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A Blockchain RegTech Solution to the World’s $200 Billion a year Identity Verification Crisis: Introducing Velix.ID

Bitcoin Press Release: RegTech Startup Velix.ID are building a blockchain platform to ease the processes of identity verification and sharing across business and consumer markets globally.

January 15th 2018, Singapore, Malaysia – In the fast-moving 21st century with a 7 billion strong population — accessing any consumer service requires identity information — signing up on websites, ecommerce checkouts, accessing private properties, buying bitcoins, or gettings loans! However, this incautious sharing of Identity bring many problems for both the consumers and the businesses.

The Problems with Identity Verification

Identity Fraud: As per the data compiled and fact checked from Forbes, BBC, Mashable, CNBC and the Telegraph, the world is losing  up to $200 Billion in Identity Fraud every year, and more than 4 Billion data records were stolen globally in 2016 alone.

Data Breaches: When the data is stored in central databases with authorities or businesses, it is susceptible to mass data breaches. It is not just random websites on the internet that are compromising people’s data, even some of the world’s major brands have suffered mass data breaches. The list includes popular names such as Uber, Yahoo, Adobe, Sony, JP Morgan, eBay, Zomato; the government databases are no exceptions either. In India particularly, Aadhar has suffered multiple massive data breaches, compromising the most sensitive personal data of millions of Indian citizens. Other key government enterprises including DRDO, ISRO, RBI, EPFO, SBI, BSNL, and several others have faced data breaches as well.

Time & Cost Inefficiency: Current Methods of Identity Verification are too slow and inefficient for both consumers and businesses — taking the cost of verifying identities to near $100 billion a year. The laws relating to Cryptocurrencies in India are so stringent, that the Exchanges have to spend millions of dollars performing KYCs, which inconveniences the consumers by having to wait for multiple days before they can actually start trading. At new

The Velix.ID Solution

Decentralization: Storing the data in a centralized database makes the identity information susceptible to mass data breaches or misuse in the hands of the concerned authority (such as selling your information to advertisers without your explicit consent). Blockchain  Technology allows for this information to be stored on a public ledger in an anonymous manner with no authority having singular control over this information.

Easy Transaction: A unique easy-to-remember 8-digits alphanumeric  ID that can be shared globally with anyone to allow seamless sharing of identity information in a secured manner without requiring to repetitively provide the same information over and over again.

Mandatory User Consent:  The identity holder should always be in charge of how and where their identity information gets shared. Any transaction of Identity cannot occur between two parties without the explicit consent of the Identity Holder.

A Platform that doesn’t require Trust: The blockchain & zero-knowledge proofs technology that Velix.ID utilizes ensures that it doesn’t have any information stored about the user with it, and the identity information is transacted directly to the identity information requester, without any intermediary control. This means that the platform works even without trust.

Improved Customer Experience: Users can access services easily and instantly without repeatedly requiring to sign-up or entering identity information.

Time & Cost Conservation: The cost for new customer acquisition and identity verification comes down since the same processes do not have to be repeated over and over again. The time spent in performing multiple signups, gathering and verifying identity information also reduces significantly.

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

Velix.ID Token Sale

  • Pre-Sale Phase 1: 1 VXD = 0.6 USD, starts: 27 Jan 2018, discount: 40%
  • Pre-Sale Phase 2: 1 VXD = 0.7 USD, starts: 3 February 2018, discount: 30%
  • Crowdsale Phase 1: 1 VXD: 0.8 USD, starts: 10 February 2018, discount: 20%
  • Crowdsale Phase 2: 1 VXD: 0.85 USD, starts: 18 February 2018, discount: 15%
  • Crowdsale Phase 3: 1 VXD: 0.9 USD, starts: 26 February 2018, discount: 10%

Visit the Velix Website: https://www.velix.id/
Check out the Whitepaper: https://www.velix.id/assets/Velix.ID%20White%20Paper.pdf
Connect on Telegram: https://t.me/velixID
Follow on Twitter: https://twitter.com/VelixId
Check out the Blog: https://blog.velix.id
Read the BitcoinTalk Thread: https://bitcointalk.org/index.php?topic=2721724

Media Contact
Contact Name: Neer Varshney,
Contact Position: Head of Communications & Outreach,
Contact Email: neer@velix.id

Velix.ID is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest

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A Blockchain RegTech Solution to the World’s 0 Billion a year Identity Verification Crisis: Introducing Velix.ID

#btc, altcoin, bitcoin, bitcoin press release, cryptocurrencies, cryptocurrency, decentralized, digital currencies, digital currency, ecobit, environment, green project, malaysia, nem

The Force Behind NEM’s Rise, EcoBit Green Project Announces ICO

Bitcoin Press Release: EcoBit, NEM-based “green project” drives the cryptocurrency’s demand and price upwards.

May 18, 2017, Selangor, Malaysia – NEM is one of the fastest growing distributed ledger technology platform, powered by XEM cryptocurrency has registered an increase in its value and trading volumes in the recent days. The sudden growth was fueled by its partnership with EcoBit, a green project supported by the Kelantan State Government in Malaysia.

