Frequently asked questions
Hi everyone! To satisfy all the info hungry VIDT fans, we created this ever-growing FAQ section!
If you have a question that is not answered here, please contact us through our contact form and it will be added to this list as soon as possible.
If you first want to have a quick 2 min read-up on V-ID you can also visit https://about.v-id.org/welcome . Furthermore, V-ID is constantly churning out news around developments, partnerships, events and clients.
Thanks for your support!
The V-ID Team
V-ID makes any digital file verifiable. After a file is validated with V-ID, any recipient can check if the file is still authentic and hasn’t been tempered with since its creation within 5 seconds. This works with any digital file like PDFs video footage, audit trails, database archives etc. See how it works in 90 seconds in this video.
We currently provide our service, with many different use cases, to ca. 30 clients like Airbus Defence & Space, AmSpec, Krohne, JWC Superyachts and more.
V-ID is a blockchain-as-a-service and provides SME organizations an easy to implement blockchain validation service to integrate in their processes. Adoption is quite easily achieved as usage hardly impacts existing workflows. V-ID offers a manual validation solution (usable only by validated customers, by V-ID staff and / or notaries) in addition to a fully automated validation and verification solution powered by our APIs. The business model is based on a monthly tiered license fee with a price per validation fee that has discount options for higher volumes.
In the short to medium term we plan to develop plug-and-play extensions to widely adopted ERP platforms.
As the potential use cases for V-ID are almost limitless and the amount of digital files which would benefit from protection can hardly be quantified, we can only think of practical limits in the speed of adoption and sustenance of growth of the company.
VIDT is a ERC-20 compliant token which holds additional features in its smart contract for the validation of files and publishers.
Circulating supply will only decline through regular token burns. VIDT can not be mined. Part of the supply (about 24M tokens) will never be circulating. The maximum circulating supply is about 38M and will decline over time.
The Utility Loop consists of 3 actions:
1: Business clients buy V-ID token bundles from V-ID. V-ID initially reserves 25 million V-ID tokens in the Main Wallet for these transactions.
2: A transaction with V-ID tokens takes place for each validation. The tokens spent for validation are transferred to V-ID’s Validation Wallet.
3: 80% of the spent tokens will be returned from the Validation Wallet to the Main Wallet.
Each month, 3 things happen:
1: As mentioned, 80% of the tokens will flow from the Validation Wallet back into the Main Wallet.
2: 20% of the tokens will be burned.
3: V-ID will buy an amount of tokens equal to 10% of VIDT spent on validations. V-ID will buy this amount of tokens in unequal parts at random moments, preferably at several exchanges, to prevent sudden movements in the exchange rate and to eliminate any predictability in exchange rate developments.
The consumer app, which is in the works, will allow anyone to spend VIDT on validations in one or more blockchains.
Validating or stamping files is a paid service, and is required once per file. By validating a file, a customer claims it and stamps it’s fingerprint in one or more blockchains.
Verifying or checking files is a free service to check the validity of any file and can be done by utilizing the V-ID smart contract, by using our API or one of our widgets (which can be embedded anywhere online). Verification is also available directly at https://www.v-id.org.
As stated above we run a monthly buyback and burn program which is tied to the amount of VIDT spent on validations by our customers.
You can visit this page for VIDT live data regarding usage by V-ID’s clients: https://about.v-id.org/dashboard
Demand for VIDT rises with the growth of the number of validations done.
As our customer base grows, the number of validations grows as well. Furthermore, in the near future consumers can use their market bought VIDT for validations to claim any idea or concept.
Client wallets serve as the KYC
After the KYC process, V-ID issues a client wallet for the respective customer. Each transaction from that wallet stands for the validation of a file from that identified customer. The token transactions are key to the identification and confirmation of the identity of the publishing party. A VIDT transaction is made which records all necessary details (filetype, validation location, timestamp, identity) every time an organization validates a file. The VIDT token used in the transaction will be deducted from the validating organization's wallet.
Ease of use is key for adoption
The process must be as accessible as possible in order for the V-ID platform, and blockchain technology as a whole, to be adopted broadly by businesses. Because the V-ID platform is accessible through an API or the simple drag-and-drop interface our customers do not need to understand the technicalities of blockchain and how to handle multiple wallets, make transactions, understand gas pricing and transaction rates, etc..
Validations are recorded in several different blockchain at the time like Ethereum, LTO Network, DigiByte and Bitcoin. The V-ID token allows V-ID to control the prices for validations in VIDT, to enable V-ID to compensate for the constant fluctuations of exchange rates and transaction fees that come with the different blockchains that are used.
