Ajoobz V-ID Detailed Summary (VIDT)
A detailed summary on V-ID following the full report done in February 2020. V-ID project by WIDIDI has progressed really well since the last time we made a full report, but first a brief description of V-ID for those who are new to the project.
V-ID is a blockchain-powered data validation platform. The aim is to safely certify and secure all digital assets, so fraud and errors no longer hamper the progress of digitalization. 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%. V-ID runs on Ethereum blockchain as an ERC20 token VIDT. The token sale had occurred between September & December 2018, with 50M VIDT of a total 100M VIDT available in the public sale priced at $0.20 USD per token. After the end of the token sale, all unsold tokens were burned. Their approach to business was very unique and distinguishable from other crypto projects, as they were already an established business with working products and doing business with many clients even before the token sale. The business process of V-ID is, VIDT is issued from the Main wallet to businesses for use invalidations, this is spent by businesses on validations, 20% of the spent VIDT is burnt and 80% is returned to the Main wallet, 10% of VIDT is bought back from the exchanges. This way they create a deflationary and an on-demand market.
Fundamentally the project is really strong with a sound business model having 40+ clients from a wide range of companies that include Airbus, AmSpec, Krohne, Axveco, JWC Superyachts, ESHRE, Maritime Cyber Alliance etc. They have also built great partnerships with many companies like CMS Law, LTO Network, Digibyte, Axveco, Morpheus Labs, MoonRock Capital, and IBM Circ Economy Data Network.
Their business and product development have progressed really well in the past few months with new partnerships and updates. Some of them are:
> Integration of VIDT cloud and IBM cloud for the IOE project aimed at coexistence in a harmonious environment, where V-ID validates the documents of the data sent by the sensor. A live demo was recently held showcasing the process. > Trivire, one of the larger and most innovative housing corporations in The Netherlands (14K+ homes), will be using VIDT tech to achieve data integrity and to certify and secure digital data and documents against fraud and manipulation. > V-ID and SoftTech Automation will be working together on several projects regarding the protection of certificates. > A total of 1,060,933 VIDT was spent by the clients in the month of May and 106,093 VIDT tokens were bought back from exchanges as per the 10% buyback plan. An amount of 212,187 (20%)VIDT tokens were burnt as per the burning schedule. > Round two of collaboration between V-ID, Amspec (the global leader in oil inspection), and DigiByte blockchain. > A total of 1M VIDT tokens that is a whopping 4% of circulating supply was burnt on 31st May bought back from an equity investor in accordance with their plan of Operation Whale Shrinker. > API V3 ‘trust automated’ roll-out. API validates and verifies files in real-time. > Other important updates include a partnership with Fantom for government projects and integrations, a new GDPR project with CMS Law, collaboration with Kucoin on verification tech in Sichuan province, and closing a big deal with a global hardware player.
Apart from this they have organized or participated in multiple AMAs attended blockchain conferences like Dutch Blockchain Coalition Conference and webinars like BlockDown 2020.
Their main focus this year is on integrations with companies particularly in the Certification sector to get new businesses signed. It is a huge sector and with proper contacts and with the help of their strategic partner Gert-Jan and his network they have developed tailored strategic plans for a selection of “dream clients” in the Certification sector. Other highlights of the roadmap are Project T.I.C. , a Diamond Consortium, IOE scale-up, further IBM Cloud Catalogue Integration, multiple Fantom government projects, a Firmware anchoring project & a new Oil & Gas Round Table and partnering with VCs to develop B2C applications.
VIDT token is central to the project and key factor to make validations. The current Marketcap is $5,792,235 USD. Being a deflationary token the supply is constantly decreasing and at present, the total supply is 57,914,811 VIDT with the circulating supply at 46,457,368 VIDT. The token is currently listed on Kucoin, IDEX, Binance DEX, Hotbit, and Fatbtc exchanges with a daily volume of $912,394 USD.
Through its unique business approach, it clearly stands out and is way ahead of other crypto projects. The API integration has made it possible for large companies to integrate and formulate the software model in their own customized way, which helps them to tailor the software to their own specific needs providing optimal user experience.
In business since the progress has been solid and continuous in every Quarter through new partnerships and new clients and key upgrades in integration as well. As the mission of V-ID is very large and applied to many usecases, the potential is extremely huge giving it a long term value proposition.