Velix.ID is a decentralized blockchain based ecosystem created to provide a tested and proven trust framework for frictionless and cost-efficient identity verification for everyone anywhere in the world. Velix.ID utilizes Smart Contracts, Zero Knowledge Proofs and Stellar Consensus Protocol (SCP) technologies to build its decentralized and secure identity verification system. VXD token is an ERC20 crypto token issued by the platform to facilitate in app transactions initiated by users.
What does the whitepaper/website look like?
The Velix.ID whitepaper is an extensive and well-written document about the general idea and concept of the system. An analysis of the white paper shows clearly that the team has a well thought through idea about what they intend to do in order to achieve its goals and further advance the platform. From tables to flowcharts to graphical illustrations, the whitepaper is a 35 page all-inclusive technical and financial review. In addition, the whitepaper also features use cases of Velix.ID, details on the token sale and a roadmap.
The website utilizes a responsive and simple interface designed with contrasting dark and light themes to keep things interesting. The website is categorised in sections with each section centered on a different component of Velix.ID. These sections include the token sale, partnerships, use cases, team, roadmap etc. The site features an active bar detailing the number of distributed tokens and the funds realised from the tokens so distributed. In all, thе interface is well organized and easy to navigate.
How transparent is the team?
The Velix.ID team is led by Manav Singhal, CEO and Balwant Singh, CTO the two co-founders behind the concept. The technical and development team comprises over 10 proficient individuals with well established and grounded knowledge in various fields some of which include software engineering, business development, financial analysis, e-commerce, fintech etc. The team is supported by an equally strong base of advisors and consultants. All team members have their LinkedIn profile attached to their names, an act which gives the project a sense of legitimacy and credibility.
16 million out of 100 million VXD tokens were allocated to the Velix.ID team – the founders, team members and advisors for their contribution towards the development of the Velix.ID product. The tokens are locked up and will only be unlocked from the smart contracts and distributed to the team on a structured distribution pattern. Allocating 16% of the total token supply and locking it up in a reserve for the team proves a sense of commitment, as the team will be encouraged to work hard towards the success of the platform to drive up the value of the tokens. The team is well represented on 10 social networks including Facebook, Twitter, YouTube LinkedIn, Reddit and Telegram where they leave regular updates on the status of the project alongside a regularly updated blog on Medium.
Is the ICO showing signs of regulatory compliance?
Velix.ID is currently running an ICO which started on the 17th of April 2018 to end on May 15th 2018 with the tokens priced at $1.0 USD in a bid to raise a maximum of $23.8 million USD and a minimum figure of $2.5 million USD. The token sale of VXD tokens is complaint to the KYC (Know Your Customer) protocol which is used to prevent illegal or unauthorized contributions from investors. Potential investors from jurisdictions where cryptocurrency based transactions and activities like an ICO is highly prohibited cannot participate in the token sale. These restricted investors are expected to know the requirements to be considered as restricted persons in their jurisdictions.
Visit the website for more details on the ICO: https://www.velix.id
How disputable are the company’s claims?
Velix.ID claims to be ‘a global platform for frictionless identity verification’ with the aim of creating an efficient identity authentication ecosystem that will optimize resources to their maximum potential for all users on the platform. To ascertain its universal status and make good on its claims, the company has set plans in motion to build NFC-enabled ID cards, devices and software that will support the Velix.ID verification system on various platforms. The system will then be installed at entry points to certain restricted areas that require identity verification before entry can be granted.
How clear is the roadmap?
Velix.ID has a well drawn out roadmap with a detailed and concise overview of each step of the development process. The development of the Velix.ID concept started out in June 2016, the roadmap runs through the different levels and phases of development until December 2022, when the third and final phase of the expansion project will be completed with about 500 million users across 4 continents on the globe – Asia, Europe, Africa, and America. After the ongoing ICO, the next developmental stage expected to run from May through October 2018 will involve the test run of the Minimum Viable Product (MVP) – the beta version of the Velix.ID system – in the market.
The platform is working hand in hand with the government and various organizations to integrate its identity authentication ecosystem across major industries such as real-estate, banking and insurance, educational institutions etc. that require user verification. When it is fully adopted, Velix.ID is set to disrupt the entire identity verification ecosystem with its blockchain powered decentralized, resources-optimizing and seamless identity verification platform.
Visit the website: https://www.velix.id/
Join Telegram community: https://t.me/joinchat/EepaREQgVnyEBTlOmgwdbw
Trading may prove to be an extremely lucrative avenue if traders are well equipped. But,…
Not all swans are white. Sudden market destruction is not the distant generational fear it…
The Covid-19 pandemic has changed the way employees view health and safety in their communities,…
The future of gaming! Ho Chi Minh, Vietnam / With the recent exponential rise in…
The edge computing paradigm shows promise to address the weaknesses of traditional cloud computing while…
As per a report by the Transparency Market Research, the global vehicle roadside assistance market…