At a Glance
Token Symbol: VXD
White Paper link: https://www.velix.id/assets/Velix.ID%20White%20Paper.pdf
Token Supply: Token supply capped at 100 million tokens
Hard cap: 23.8 Million USD
Soft cap: 2.5 Million USD
Token Type: ERC20
Sale start date: 17 April 2018
Sale end date: May 15, 2018
About the ICO
Personal identification information of individuals has grown a lot lately as a process but the process of verification still hasn’t caught up. There have been many attempts at simplifying the process but none of these attempts focused on protecting the privacy of the individuals. This is where Velix.ID comes in. It aims at building a universal, transparent, decentralized, obscure, cost-efficient and time-efficient ecosystem for verification of identity. The problems with the existing identity verification system are:
- Time Consumption
In the existing system, identity verification can take a lot of time—days, weeks, or even months—which depletes much-needed resources which had the potential of generating revenue.
When data is stored in centralized locations, it is more vulnerable to various kinds of data breaches and hence risks exposing the user’s identity.
In the process of ID verification, Personally Identifiable Information (PII) is often leaked at various stages thus leading to the unsolicited use of the information.
- Financial Loss
The businesses incur a significant financial cost in the process of ID verification.
Velix.ID has a pretty detailed whitepaper which goes into depths about how things would be implemented. The whitepaper has sufficient information required for anyone to take an informed decision about the cryptocurrency. Find the whitepaper here.
The Velix.ID team is a pretty promising one. They have a lot of individual experience in the Tech and FinTech sector. The team has 18 members, with at least one member for every aspect of the business—from developers to marketers and finance experts.
Velix.ID has 9 advisors including some prominent names in the blockchain industry such as Tony Simonovsky, Mickael Fourgeaud, and Mohit Kalra. The board of advisors includes:
- Tony Simonovsky: INSIGHTCRYP.TO
- Mickael Fourgeaud: PRIMABLOCK
- Mohit Kalra: COINSECURE
- Prof Simon Choi: ACME ARDENT
- Manan Mehta: INFINITE ASSETS
- Simon Noonan: SPORTSBET
- Peter O’Neill: FINDBIOMETRICS.COM
- Julian Smith: BLOCKFREIGHT
- Himanshu Bindal: OneCo.Work
Tokens for Sale: 35,000,000 VXD
Initial Offering Price: 1 VXD = 1 USD
Soft Cap: 2,500,000 USD
Hard Cap: 23,800,000 USD
Currencies Accepted: ETH, BTC, XRP, LTC
Crowdsale Minimum Contribution: 0.1 ETH
Velix.ID has been pretty active on social media. Posts regarding Velix.ID can be found on all major social media platforms you would assume they would use. They have 18,280 members on their Telegram group. Their Facebook page has 9,126 followers and their Twitter account has 4,720 followers. The Reddit account of Velix.ID has 460 readers.
- Universal: It is not limited to any particular nationality or geographical boundary
- Secure: It does not store any data about the user with it
- Transparent: Its ecosystem provides verifiable authenticity for every transaction made on the blockchain
- Decentralized: With Blockchain, Velix.ID is able to decentralize the whole infrastructure in a way that every institution can verify and prove the authenticity of transactions of information —recorded on a transaction ledger
- User-optimized: Its ecosystem will reduce the costs significantly as only a small fee has to be paid to the verified identity provider by the verified identity seeker
- Obscure: Using zero-knowledge-proofs, the latest in the blockchain technology, Velix.ID blockchain ensures the privacy of transacting parties from other users on the blockchain
Velix.ID didn’t really come up with a disruptive idea. However, the field they are into has a lot of scope for improvement, and their inclusion can help change the whole scenario when it comes to verification of identity. Their team is pretty enthusiastic about the idea. It can actually turn out to be really successful if things go out as planned. For potential investors, this might be the right ICO to invest in. However, we would advise you to go through their whitepaper properly to be certain that you’re making the right choice.
*This is only a review and not financial gospel. Please invest at your own discretion.*