Velix ID: Protecting User Identity via Blockchain

What is Velix ID?

velixid icoVelix ID is an identity verification service that uses blockchain technology. Users use the Velix.ID mobile app and verify their identity. Additionally, it can be used to act as another stage of a two-factor authentication system and authorize requests.

Its ecosystem revolves through the use of its native currency; VXD token. Currently, the token is sold at $1 USD a piece. Velix ID plans to release their public version of their model by October 2018.

Aspects

  • ID Card: The card acts as a unique identifier and contains all of your information. And, the card is encrypted and has a unique Velix.ID number which is used to denote which ID is yours. The card could be used by any organization that uses Velix.ID to sport their verifications – like airport terminals and hotel counters.
  • ID Reader: Near Field Communication device that is installed in any place that has restrictions on user entry. Your device can grant or deny access to areas after a user scans their Velix.ID Card.
  • ID SDK: The software development kit allows third-party manufacturers to place the verification system into their platforms. You can install Velix.ID on NFC enabled devices such as a smartphone, for instance.

What Issue Does it Solve?

Here are the main issues you’ll experience when using centralized ID verifiers:

  • Lack of time due to the verification processes.
  • Lack of data ownership.
  • Chances of identity fraud.
  • Current centralized data is stored in locations where it can be easily hacked.

Privacy violations are a number one concern when it comes to data. Today, large companies tend to give you free services while secretly selling your data off to a third party. Personal information is always sent through the internet. If you have a photo on social media, they no longer belong to you.

The main issue Velix.ID plans to solve is the issue of identity theft. Now, its easy to abuse and steal someone’s identity. If you have another person’s username and password, you’ll be able to login on almost every account.

Privacy violations are another issue. Now, free services can give free service since they’re selling information to help their advertising campaigns.

Sees the issue with today’s modern verification system. In this system, you will find us Velix ID to help verify SSNs; government authorized passports, driver’s licenses, etc. In this system. You can give the verifier an accurate form of your information, and it will be used for future purposes.

Token Sale Information

  • Website: View
  • Whitepaper: Read
  • Token Sale: February 10th, 2018 – March 5th, 2018
  • Soft Cap: 2,500,000 USD
  • Hard Cap: 25,000,000 USD

Bountyhive Username: thetechinsider

Positives
  • ID storage: With Velix ID, you can keep your ID safe in blockchain where it will be protected from hackers and third parties attempting to steal your data.
  • Privacy Control: You can decide how much of your personal information you want to give out Velix.ID as its system gives you complete control of your data.

Negatives
  • Competition: This ICO competes with Biometrids who is also attempting to create an identity recognition software.
  • User Safety: Through the use of Velix.ID, how will users be safe in the event that their data is compromised by a super computer?

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Summary

To conclude, we believe that Velix.ID is a great way for users to get their ID and information verified without an extensive time process and a loss of data. Once time progresses, we’ll see how this ICO faces its competition and establishes itself.

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Adam Cole has been a crypto enthusiast for years. First getting involved in Bitcoin mining in late 2010, he has now diversified his portfolio and dug deeper into the alternative coins of the space. As new and exciting ideas arise in cryptocurrency, Jeremy is always looking for the next big thing and a coin which not only appreciates in value but also has a steady increase in use and demand. Jeremy has seen the rise of coins such as Ethereum and by studying the technical and fundamental side of ETH, he has learnt how to find similar coins that are likely to have a bright future.

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