To comply with exchange listing — and legal requirements, V-ID has updated the tokenomics model to exclude the dividend mechanism. The burn amount has been doubled.

VIDT

The V-ID token (VIDT) is the integral part of the validation process, and therefore of the business process of V-ID.

V-ID offers their customers to use one or more blockchains for additional security. These blockchains currently include DigiByte, Ethereum, LTO Network, Bitcoin, FTM and IBM Hyperledger. These are the main reasons for the use of VIDT:

1 Client wallets

After the KYC process, V-ID issues client wallets for every 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.

2 Ease of use is key for adoption

In order for the V-ID platform, and blockchain technology as a whole, to be adopted broadly by businesses, the process must be as accessible as possible. For any way that companies use V-ID Validation, they just need VIDT. Our customers do not need to know how to handle multiple crypto wallets, with transaction rates that constantly change, gas prices and other typical crypto related technicalities. Low or no impact on existing workflows is key. So, to validate files, the V-ID platform offers an API, or, for lower volumes, a simple drag-and-drop interface.

3 Control

The V-ID token provides V-ID with an instrument to control the prices for validations in VIDT, which allows V-ID to compensate for the constant fluctuations of exchange rates and transaction fees that come with the different blockchains that are used.

4 Transparency

Because V-ID uses a token, all transactions are public and traceable, providing transparency.

V-ID’s tokenomics: the Utility Loop and Monthly Actions

The Utility Loop consists of 3 actions:

Action 1: Customers buy V-ID token bundles from V-ID. V-ID initially reserves 25 million V-ID tokens in the Main Wallet for these transactions.

Action 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.

Action 3: 80% of tokens spent, will be returned from the Validation Wallet to the Main Wallet.