Because V-ID uses a token, all transactions are public and traceable, providing transparency to our investors.
More on the VIDT token: https://about.v-id.org/token
VIDT has been praised on its innovative tokenomics. The buyback and burn program aims to stimulate natural deflation tied to our business performance.
Furthermore, the VIDT smart contract has added features which are required for our business model.
Regarding the recent concerns around securities and regulations: Whether it is the SEC, AFM (or DNB), ASIC, SFC or other regulatory bodies, it is extremely likely that regulations will be put in place. And when that happens, we believe it will be be a healthy development for the long run and the stability and innovation of blockchain technology. In any case, the crypto sector will react and adapt, like it has done already to other changes.
As for V-ID, our core business is providing a service in the form of a validation platform functioning using VIDT transactions, which solves security and fraud problems for organizations. Since our service is built with modularity in mind, the platform is extremely flexible when it comes to adapting to these regulatory changes.
Whatever steps V-ID must perform in order to adhere to the regulations will never change our mission to safely certify and secure all digital assets, so fraud and errors no longer hold back society's innovations in digitalization.
V-ID will comply with regulations and will adapt the tokenomics if and when required to do so. In essence, VIDT is a utility token as it is required for our broadly used technology.
Our traditional non-blockchain competitors are Adobe, Microsoft and PDF certification issuers. Our blockchain competitors are DocuSign (PDF only), PO.ET and Factom.
V-ID is an innovative solution with a proven track record of solving the very problem we set out to eliminate. We have gone far past the PoC or MVP stage with the platform and are currently in use at more than 30 customers, including Airbus Defence & Space, AmSpec, JWC superyachts, Krohne and EU research center ESHRE.
V-ID offers authenticity protection and data integrity for digital files:
- Works with any file type, not just PDFs but also security footage, database archives, audit trails, tracking data for example
- Widely applicable in different use cases: from protection against fake invoices to securing the authenticity of a Rembrandt.
- Validation can be done retroactively, even years after a file was published / distributed.
Low barrier for deployment
- no need to alter files to protect them
- the basic drag and drop interface is operational within hours after KYC
- the API is designed to be integrated with ease in existing systems
- files validated by the V-ID service can be verified forever without having to uphold a license in addition to lowering the financial impact for huge volumes by using batch validation
Low impact on existing workflows
- Verifying works on any device with a browser, mobile as well, without authorisation, plugin or other software required. The optional QR feature enables verification of a physical printed copy.
- V-IDs API allows customers to validate and verify files in background processes.
- The service is GDPR compliant
- Deployed using extensive ddos protection, forced SSL and a triple firewall
- 24 hour monitoring and penetration tests by external parties
For V-ID to become the market leader in file fraud protection. As you can read on our website, our mission is to safely certify and secure all digital assets, so fraud and errors will no longer hold back society’s innovations in digitalization.
We are onboarding new clients faster than ever and will focus on keeping this rate high without losing business integrity.
For crypto enthusiasts: one of the indicators of our progress is the use of VIDT, our utility token that forms the backbone of the validation process.
You can find an overview of this on the Usage Dashboard at https://about.v-id.org/dashboard
V-ID sprouted from the software company WIDIDI, which means:
Well connected with a vast network of high level industry leaders, grown over the last 15 years in business
Core team has been working together for 15+ years
10+ years of experience developing highly specialised secure platforms
Wico van Helden, CEO, Co-founder
25+ years management experience, Seagull Software (initial public offering 2005, sold to Rocket in 2008)
Marnix van den Berg, Lead Development, Co-founder
15+ years experience in project coordination, interaction design and user experience
Pim Voets, Lead Concept Design, Co-founder
15+ years experience in concept development and UX design
Ceciel van Helden, Lead Programming, Co-founder
15+ years experience in platform code layer, basic logic and core processing engine
Wil van Groesen, Lead Engineering
20+ years experience in databases, server architecture, performance and security
Joshua Jenster, Business Developer
5+ years experience in business development
Thijs Calkhoven, Lead Product Management
3+ years experience in product management, server architecture, performance and security
Edwin van der Lee, Lead Customer Support
10+ years experience in customer support, content creation, design and multimedia
Dr Alan Whitfield, Advisor
20+ years management experience, Congruis Limited, Wididi
Jolanda ter Maten, Advisor
20+ years experience in ICT, HR and management
Blockchain expert and advisor to the European Union, Dutch Blockchain Coalition member
Bastiaan Oosterdam, Advisor
Alterdax (Business Dev Director)
Magnus Dufwa, Advisor
Blockalize (CEO), ShipChain (Lead Dev)
Camiel Vermeulen, Advisor
Watson Law (Lawyer)
Willem-Jan Smits, Advisor
Watson Law (Lawyer)
We are constantly expanding our network to gain more exposure and grow our business. Some of our current clients & partners:
CMS is one of the largest law firms in the world with over 70 locations in 44 countries. We are currently developing 5 projects with them to bring to market later this year. CMS is also advising V-ID on GDPR compliance of the V-ID platform.
