V-ID - Ending Document Fraud with Blockchain-Powered Validation.
Have you been to the 4th place on CoinMarketCap? Well I have been and it's not pretty.
|Ken||May 15|| 1|
This is The Weekly Coin, a weekly newsletter highlighting high potential lower cap Cryptocurrency projects.
Hello beautiful people from around the world. How are you all holding up? It’d be awesome to know where some of the subscribers of the weekly coin are from. Maybe drop a comment down below if you feel like it.
This week I have another interesting coin for you all. This one I’ve heard about for quite some time now but never really did my due diligence investing my time and efforts researching the thing. We’ll here I present to you my thoughts on V-ID.
V-ID is a service that detects any unlawful manipulation of any digital file. In order to make files
, they must be
. V-ID’s validation process involves extracting the fingerprints of files and saving them in the blockchain. If a file is changed with just one byte, pixel, character, or anything else, the fingerprint is changed and V-ID will detect it 100%.
What Is V-ID?
I feel kinda bad about this but I’m going to tell you guys this story anyways. I was in middle school at the time and I spent most of my time thinking about the cute girls in my class and how to beat the final boss in Super Smash Bros. I certainly didn’t worry about school work. On one particular day, my teacher reminded me that a very important paper was due the next day. So what does any smart 14 year old do? We’ll he runs home to use is newly developed Photoshop skills to forge a doctor’s note to send to the teacher so he can be excused from class the next few days. Not my proudest moment but you know what? It worked. I didn’t go to school for the next few days and worked on my assignment and happened to walk away with a C+.
My whole plan would have been foiled if the original doctor's note could have been validated as authentic on the blockchain. It would go a bit like this. The doctor crafts his note stating that a patient is indeed sick then he stores a fingerprint of the file on the blockchain. When my teacher then receives the note he can then verify that the original file has not been tampered with in no more than 5 seconds. That is what V-ID is doing and to be honest, I’m surprised this idea hasn’t came about sooner, the blockchain is one big verification system.
What is the use of the VIDT Token?
The VIDT token is a pretty integral part of the verification process. It is used to interact with the network. Check out this quote I found:
The V-ID Token (VIDT) is the key factor that makes validations possible. V-ID appoints a wallet to the issuing organization, containing a balance of V-ID tokens. Organizations buy monthly bundles of VIDT, of which the size depends on the expected monthly amount of validations. Each time validation is done, a transaction with VIDT will occur, which records all necessary details to track back the filetype, validation location, timestamp, and identity of the validator.
Here also is the utility loop outlined in a V-ID blog post.
The Utility Loop consists of 3 actions:
Customers buy V-ID token bundles from V-ID. V-ID initially reserves 25 million V-ID tokens in the Main Wallet for these transactions.
A transaction with V-ID tokens takes place for each validation. The tokens spent on validation are transferred to V-ID’s Validation Wallet.
80% of tokens spent, will be returned from the Validation Wallet to the Main Wallet.
More on the utility of the VIDT token
One particular use case is invoice fraud. Invoice fraud in 2018 cost companies nearly $7 billion in 2018. Think they’d be interested in saving some money by using a product like V-ID? If V-D captured only a portion of the 7 billion used their numbers could soar.
Also important to note is
IBM is working with V-ID
I worked at a development agency and have seen a number of startups come and go. While hearing pitches one thing my boss would say is an idea if too complicated can hinder users from adoption. I don’t think V-ID has that problem. V-ID has a clear and concise use case. Keep an eye on them.
I am not invested in V-ID.
I am not a financial advisor. This is not financial advice. This is just my opinion. Always do your own research before investing. I am not responsible for your trades.