorable which is why the government and private companies have been searching for alternative in the present time. Identity verification is a lot of hassle as it is required that your ID is submitted in almost every junction you want to transact. The ID is then submitted to the organization requesting the ID and another process for verifying whether the ID is genuine or not is then issued. The two procedure leads to financial loss for both the user and the organization or person that had requested the ID.

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THE ECONOMIC VALUE AND FINANCIAL IMPACTS

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THE VELIX.ID

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.
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THE SOLUTION

The velix.ID aim at solving the problem of time consuming, privacy, security and financial cost in the identity verification space by introducing a decentralized ecosystem for identity verification that puts both users and business at advantage. The velix.ID is not time and cost effective, it is decentralized, transparent, secure, obscure and universal. It aim to be an ecosystem for all stakeholders in the IDV industry.

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VELIX IDENTITY HOLDERS

Everyone among the 7 billion people in the world on the velix.ID ecosystem will be classified as identity holders. All holders on the velix.ID ecosystem posses a unique identity number to which all their data will be associated without even storing any of the information on the velix.ID platform. The holder’s information will be kept secure with the identity holders themselves, thus guaranteeing their privacy. Organization in need to verify identity but does not want to invest time and money to verify the identity themselves can use the velix.ID ecosystem as a verified- identity seeker.

VELIX.ID LEVEL OF PII AND SEGREGATION OF II ON THE VELIX.ID ECOSYSTEM.

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THE VELIX.ID TOKEN

The velix.ID ecosystem token is the VXD Token, it is primarily a 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.

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I am Tuvic on bountyhive you can reach me here
Email: [email protected]