Our lives are very much dependent on the internet these days. Whether it’s everyday work, or file storage, social media, it’s nearly impossible to imagine a non-digital life.
The problem is, our digital lives are not so safe. Indeed, the occasional data breach has become almost an accepted part of it. But it doesn’t have to continue being this way, especially with blockchain’s introduction, a new tech that provides for immutable and transparent records.
V-ID is a new project looking to change the way we interact with digital storage services. It aims to reduce fraud and increase transparency with the use of blockchain.
Let’s explore more deeply what V-ID is about, as well as its native token – VIDT.
Breaking Down V-ID
V-ID is a blockchain-enabled network for data validation. The V-ID team wants to “safely certify and secure all digital assets, so fraud and errors no longer hold back society’s innovations in digitalization.” The platform works this way: anyone can register a file on the network, which will then be marked with a hash that corresponds to the file, upon which the hash will be stored on the blockchain.
Now, any change made on the file will correspondingly reflect on the hash. This means any attempt at tampering with the file will be easily and quickly detected.
The use cases for V-ID are many and varied, but the more readily identifiable ones include the following:
- Certificates of any nature, including diploma, inspection certificates, etc
- Reports – whether it’s financial, medical, and so on
- Due diligence trails and audit trails
- Tracking data
- Supply chain and logistics documentation
- Video footage
Blockchains supporting V-ID
File info is kept on the immutable and transparent blockchain. V-ID works with several blockchains for users to save this info. Let’s take a look at them:
Ethereum – Ethereum has tens of thousands of nodes, which ensures security for the network
LTO Network – LTO is built for business – meaning it’s fast and is General Data Protection Regulation (GDPR) compliant
Hyperledger – this blockchain has the advantage of privacy, and hence more control is exercised over the network.
DigiByte – DigiByte is a blockchain-focused on complete decentralization. It has a high node count, which means strong community support and security.
Bitcoin – BTC is the most popular blockchain, with hundreds of thousands of nodes, signifying high-level security.
Community Strategy of V-ID
The V-ID team wants to undertake several strategies in a view to expanding the community. Current strategies include:
- Liaising with Business-to-Customer service providers to integrate with V-ID
- Updating the community on progress on various media channels
Future strategies will be:
- Co-hosting crypto and blockchain-related conferences with other partners in the space
- Collaborating with thought leaders in the space to expand the integration of the platform
VIDT Datalink (VIDT) is the native cryptocurrency of V-ID. It pretty much powers the validation process. A VIDT transaction involves recording all the necessary file info of a data package – such as type of file, location, timestamp, and identity.
Distribution of V-ID tokens was done in the following manner:
- Public sale: 19.07%
- Private sale: 10.08%
- Team tokens: 3%
- Advisor tokens: 2%
- Validation pool tokens: 12%
- Ecosystem development fund tokens: 10%
- Bounty program tokens: 7.15%
Tokenomics of VIDT
As of October 7, 2020, VIDT traded at $0.494948, with a $24.5 million market cap, which placed it at #300. The token’s 24-hour volume is $378,555, its circulating supply is 49,428,303, while it’s total and maximum supply is 57,386,799 and 58,501,137, respectively. VIDT’s all-time high is $1.22 (August 15, 2020), while its all-time low is $0.042714 (March 16, 2020).
Buying and Storing VIDT
Currently, VIDT is listed as a market pair with WETH, BTC, USDT, BNB, and ETH on several exchanges, including Bilaxy, KuCoin, HotBit, Uniswap, Hoo, IDEX, Binance DEX, Fatbtc, and Kyber Network.
Being Ethereum-based, you have a wide range of options when it comes to which wallet to store VIDT. Trust Wallet, Atomic, MyEtherWallet, MetaMask, Guarda, Exodus, Mist, Ledger, and Trezor are some of the great options.
Blockchain can be used for so much good in society – not just finance. And if it can help reduce fraud in the digital storage world, why not? V-ID may prove to be a very timely project.