- Token Symbol:
- Identity & Reputation
- Total Supply:
- Start Date:
- February 24th 2018 12:00 UTC 2
- End Date:
- March 17th 2018 12:00 UTC - -
- Payment method:
- Bitcoin Cash
- Bahnhofstrasse 3
8001 Zürich, Switzerland
- White paper:
VALID is the next iteration of the Procivis digital identity platform, which draws on the e-government platform eID+, also developed by Procivis. While the idea of anonymously matching the owners and buyers of high-quality data is not new, what is new is that VALID delivers a solution that does not require a central business intermediary that needs to be paid for matching two parties: VALID is a not-for-profit, open-source platform.
With the new European privacy regulation coming into force in May 2018 (General Data Protection Regulation, or GDPR), regulatory forces are also aiming to give more power to individuals over their data and less discretion to the organizations that collect and use it for monetary gains. Therefore, VALID could also be an emerging solution for GDPR.
How It Works
All your data under your control
With VALID, users will be able to authenticate online and safeguard their personal data thanks to state-of-the-art encryption. Furthermore, users will be able to proactively share anonymized data, thus enabling the creation of target audience filters on the VALID platform for digital advertisers. In return, users will receive timely, relevant marketing AND be rewarded in VALID tokens.
The VALID ecosystem
The VALID platform will consist of a mobile wallet (VALID wallet) for users to manage their digital identity and personal data as well as a web application (VALID marketplace) for data consumers to buy and access that data. Users and data consumers will be able to add data, request data from third parties, get their data verified, manage their privacy settings, buy services and finally share and monetize their data in a fully user-controlled fashion.
Favorable regulations worldwide
Personal data is the new asset class of the 21st century and regulators worldwide are strengthening data protection laws. As a prominent example, new European privacy regulation coming into force in May 2018 (GDPR) will allow EU residents to request all their personal data from companies processing their data, free of charge and in machine-readable form. VALID users will be able to request this data without effort and store it privately with their VALID wallet. Other governments have signaled that they will enact similar laws. Based upon this global regulatory trend VALID’s business case is gaining more and more traction.
Protocol Agnostic Marketplace
We believe that blockchain-enabled digital identity solutions will become a public utility within 5-10 years and that there will only be a handful of protocols that will succeed. While we will continue selling and iterating our existing eID+ solution, we ultimately intend to also accommodate the most successful eID protocols via an agnostic platform, all compatible with our personal data marketplace, enabled by our VALID token. Therefore, the VALID marketplace will not be exclusive to personal data stored on the VALID wallet, but will also be accessible by 3rd party identity solutions, thereby allowing their community members to monetize their data.