NEO News Today can reveal that Procivis AG, the company behind the VALID project, is seeking to incorporate NeoID for the development of VALID’s agnostic e-Identity layer and has confirmed NEO Council as a key strategic investor in the project.
Procivis was founded in 2016 with the purpose of providing individuals with a trusted and compliant digital identity solution over which they have full control. In May 2017, Procivis released the beta version of the eID+ service, which allows the issuance management and integration of electronic identity services. Users are able to download the mobile app to create and manage their digital identity, which can then be reviewed by verification providers such as state authorities to confirm their legitimacy.
The eID+ solution is currently in pilot phase in Canton of Schaffhausen, Switzerland, and enables citizens to access the citizen portal in order to use government services, log into websites using two factor authentication and electronically sign and store documents.
VALID is the next phase of the Procivis’ e-government solution. In addition to the ability to create and manage digital identity, VALID will enable the P2P sharing of anonymized data with data consumers, such as product and service companies, brands, researchers and advertisers. Through the VALID wallet, users can monetize their own data on a marketplace, choosing who they share their information with, and how much they want to share. With the new European privacy regulation coming into force in May 2018 (General Data Protection Regulation, or GDPR), VALID offers a solution to data consumers who need access to reliable, anonymized data in a compliant and cost-efficient way.
Users will be rewarded for sharing data through the VLD token, which is of the ERC20 standard. The VALID marketplace, however, will be protocol agnostic, allowing the user to connect and share data through multiple different identity protocols.
When asked about the decision to experiment with NEO’s digital identity protocol, VALID CTO Giorgio Zinetti said, “We believe that blockchain-enabled digital identity solutions need to become a public utility in the future. The underlying infrastructure needs to be able to handle an extensive number of transactions in a cost-efficient way and NEO is already achieving this. However, we need to build a standard that allows projects such as VALID to integrate easily with NEO. Therefore, we look forward to collaborating with the NEO community to establish a respective NEP standard.”
VALID highlighted NEO’s Delegated Byzantine Fault Tolerance consensus protocol and it’s capacity to process up to 1,000 transactions per second, with the potential to scale up to 10,000 transactions per second in an energy efficient manner as one key reason they found NEO an attractive option.
Procivis raised $7 million USD during the VALID pre-sale phase and are now moving onto the crowd sale, which will begin on February 24th. 500,000,000 tokens will be available, which represent 50% of the maximum supply, at a price of 0.065 USD.
Procivis is a member of a FINMA-supervised Self-Regulatory Organisation called VQF, and will be one of the first token sales in Switzerland to be fully compliant with strict KYC/AML laws. Participants can contribute to the crowd sale with Ethereum and Bitcoin and will have to go through a KYC process after the sale concludes.