With their GDPR compliant hybrid blockchain, Dutch origin and hands-on mentality focused on real world adoption, this was an instant match with V-ID. Last April, LTO’s Rick Schmitz and V-ID’s Marnix van den Berg shook hands to start a fruitful partnership aimed at helping each other by sharing tech, leads and networks, and joint-development of disruptive B2B products.
Axveco is the expert in the field of Blockchain, AI and FinTech. They provide training, consultancy and solution development. With more than 3,000 participants in their training courses, they are the leader in blockchain training in the Netherlands. Axveco develops unique and leading knowledge in the field of blockchain and with this they advise clients to implement the most innovative solutions.
DigiByte is a public, rapidly growing and highly decentralized blockchain. DigiBytes are digital assets that cannot be destroyed, counterfeited or hacked, making them ideal for protecting objects of value like currency, information, property or important digital data.
DigiBytes can be sent over the DigiByte Blockchain and forever recorded on an immutable public ledger that is decentralized on thousands of computers across the planet.
Morpheus labs is a Singapore-based blockchain company providing enterprises with a full-service Blockchain-Platform-as-a-Service (BPaaS) solution for easy prototyping, deployment, and integration.
Morpheus Labs is the only end to end blockchain platform and app marketplace with a variety of active blockchain partners whose vision and goal are to find solutions to problems hindering mass adoption.
Building a blockchain-agnostic platform and communal ecosystem is their core business.
A regional government asked us to partner with them to help their local entrepreneurs use our tech. Digital Mainport Drechtsteden (DMD) is a platform that stands for direct and secure regional data exchange. This way they create a place where everyone can be connected quickly and easily and where learning, experimenting, thinking and doing take place close to each other.
DMD consists of projects in the sectors of housing, care, education, E-services, water management, smart city, living environment and mobility. All members of DMD will be KYC’d and Validated using advanced APIs and an embedded Verification Terminal Widget. (DMD is a predecessor to the future nation-wide Digital Trust Center initiative)
V-ID’s universally applicable product has made it possible for any business to easily adopt blockchain technology to solve a real world practical security problem in their own context/business process without
- impacting existing workflows
- requiring modifications to files
- long implementation paths
- losing GDPR compliance
V-ID’s validation and verification methods make perfect use of the proven security characteristics of both blockchain and hashing algorithms to tackle real world problems while saving businesses time and money compared to traditional solutions.
We further distinguish our business with the lowest possible barrier for implementation and 100% compatibility with any existing software infrastructure and file format.
https://github.com/V-ID/V-ID-Token is for the Ethereum smart contract.
All other V-ID software is proprietary and runs on the proven WIDIDI platform for which V-ID is fully licensed.
For one of our use cases, the protection of diplomas and certificates, we provide a validated demo diploma file.
You can check this file’s authenticity in 5 seconds with the Verification Terminal at v-id.org. A validated file may be copied and renamed, but if as little as one byte of the contents is changed, the Verification Terminal will pick it up and determine the file as “unverified”.
For a quick demo https://www.youtube.com/watch?v=tGANNanUX3s (2 minutes).
Yes, currently we have new AMA’s planned with Blockfyre and The DailyChain.
There are other blockchain projects that aim to validate data, none of which have a working product that is currently being sold to customers. They tend to specialize in certain areas, like music, artwork or digital identities.
As V-ID’s proposition is so easily explained to people and businesses outside of the blockchain space, we see comparisons being made with Adobe’s PDF protection offerings.
We have a working platform that is being used by 30+ customers from sectors education, medical, law and heavy industry doing about 50K validations per month.
We just released a new roadmap that contains most of our grand plans and ambitions for our token -, business – and development strategy.
Some of the roadmap highlights are a top exchange, Operation Whale Shrinker, a Learn and Earn Programme, API V3 “trust automated” real-time validation and verification, B2C applications, a VIDT usage dashboard, a V-ID powered IOE (internet of environments platform), a V-ID powered KYC/customer due diligence process and security token VIDS, which provides the option to convert VIDT into VIDS.
