Newly launched RegTech startup Velix.ID, which is using blockchain to enable frictionless identity verification, is planning a token sale.
Current methods of identity verification take too long to process, incur massive financial loss for both businesses & individuals, and often compromise the personal information of the user according to the company.
It estimates that the world is losing up to $200bn in identity fraud every year, and more than four billion data records were stolen globally in 2016 alone, based on data compiled and fact-checked from Forbes, BBC, Mashable, CNBC and the Telegraph.
Velix.ID aims to resolve these issues by building a universal, obscure, transparent, decentralized, time-efficient, and cost-efficient ecosystem for identity verification.
The company’s aim is to create a world, where the individual controls his/her own personal information and what information they share with whom. Velix claims to allow for a seamless exchange of verified identities between businesses & organizations near-instantly, with the explicit consent of the user, that can be obtained in real-time.
It is utilizing blockchain Smart Contracts, Zero Knowledge Proofs, and Stellar Consensus Protocol (SCP) to build an ecosystem that ‘optimizes time & cost resources’. Velix.ID said it will also build NFC-enabled ID cards, devices & softwares to install Velix.ID verification system at entry-restricted areas, such as offices, educational institutes, or metro stations etc.
“Identity verification has been one of the biggest concerns in the last decade globally because of the costs and risks involved in the process. I started exploring the identity space in 2015 when I discovered that my email ID got hacked in a mass data breach,” said Manav Singhal, CEO at Velix.ID.
“The idea behind Velix.ID has always been to make it safer and more efficient to share & verify identities across the consumer markets. As a consumer, I shouldn’t have to wait for days for the business to verify my identity before I can start accessing their services; it is a loss-loss situation for both businesses and their customers.”
To fund the building of the platform, the company is launching the VeliX.ID token sale. The pre-sale will launch on 27th January, with 1 VXD token equalling $0.65. The third phase of the crowdsale will commerce on 26 Febuaury, with 1VXD token equalling $0.90.
Velix.ID was co-founded by Manav Singhal, a founder of Blockchain Foundation Of India, and Balwant Singh, a creative technologist at the National Australia Bank. Singhal has more-than 13+ years of experience in entrepreneurship & leadership in a wide variety of sectors—technology, e-commerce, luxury consulting, insurance and marketing. Singhal has over 10 years of experience in tech (content frameworks, mobile development, solution architecting, cloud platforms, serverless architecture apps, building smart contracts, and writing DApps.)
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