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Velix.ID is adopting decentralized Approach toward providing effective solution to proper Identity Management



Identification verification has become one of the major challenges in the world today this is because it is caused financial lost to both identity holders and seekers and also identity verification waste time and energy. While many organisation and government have seek for way of disrupting this verification process, no verification method have proven to solve the time wasted and amount of money incur by this process. However nearly every day we are being ask to provide Identity before we can access social Amenities, buy things, get loan, register new sim etc. many of us will be worried how save our information is with the people we are given this information. Nearly every year thousands of Identity frauds are reported every year. All this make people worried about reliability and how save their Identity information is with centralized third parties.

Velix.ID is a completely Decentralized Identity registration and verification ecosystem which allow individual to manage their identity without fear of identity leak. Through Velix.ID ecosystem, individual we have completely control over their information which means they have sole control over who to have access to their Identity and information about them. Velix.ID is the first of its kind to incorporate blockchain technology to Identity verification and management. With the help of blockchain technology, information are recorded on a ledger which make the whole information data to be secure, transparent and even if anything go wrong with Velix.ID platform the people information will still be protected because there are being entered into blockchain ledger.  

Velix.ID has no restriction on people that can use the platform as it is completely global. All the Identity holders on the platform will have a particular identification number in which all their information will be associated with. Individual will be able to use Velix.ID as a medium of verifying their Identity and in case any company or organisation is asking for identity verification, individual can tell them to use Velix.ID to verify their Identity. It is important to note that identity holders have sole control over their information and they choose who to see their identity and their privacy is always guaranty.
For company and organization that does not want to spend money in verifying Identity of individual can make use of Velix.ID ecosystem to achieve this. And ones they have verify the person Identity then subsequent organization does not need to verify the same Identity again except they seek the consent of the user before the change can be made.

Furthermore, organisations, Institutions and private companies that specialized in identity verification process can make use of Velix.ID blockchain as a verified Identity Providers. Velix.ID token VXD is the token to be used in making transaction on the Velix.ID blockchain. They are generally a utility token which will be used to enhance the conversion of verified Identities on the ecosystem. VXD will have a smaller unit called VELs (1VXD=100000VELs). Before an Identity is verified on the Velix.ID ecosystem, a verification stamp will be purchased using the utility token. The cost of one verification stamp (VS) will be 0.1VXD which is equivalent to 10000VELs. It is interesting to know that small amount of the amount pay for the verification stamp by the Identity seeker will be given to the identity holder. Making the owe process transparent and fair. For more detail information about velix.ID project kindly visit https://www.velix.id/ or you can download the whitepaper https://www.velix.id/assets/Velix.ID%20White%20Paper.pdf
This Article is written by
thesmallgod
 https://bountyhive.io/r/thesmallgod

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