The drastic growth in demand for the out-of-the-box blockchain solution and its underlying XEM tokens during this year started with a Tweet showcasing the platform’s collaboration with EcoBit project and its Blockchain Card. EcoBit Blockchain Card is the first ever implementation of blockchain on a smart card with NEM technology that enables transaction of EcoBits tokens.

“XEM has approximately registered a 1924% growth in its price since the beginning of 2017.”

– EcoBit Team

The correlation between the EcoBit events and spikes in XEM prices was analyzed by Diario Bitcoin, a leading Spanish cryptocurrency news outlet with a huge readership and social media following that exceeds 18000 users. The XEM price chart shows a strong bullish trend line corresponding to the events. A closer look at the graph shows an approximate 154% increase in NEM prices from $0.0037 to $0.0094 between January and March 11, 2017, which signifies the phase two launch of the EcoBit project.

EcoBit NEM price chart

Approximately a month after, XEM experienced another significant climb to reach $0.0247 per token; moving an entire decimal point in a short span of time, which aligned with the launch of EcoBit website and ICO. In the month that followed, XEM price witnessed another shift in the decimal point to cross $0.1276 (as on May 14, 2017).

Following the ICO, EcoBit and its green initiative has gained a lot of popularity among community members, some of whom from Japan have also created EcoBit themed superhero cards.

What is EcoBit?

EcoBit is a green and sustainable lifestyle movement, developed in partnership with the Kelantan State Government in Malaysia. The EcoBit project pledges to manage one million acres of tropical rainforest in the region for the next 30 years. Its mission and accompanying eco-friendly projects will be financed through carbon credits and an ongoing ICO. The first of a kind “green project” ICO has already raised over $1 million in less than ten days. Open till June 8, 2017, EcoBit invites participants to continue contributing towards its sustainable environmental movement.

With NEM blockchain technology, the company creates a public supply chain for all produce created through its green projects on Carey Island. Through blockchain implementation, EcoBit focuses on transparency, immutability, and accountability, ensuring that people know exactly what they are buying, where it is coming from and under what ethical circumstances.

The EcoBit tokens can be traded like any other cryptocurrencies on exchange platforms once the ICO comes to an end. Explaining the difference between EcoBit and other blockchain projects, the CEO of Climate Protector/EcoBit Mr. Tang Too Siah said,

“Unlike many other cryptocurrency projects, EcoBit is backed by real world needs and assets. Within 12 months’ time, we will become an industry leader, and many people will start to question which cryptocurrency is backed by real projects?”

Already five months in the making, EcoBit secured the project to manage and maintain a million acres of tropical rainforest from the government on January 9, 2017. As a part of the project, the platform is responsible for protecting the area from illegal activities, reduce CO2 emissions and increase carbon stocks for trading purposes through the REDD/REDD+ Carbon Trading/Offset Market. The one million acres of forest land is also the home for world’s second oldest rainforest located in Kelantan.

In the second phase, sustainable projects will be implemented at the EcoBit Sanctuary Asia, located on Carey Island. These projects will involve setting up of spirulina farms, aquaponics farms, organic vegetables, free-range chicken, coconut plantations and eco-tourism projects to bolster greener thinking and education (subject to each project milestone being fulfilled). The following third phase will see an expansion of these sanctuaries to the Europe, United States, China, Australia and other regions across the globe.

The use of self-sustaining NEM blockchain-based smart contracts enables projects to manage and monetize natural resources to reduce carbon emissions ethically. It also creates a transparent, immutable digital supply chain ledger that allows anyone to track and monitor the carbon credits/impact, project’s yields (agricultural produce) and the movement of products from the origin to supermarket shelves. Through the ledger, consumers can be assured of the organic nature and ethical handling of food produce. The recently introduced EcoBit Blockchain Card can be used by members to “earn” EcoBit tokens via recycling program and “pay” merchants for their goods and services.

The ongoing ICO offers an attractive, once in a lifetime opportunity for investors interest in not only cryptocurrency revolution but environmental consciousness to contribute towards and eco-friendly blockchain-based project, fighting global warming and climate change in the process.

About EcoBit

EcoBit is the latest in crypto credit offered to the general public which has its foundation built on a sustainable program to reduce carbon footprints on planet earth. The green project is taking charge in the fight to make the world a safe and healthier place for all to live in.

Learn more about EcoBit at – http://ecobit.io/
Participate in the ICO at – https://member.ecobit.io/Register
EcoBit on Twitter – https://twitter.com/EcoBit_io
EcoBit on Youtube – http://bit.ly/EcoBitYoutube
EcoBit on Facebook – https://www.facebook.com/EcoBit.io
EcoBit on Telegram – https://t.me/EcobitOfficialTelegram

Media Contact

Contact Name: Mr. Tang Too Siah
Contact Email: Ceo@ecobit.io
Location: Malaysia

EcoBit is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

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The Force Behind NEM’s Rise, EcoBit Green Project Announces ICO