Apart from the roadmap we will continue to announce new clients and partnerships.
For more info: https://about.v-id.org/roadmap
As the potential use cases of V-ID are almost limitless and the amount of digital files which would benefit from protection can hardly be quantified, we can only think of practical limits in the speed of adoption and sustenance of growth of the company.
VIDT is used to pay for file validations. At the moment, only businesses pay for our services this way. However, we are also working on consumer oriented applications of the platform. The first step is to develop a consumer app that lets anyone validate files. Fees for these validations will also be paid with VIDT that consumers already hold at the moment.
The B2C app is actually the first development project built upon the Open VIDT Platform. The VIDT Platform provides all the tools, like the APIs, to enable any validated publisher or KYC oracle to develop their own solutions on the VIDT Platform to serve specific use cases that fill their needs. Using the V-ID validation technology, validations will always be paid for in VIDT while the context, additional features and scope of the app can all be decided by the developers themselves.
The total supply is 62,699,786 VIDT. However, the maximum circulating supply is currently 38,000,656 as almost 25M VIDT are reserved for the validation pool and will never be brought into circulation. The maximum circulating supply will decrease over time.
See all live data here. Furthermore, we have monthly burns (20% of VIDT spent on validations) and buybacks (10% of VIDT spent on validations). Therefore, the total and maximum circulating supply will only decline. Read all the details of our tokenomics here.
You can find a full live updated breakdown here: https://about.v-id.org/dashboard.
In short, 44% circulating, 40% locked in validation pool, 5.5% team, 3.2% advisors and 8.7% private equity investor.
Team + Advisors wallet
Unlocked part of Team + Advisors wallet
VIDT Live Dashboard with all wallets https://about.v-id.org/dashboard
Both team and advisor tokens are locked with 20% released per year.
VIDT is a utility token. We have a legal opinion from a Dutch legal firm. We have a second opinion from a UK law firm confirming that VIDT is not a security. Our ICO was not available for residents of the United States of America (USA), Canada, Democratic People's Republic of Korea (DPRK, North Korea), Ethiopia, Iran, Iraq, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Vanuatu, Venezuela, Cayman Islands, Somalia and Yemen.
VIDT will adapt to fully comply with regulations if and when required to do so, to be available to anyone.
ICO, Sep 2018 - Dec 2018
The total raised was 3.4M USD, partly equity. About 36M unsold tokens have been burned.
About 1.8M in total. Funds have been spent on bespoke software license for the Wididi platform, big token buyback (from an equity investor), Development, Marketing, Sales, small overhead and periodic buybacks.
The first customers, Airbus Defence & Space and European research institute ESHRE, started using V-ID in October 2017.
Our focus is now on business development, attracting more talent and expanding the technical features of the platform, like B2C applications. We estimate to have sufficient funding for at least 24 months, excluding cash flow from customer revenue.
As we use both Bitcoin and Ethereum in our business process, a solid stash remains as a hedge. Surplus crypto has been converted to fiat already.
We do not currently publish about our spending nor revenue but we plan to in due time.
In a single bank account and in the official wallets. Official wallets are viewable through our live dashboard.
All anchoring already happens automatically in the background. All we have to do is check a box of which blockchains a publishing organisation wants to anchor.
The fees for storing data in the V-ID smart contract, powered by Ethereum are standard, storing file fingerprints in DigiByte, Bitcoin or LTO Network requires an extra VIDT fee.
Yes, we are currently working on a pilot with IBM. On this IBM promo website they revealed more info on V-ID / LTO / Digital Mainport / IBM Circular Economy Data Network collaboration:
Internet of Environments.
We also have a first user for the platform in the real estate sector, which we can reveal somewhere in the coming weeks.
As you might know, it requires a lot of resources/time to keep a telegram community running well. We choose to apply the resources we have for running the business side, finding new clients and partners and development instead.
Our philosophy from the start has been the frequent delivery of good news around our accomplishments as a business, which we think of as the fundamental positive force behind V-ID’s success. Perhaps in the future we will hire an experienced community manager who will be working on this full-time.
Though much depends on regulatory and legal restraints and options, our intention to provide ways to convert VIDT to actual legal ownership of the V-ID business is serious.
Our plans for VIDS are still in development but we do know that, if these plans are successful, swapping VIDT to VIDS will be fully optional and they will co-exist! We are not able to give any more details at the moment.
We are always open to new partnerships if they result in helping our mission further.
Keep an eye on our news channels to stay updated.
Is your question still left unanswered?
Please contact us through our contact form and it will be added to this list as soon as possible.