VALID is a two-part blockchain ecosystem for you to use to manage and authenticate your digital and potentially sell your personal data. The project is part of Procivis, a digital identity platform that’s been working with governments to create eIDs for their citizens.
According to the whitepaper, the VALID wallet is a mobile platform for you to use to manage your digital identity. The data associated with your identity is 100% in your control. No one can access it without your explicit permission. Even the VALID team is unable to access your most sensitive data as it’s stored locally on your mobile device and protected through multiple factors of authentication.
Through the wallet, you also set which data is sent to and available on the VALID Marketplace. This personal information can range from simple data like your height to more information that’s generally more private such as financials and medical records.
The VALID Marketplace utilizes smart contracts to organize the sales of personal data to digital marketers. Rest assured, though, these purchasers receive the data without any identifying information tied to it leaving you anonymous. In return, you receive VALID tokens as payment.
VALID is a peer-to-peer, non-profit platform, so the team isn’t charging fees to access the platform. Additionally, the team is distributing any revenue from blockchain transaction fees back to the users in the form of VALID tokens.
VALID tokens (VLDs) are the currency of the VALID Marketplace. VLDs are currently ERC20 tokens, but the team is blockchain agnostic and will switch if a better solution surfaces.
Daniel Gasteiger and Yves-Alain Petitjean are the CEO and CFO of Procivis, therefore, they hold the same roles at VALID. Gasteiger is a co-founder of nexussquared, Switzerland’s first dedicated blockchain business and startup platform as well as a member of the Global Blockchain Business Council board of directors. Petitjean has numerous years of financial experience at reputable institutions such as UBS and Banco Santander.
The team has an extensive advisory board with members holding impressive positions including:
The team has been working with several Swiss government entities on Procivis’s eID+ platform, and it can be expected that they’ll utilize these relationships for VALID as well.
The VALID ICO pre-sale already occurred and sold out within 24 hours raising $7 million. The crowdsale begins on February 24th lasting either 3 weeks or until contributions reach the $25 million hard cap.
During the crowdsale, you’ll be able to purchase 1 VLD for $0.065 USD payable in either Ethereum, Bitcoin, or USD (via credit card). The team is selling the first 20 million VLDs at a 25% discount. Beyond that, qualified purchasers will get a 20% discount if they purchase their tokens during the first 24 hours of the sale. The following week, the tokens will be sold at a 15% discount, and the week after that, a 10% discount.
The 100 million tokens will be distributed in the following way:
The team will use the proceeds from the token sale primarily for salaries and product development (57%). The remaining funds will be spent on marketing, operational costs, and unforeseen expenses.
VALID is a non-profit working to give you control over your digital identity. The platform includes a wallet for you to manage your identity and personal data as well as a marketplace where you can sell your information and activity to digital marketers.
The team is filled with blockchain experts and has already formed partnerships with the Swiss government. Although VALID is yet available, it’s a piece of the already established product, Procivis.
VALID receives an average score of 7 out of 10. Even though the idea seems valuable, as a non-profit, it doesn’t look as if the team is motivated to increase the value of the token. The partnerships with the Swiss government entities are important, but the project is first focusing on personal data sales to digital marketers, not government digital identities.
The VLD crowdsale begins on February 24th. You can sign up and find more information on it here.
Featured image courtesy of Shutterstock.