Velix.ID is the Future of Digital Identification.

Have you ever noticed how often we leave our personal data on the Internet? In fact, almost every day. To access any consumer service, you need to provide the identification information – for registration at forums, in social networks, filling out feedback forms, buying something in the online store, or for registration of the bank cards. We always share information about ourselves but do not even think about whether it's safe.
In recent years, intruders, selling entire databases, have turned it into a very profitable business. Therefore, it is obvious that existing security systems can not cope with the protection of our personal data.
But there is a solution to this problem! The Velix.ID team wants to implement it, offering us a new level of digital identity identification using blocking technology.

What is Velix.ID?

Velix.ID is a universal, transparent, decentralized, cost-effective ecosystem for identity verification. The main goal of the platform is to create a single decentralized database using a blockchain system that will allow us to forget about the security of any information that we provide on the Internet.
Your passport data, addresses, credit card numbers and other information are stored in one safe place. Identification requires only one code, not a stack of documents, which are sometimes needed very urgently. With Velix.ID, you can access all of this data almost instantly, while retaining control over your data and privacy.

The key features of Velix.ID are user optimization, decentralization, transparency, security, obscurity (ie, the platform will ensure the confidentiality of transaction sides from other users of the blockchain), as well as the universality.

How Does it Work??

The user can create a profile and update all the information on it. All data will be associated with a unique 8-digit alphanumeric identifier. This data is stored on the user's own device, not on the platform. Velix.ID can be provided by the user for instant and reliable access to any services. If an organization has already checked the Velix.ID user information, other companies do not need to repeat it again. A new company in the Velix.ID ecosystem can simply request a confirmed identity from a business organization that has already verified it with Velix.ID.

The current processes of identification are too troublesome and tedious for both consumers and companies, too inefficient in terms of financial costs, time consumption, as well as problems of confidentiality and security. The use of blockchain technology allows you to reform these processes in such a way that it becomes profitable for business and for consumers.
The data stored in centralized locations are subject to multiple and massive data violations and risks revealing the identity of the user. Often, when we need to register somewhere and enter the basic information, then make copies of the documents, download them and wait for the completion of the verification process, - it discourages us from doing so and, thus, the identity verification process leads to significant financial costs for enterprises and reduces the number of customers!

Personal information is divided into 4 levels in accordance with its importance and the risk associated with the transfer of information.
Level 0-1: Basic PII
This information includes the identification of the name, number, address, date of birth and biometric information. At this level, the process of 'Know Your Customer' can be completed almost instantly.
Level 2: Verified PII
These are the secondary identification data, for example, delivery addresses, passport ids, medical records and insurance cards, business identification numbers, etc.
Level 3: Beyond PII
At this level, the user has already confirmed his identity before the request and can request a transaction for checking documents from the workplace, educational institution, government organizations, etc.

Who Will Benefit From Velix.ID?

First of all, any person who uses Velix.ID to verify the identity. Also, the organizations that don't want to invest time and money in checking the identity of a person. They can use the Velix.ID ecosystem as the initiator of the identity card. And, finally, any enterprise that is engaged in checking information related to the identification of an individual or business (this may be educational, banking institutions, multinational organizations, or even governmental organizations). They can be trusted identification providers in the Velix.ID blockchain.

Tokens and Velix.ID

Own VXD tokens will be needed for all transactions in the ecosystem. They are intended for the exchange of identity data. During the transaction, the business that requests identity identification pays VXD tokens. Some amount is also paid to the user for consent to this transaction.
The VXD tokens are fixed in number at 100 million, available for purchase - 50 million tokens during the ICO. Tokens were originally released on the Ethereum blockchain, but over time, the developers will transfer them to their own Velix.ID blockchain, which indicates the seriousness of the project.

An authentication has been one of the biggest problems lately due to the costs and risks associated with this process. Velix.ID uses blockchain technology, smart contracts, zero-knowledge proof and SCP to create an ecosystem that optimizes time and resources for consumers and businesses.

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Author: bountyhive.io/r/Melnikof