Frequently Asked Questions

Our slothful team has designed these FAQs list to save themselves from having to answer the same questions again and again! But feel free to bother them if you don’t find your answers here

What are VXD tokens?
VXD tokens are the native Velix.ID ecosystem tokens that can be utilized to verify/ share verified identities. You can read more about the VXD tokens in our white paper.
When is your token sale?
Our Crowdsale begins on 17 April 2018, and will last until 15 May 2018.
How do I exchange VXD tokens for other cryptocurrencies?
You can exchange VXD tokens for any Cryptocurrency including Bitcoin through Cryptocurrency exchanges or over the counter (OTC).
How can I mine VXD tokens?
The VXD tokens cannot be mined. There’s however an early-participation reward program based on PoET (proof of elapsed time), that will be available once our blockchain is launched for beta version.
How can I buy VXD tokens?
You can buy them using your Velix.ID dashboard during the token sale, after which you can buy VXD tokens through cryptocurrency exchanges, and over the counter (OTC).
Who should purchase VXD tokens?
Any business/organization that requires identity information or verification of its customers can purchase VXD tokens to ease-up this process and reduce their time consumption and financial costs. Cryptocurrency investors and traders can also purchase the VXD tokens.
Are VXD tokens ERC 20 Compatible?
Yes, VXD tokens are ERC 20 compatible.
Where can I store my VXD tokens?
You can store them in an ERC20 Compatible wallet like myEtherWallet, metamask, or parity.
What is the vesting period of the founding team?
The total vesting period of the founding team is 2 years, divided into 4 parts, in which every 6 months, 25% of the tokens will be unlocked.
What happens to the unsold coins after the crowdsale?
The unsold tokens allotted to this crowdsale will be burnt.
Can I pay by card, bank transfer, INR, EUR, USD, GBP etc?
No, not at this point of time, you can only pay through cryptocurrencies.
What is your Softcap and Hardcap?
Our Softcap is USD $2.5 Million, and Hardcap is USD $23.8 Million.
If you are not able to reach the soft cap will you still continue with the project or return the funds back ?
Yes, if soft-cap is not reached, all the investments will be returned.
Will there be a token drop if not all tokens sold?
No, we will be burning the tokens that remained unsold at the end of the crowdsale.
How does the price of VXD tokens increase?
The total supply of the token is capped at 100 million. The tokens will always be in demand for sharing and verifying identities. This will keep the price up. See our demand and supply model in the White Paper for details. Please checkout our Token Paper.
What is the minimum investment and in what currency?
Min investment- during presale 1000$, during crowdsale- there would be no minimum amount.
What is Velix.ID?
Velix.ID is a platform to enable frictionless identity verification across the globe. The contemporary 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. The reason why a disruption in the identity-verification space has not yet occurred is the lack of a tested/proven trust-framework on which all institutions, globally, can rely on for sharing the costs and liability of identity verification. Velix.id aims at bridging this gap by building a secure, trustless, transparent, decentralized, universal, time-efficient, and cost-efficient ecosystem for identity verification.
We, at Velix, are envisaging a world, where the individual controls his/her own personal information and what information they share with whom. Velix allows 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.
We are utilizing blockchain Smart Contracts, Zero Knowledge Proofs, and Stellar Consensus Protocol (SCP) to build an ecosystem that optimizes time & cost resources for both businesses and consumers to their maximum potential. In line with its mission, Velix.ID 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.
What technology do you utilize?
We use blockchain, smart contracts, zero knowledge proofs, proof of elapsed time (PoET) and the Stellar Consensus Protocol (SCP). For detailed information, please check the technical section in our White paper (p.16-p.22).
Where can I read more about Velix.ID?
You can read our white paper, see our presentation, read our blog, or see our announcements.
How do I sign-up on Velix.ID?
You can sign-up on Velix.ID here.
Is Velix.ID free to use?
Yes. Velix.ID is free for Users. The cost is borne by the business partners (verified-identity seekers on the Velix.ID ecosystem) or Velix.ID and users will always be incentivised in VXD during every verification
What are the specific use cases for Velix.ID in the near term?
You can use VXD tokens to sign up on websites, order food, or enter your office building! For detailed use-cases, see here.
How will you store my personal ID ?
We won’t. All of the data on the Velix.ID Ecosystem is stored on the User’s own device and never with Velix. There’s no central database, so the User is always in control of their own information.
Will Velix.ID have access to my identity ?
No, not unless explicit authorization has been granted by the User. No personal data of any User is shared with anyone without the explicit consent of the User.
Can you recover your Velix.ID?
Yes, if you have lost access to one of your devices, you can use another device to disable the lost device, and change your authentication details. To do this, you will need to have taken proper security measures beforehand.
What benefit will I get using Velix.ID?
As a User on the Velix.ID ecosystem, you get paid to participate in the identity verification process. In addition, the Velix.ID ecosystem is also designed in a way that it protects your privacy and keeps your information secure.
When ever I share my identity with any identity seeker, can the seeker save my details with him?
Yes, if you consent to give your identity information to someone, they are allowed to store the information with them.
Are there any restrictions when buying your tokens?
No. However, you need to make sure that you are complying with your country’s rules and regulations.
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