Blockchain-based ID Verification Platform: Velix ID Aims to Resolve Identity Verification Crisis

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by Eugenia Kovaliova · 3 min read
Blockchain-based ID Verification Platform: Velix ID Aims to Resolve Identity Verification Crisis
Photo: Velix ID / Twitter

Velix ID, a blockchain-based ID security company, is to solve the problems of global identity verification crisis by developing its new ID verification platform. The token sale begins on January 27 and will last until February 26.

The amount of global identity theft incidents exceeds $200 billion annually. Only in 2016 over $4 billion records were stolen, according to Forbes, BBC, Mashable, CNBC and the Telegraph. When you make purchases online, your personal datа, such as your ID number / Social Security Number or the secret PIN of your credit card, is put under risk of being stolen by hackers, who are always there, waiting for a chance to access your personal information and money.

Today, the ID crisis has already reached its unprecedented level, which has never been witnessed before. The reason for that primarily lays in massive population increase and high level of global digitization. The list of companies, which have already faced with cyber attacks and data leakage, include Uber, Yahoo, Adobe, Sony, JP Morgan, eBay, Zomato.

From US to China, prominent government sites are being hacked, which results in large-scale loss of confidential data. So how a user or an entity can protect the data and ensure its secure verification when needed? There are several new startups focusing on online ID security and verification. Velix.ID is one of such examples. It represents a blockchain-based ID security company aiming to protect the data by making its verification faster and more efficient. The platform aims to solve the problems of commercial, private and governmental departments in the future.

Velix.ID holds on to the point of view that centralized storage makes data vulnerable to cyber attacks more than anything else. The company sees the solution in making the data decentralized by distributing it among computers with layers of encryption, rather than a single data vault bank. There is no central authority in such a system to override everything as well, that’s why Velix. ID stands for developing a decentralized service for safe data verification.

Velix.ID offers extremely easy transactions. There is a unique 8-number alphanumeric password, that one can set to protect his personal information. Any user’s idea can be shared globally with anyone to allow seamless sharing of information in a secure manner without a need to repeatedly provide the same information again and again.

The user always keeps his personal information under control and can share it with anyone he wants. No data transaction can occur without the authentication of the ID’s holder. It is simple and effective. If implementation is successful, such approach will become a groundbreaking solution to the problem of identity crisis, which has been affecting the world since the first global databases were developed.

The Velix.ID tokens will be available for purchasing in the coming weeks. The first phase of presale starts on January 27. During this phase, tokens will be purchased with 40% discount, estimated at the rate of 0.6 USD per one. On the second phase of presale the tokens will be offered with 30% discount for 0.7 USD per one. The main phase of crowdsale will consist of 3 stages with 20%, 15% and 10% of discount respectively. The rates of tokens will be 0.8 USD, 0.85 USD and 0.9 USD.

The token sale will last until February 26, 2018. The amount of 50 million tokens is expected to be sold in total. Soft cap is set at $2.5 million while the hard cap is set at $25 million. The money raised are planned to be used for the development and deployment purposes of the new platform.

Blockchain News, News, Token Sales
Eugenia Kovaliova

Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.

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