On the partnership with Velix.ID, Mohit Kalra, the CEO of Coinsecure, mentioned:
The present means of KYC and identification verification is just too troublesome and tedious for us as a Cryptocurrency Exchange and a trigger of serious lack of enterprise. I personally consider that with Blockchain Technology, this course of could be improved upon drastically. When the concept of Velix.ID was offered to me, I used to be left impressed with the concept and the technical soundness of the execution plan. In reality, I wholeheartedly consider in —not simply the concept— however the precise capability of the Velix.ID staff to have the ability to execute this venture efficiently.
The present procedures of KYC are a explanation for main concern for each the cryptocurrency exchanges and their prospects inflicting a major enterprise loss for the exchanges.
There are a number of faults within the up to date KYC strategies that make the method of signing up on the exchanges very inefficient:
Too time-consuming: It takes a least of 3 days to 5 days usually for a person KYC course of to be accomplished in the mean time with any change. There are large backlogs with many cryptocurrency exchanges due to the pending KYCs, which is inflicting large enterprise loss on day by day foundation for the exchanges.
Loss in Customer Acquisition: The requirement to enroll with fundamental data, then make copies of your identification paperwork, importing them, after which ready for the verification course of to be accomplished is a discouraging course of for the Users, and incurs a loss in buyer acquisitions for the companies.
The Velix.ID Solution: Revamping KYC
The Velix.ID Ecosystem is a decentralized answer to the KYC downside. As a enterprise companion, the change can merely request the verified identification of the User over the Velix.ID blockchain from a enterprise/authority that has already verified it. This Verified-Identity Provider could be the User’s financial institution, one other cryptocurrency change, or every other genuine group from which the change is keen to acquire the identification from. This transaction is carried out in a safe, environment friendly, and personal method using applied sciences akin to Smart Contracts, Stellar Consensus Protocol, zSNARKs, HD Wallets (BIP32), and PoeT. This transaction of identification utilizing Velix.ID is blazingly quick because the transaction is verified via a number of nodes on the Velix.ID blockchain, who’re rewarded for these transactions.
Velix.ID affords free verification stamps to the enterprise companions in order that they’ll take a look at out the Velix.ID Ecosystem to see if their enterprise prices enhance with the Velix.ID improved KYC course of. Other than the already secured partnerships with Coinsecure and Bitxoxo, Velix.ID is at present in talks with all main cryptocurrency exchanges in India for his or her KYC processes.
The KYC course of is, nonetheless, solely one of many many use-cases of the Velix.ID Ecosystem within the Identity Verification house, which covers many trade verticals together with cryptocurrency buying and selling, real-estate, Travel & Hospitality, Banking & Insurance, Employment, Commerce, Transport.
The Velix.ID Presale begins January 27, 11:59 PM UTC at 35% low cost, you possibly can register now.
Visit the Velix Website: https://www.velix.id/
Check out the Whitepaper: https://www.velix.id/property/Velix.ID%20White%20Paper.pdf
Connect on Telegram: https://t.me/velixID
Follow on Twitter: https://twitter.com/VelixId
Check out the Blog: https://weblog.velix.id
Read the BitcoinDiscuss Thread: https://bitcointalk.org/index.php?matter=2721724
Contact Name: Neer Varshney,
Contact Position: Head of Communications & Outreach,
Contact Email: firstname.lastname@example.org, Telegram:https://t.me/neerv Skype: neer.varshney.
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