Velix.ID aims to become an ecosystem for all stakeholders in the IDV industry — by offering an open, secure, reliable and trusted blockchain smart contract that can become the base of a trust-framework subscribe able by all the stakeholders; whether identity holders, verified-identity providers or the verified-identity seekers.
All transactions in the Velix.ID ecosystem are made in VXD tokens. VXD tokens are primarily utility tokens meant to facilitate the exchange of verified identities on the Velix.ID ecosystem, and not meant to be used as a trading currency. The VXD tokens are fixed in number at 100 million, when created during the token sale. There isn’t and will never be any mechanism in the smart contract to create more tokens in the future. Initially, during the token sale, the token holders will be assigned ERC20 standard VXD tokens on the Ethereum Blockchain. When the Velix.ID Blockchain is launched, the token holders will be assigned the equivalent number of tokens on the Velix.ID Blockchain (VXD). Given the utility basis of the Velix.ID Ecosystem, VXD is further fragmented into a smaller unit called VEL, with 1 VXD = 100,000 VELs. This is done in order to make individual identity verification procedure more convenient for the user, since the cost in VXD tokens will be in small fractions. The transaction of verified-identity takes place using Verification Stamps (VS) on the Velix.ID ecosystem, with 1 VS = 0.1 VXD = 10,000 VELs. One Verification Stamp is the cost of one identity verification transaction on the Velix.ID blockchain. The Verified-Identity Seeker pays for receiving the verified-identity to the Verified-Identity Provider and a small amount of tokens from this transaction is paid to the Identity Holder as an incentive to participate in this transaction and provide his/her consent for the transaction.
Successful implementation of Velix.ID will eliminate all the shortcomings of the existing Identity Verification methods; improve their efficiency and reduce the costs incurred. The organizations that invest their time and resources into verifying identities will have an opportunity to monetize their verifications, and the organizations that do not want to invest in verifying identities themselves at the cost of immense resources, can avail already verified identities at insignificant costs compared to their current financial investment. The Users will have the incentive to participate because they will control their own PII, save time due to this rapid procedure, receive VXD tokens for authorizing the transactions.