The emergence of the new technologies like high-tech computers, the Internet, artificial intelligence, and wireless bring about the new era of digitalization in the last decades across the globe. Now it is possible to share our thoughts, photos, videos, and data, to apply for a new credit card or a job, to do business tasks, banking transactions, and much other daily life works using several platforms on the Internet. As such, we trust most of the large businesses and their platforms while sharing our private data such as e-mail address, nationality, age, ID info, financial data and much other sensitive information.
However, the big question of the privacy, identity theft, and fraud issues rise and constitute a significant problem for every single individual who is involving in the Internet world. Especially, after the leaking incidents occurred in the last years, most of the users have begun the question the sensitive data sharing and fraud issues resulting in mistrust.
The fundamental problems regarding the personal privacy are identity theft, spam advertisements, cyber crimes, children and teenager abusement, and unrealized terms of agreements. Although new technologies and verification systems have been introduced to prevent the existing problems, they have not been able to offer robust solutions to these fundamental issues. For instance, current verification structures are not successful because they lead to unpredictable commercial as well as time costs for both users and service provider. Also, users still can lose their privacy using the verification systems, because trusting these system users give up their rights over their data, so they become the victims of corruption, abuse and fraud incidents. Therefore, people cannot trust in even giant e-commerce, social media, publication and banking platforms and their verification systems because of the weak policies, and most of the people are not aware of the real value of their identity as well as the enormous costs of the existing verification services.
According to the studies, incidents regarding the loss of Personally Identifiable Information (PII) cause economic, health, security and privacy problems for the users. For example, study findings show that due to the identity fraud issues, some people have trouble with getting their loans, credit cards and they wake up in the morning with the incredible amount of debts. Also, some people who lost their sensitive personal data begin to have serious health problems such as depression, stress and frustration feeling vulnerable, worried, and violated, and even some of them committed suicide. In this point, Velix.ID introduces the unique decentralized ecosystem to offer fantastic solutions to existing PII problems facilitating the current verifications systems with the innovative technologies and features.
The primary purpose of the Velix.ID is to be a leading identity verification ecosystem across the world for solving the issues regarding commercial loss, high time and financial costs of verification systems, privacy as well as security both corporates and individual users. Participants of the Velix.ID ecosystem will take advantage of the features of decentralization, transparency, high security and user-friendly interface, and diminished time and financial costs of services. Velix.ID will build the ecosystem based on blockchain technology smart contracts utilizing the mutual trust and transparency.
Essentially, participants of the Velix.ID ecosystem will be identity holders, verified identity seekers and verified identity providers. All the people around the world will be able to be an identity holder within the Velix.ID ecosystem. They will have a personal identification number in the ecosystem, and their identity will be verified on the Velix.ID blockchain. Identity holders will have the full control over their verified identity data ensuring their security and privacy, so Velix.ID will not store any information regarding the verified identity data of the identity holders. Moreover, verified identity seekers will be able to take part in the ecosystem to reach out the authenticated identities with the personal consent and authorization within the Velix.ID ecosystem. Businesses, governmental or non-governmental organization will also be able to join the Velix.ID ecosystem as verified identity providers involving in the process of the identity verification on the Velix.ID blockchain.
Velix.ID introduces the levels of the Personally Identifiable Information (PII) as layers of the identity information, so identity holders will be able to provide the necessary data depending on the levels and risk perception. Identity holders will offer their data to the verified identity providers and verified identity seekers considering the Velix.ID’s PII levels. Within the Velix.ID ecosystem, there will be four PII levels (Level 0-Basic PII, Level 1-Verified PII, Level-2 Advanced PII, and Level 3-Beyond PII). In Level 0, identity holders will share their basic personal info such as phone numbers, unverified addresses, and e-mail addresses. In Level 1, identity holders will provide the requested information and proof to be eligible to pass Know Your Customer (KYC) procedure. In Level 2, identity holders will provide the specific data on the blockchain requested by the verified identity seekers and verified identity providers. In the Beyond PII Level, identity holders will share almost all the identity-related information required by specific businesses, employers, governmental and non-governmental organizations.
Participants will enjoy the advanced technology and user-friendly ecosystem while using the services because of the unique Velix.ID blockchain will enable the execution of the smart contracts allowing the smooth functioning of the platform, secure and transparent operations based on the principle of mutual trust. Essentially, Velix.ID smart contracts will provide computational universality, autonomy, quick and cost-efficient services, size, first class property ownership, and most importantly privacy as well as security. In fact, Oracle 12 and Velix.ID Administration will enable the building Velix.ID smart contracts, Admin Smart Contracts (ASCs) and Genesis Smart Contract (GSC) which is a specific form of ASCs will work as an access point to blockchain mapping and nodes. All the single pieces of identity information provided by the identity holders and verified identity providers will be stored in the separate ASCs, and Master Key Generation 512 will enable the creation of the master keys derived from short seed values. Velix.ID ecosystem will be facilitated by the Stellar Consensus Protocol (SCP) (utilizing the Federated Byzantine Agreement Systems-FBAS) promoting the decentralization and open agreements. In other words, the implementation of SCP will provide the features of decentralized control, low latency, flexible trust and asymptotic security. Besides, to ensure anonymous transactions and privacy, Velix.ID will be utilized by the zero-knowledge-proofs supporting the digital signature and unique algorithms. To sum up, Velix.ID offers intelligent and excellent solutions to the current issues regarding the identity verification. Participants of the Velix.ID ecosystem will enjoy the global, secure, obscure, transparent, user-optimized and decentralized ecosystem. In addition to features mentioned above, participants will take advantage of the unique Velix.ID Card, Velix.ID Reader, and Velix.ID SDK.
Velix.ID introduces the ERC20 Ethereum compliant VXD Tokens as the utility tokens of the ecosystem. VXD Tokens will be used for all the transaction of verified identities within the system (using Verification Stamps-VS). VXD Tokens also will be used for the quick and automated settlements (thanks to the smart contracts), all jurisdictions, and the exchange of goods and services in the marketplace. Moreover, holders of the VXD Tokens will benefit from the Proof of Elapsed Time (PoET) reward program based on the transactions. Register for the token sale: https://account.velix.id/signup