VALID ICO Review – Your Data Your Asset - Crush Crypto

VALID ICO Review – Your Data Your Asset

Summary

  • Project name: val:ID
  • Token symbol: VLD
  • Website: https://valid.global/
  • White paper: https://valid.global/static/valid-wp-2.pdf
  • Hard cap: $25 million for 50% of total token supply
  • Conversion rate: 1 VLD = 0.065 USD
  • Maximum market cap at ICO on a fully diluted basis: $50 million
  • Bonus structure: Discount of 25% (for first 20 million tokens sold), 20% (first 24 hours), 15% (first week), and 10% (second week)
  • Presale or white list: 16% of total supply sold at 25% discount, and KYC checks will take place following the ICO, instead of before. Those who failed KYC will be issued a refund.
  • ERC-20 Token: Yes
  • Countries excluded: U.S.A.
  • Timeline: Sale begins on the February 24, 2018 12:00 UTC, and concludes on March 17, 2018 (Please refer to Valid’s website for the most up to date information)
  • Token distribution date: April 2018
Video summary (video is 8:09 long):

Project Overview

What does the company/project do?

VALID is a blockchain-based project expected to shape the future of digital identity and personal data management.

VALID aims to offer a fully self-sovereign digital identity solution, giving people complete ownership and control over their personal data, and combine it with a secure and transparent marketplace to match identity owners with data consumers.

Users’ sensitive data is stored locally on their mobile devices in a VALID wallet. Therefore, VALID will not have a database of users’ sensitive data, thus eliminating the single point of failure.

Procivis proposes that this control will give individuals the opportunity to:

  1. More effectively secure their data.
  2. Reduce friction in using the data (i.e. having identity documents and medical history effectively stored and usable wherever you go).
  3. Monetize users’ data (i.e. a pharmaceutical research company could buy a person’s blood test data, should they be willing to sell it.

There will be two main components to the val:ID system. The first is the VALID wallet, and the following are its main features:

  • A secure digital identity for use in airports, identity required purchases, ICOs, etc.
  • An information vault containing personal data to be sold or used by the owner.
  • A portal to the VALID marketplace, where the user can offer their data for VLD token compensation.

Next is the VALID marketplace and its main features:

  • This is the main portal through which data-interested parties (such as research groups, brands, or advertisers) can offer compensation for user data. 
  • The buyers will only be able to purchase data directly from the users instead of through a data broker (corporations that make money off user data that they collect essentially for free).
  • Anonymous data combined with surveys can give more accurate results to those conducting surveys.

Below is an introductory video of VALID (video is 2:28 long):

How advanced is the project?

Procivis AG (the parent company of the val:ID network) was founded in October 2016 in Switzerland with the goal to empower citizens across the globe by providing them with a trusted digital identity and full control over their personal data.

It is working with governments to help them issue digital identities to their citizens and residents, based on its integrated e-government platform called “eID+”.

A pilot version of eID+ will be delivered to the Swiss Canton of Schaffhausen (basically a state of Switzerland) in December 2017 and is expected to be followed by a full roll-out of the solution to its residents during Q2 2018.

Procivis is also working on several pilot programs with foreign governments and supra-national organizations. The team projects that, by the end of 2018, a significant number of people will be using Procivis’ digital identity solution on a regular basis.

In February 2018, Valid announced (1) NEO Counsil’s investment of an undisclosed amount in VALID, and (2) that it will seek to incorporate NEO’s native digital identity layer, NeoID, for the development of VALID’s agnostic e-Identity layer.

In addition, VALID is also partnered with Lykke, Froriep, and queo.

Below is the future roadmap of the VALID project:

Q1 2018 - Release first full version of the VALID app.

Q4 2018 - Release second full version of app (with bug correction).

Q1 2019 - Incorporation of VALID Foundation (not-for-profit).

What are the tokens used for and how can token value appreciate?

The tokens will be used in two primary ways:

  • VLD tokens will be used by companies and interested parties to compensate users for data they are willing to sell.
  • VLD tokens will be used by individual users, and entities, to purchase an array of services such as secure storage, advanced analytical tools, etc.

The demand for VLD tokens depends on how many users, corporations, governing bodies, and entities join the network, and use their software/technology. The more people on the network, the more valuable the data, and thus the more interested research and advertising bodies will be.

Furthermore, if the VALID marketplace adds services and tools that are of interest to individuals, research groups, etc, and can be bought using VLD tokens as well, there will be more demand for VLD tokens.

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Team

VALID has a team of 9 members, with the following being their core:

Daniel Gasteiger, CEO – Cofounder of NexxusSquared, Director of Global Blockchain Business Council (https://www.gbbcouncil.org/), and has over 20 years’ experience at director levels in the banking industry (UBS and Credit Suisse).

Yves-Alain Petitjean, CFO – Over 20 years’ experience in finance including Cerberus Capital Management, UBS, with the most recent being with MRP Realty.

Giorgio Zinneti, CTO – Over 5 years’ experience in software engineering with the most recent being with UBS as Innovation Project Manager and co-founded a software company called 227.

Patrick Graber, Head of Business Development – Over 5 years’ experience in sales with the most recent being with Veloplus AG.

The team also has a suite of 16 advisors with a range in background such as Eva Kaili, European Member of Parliament, Lucas Betschart, President of the Bitcoin Association Switzerland, Thomas Bocek, Blockchain expert and Head of P2P and distributed computing at UZH, and Michael Guzik, ICO manager from Lykke Corp.


Opportunities

  • The project has a strong team who left other lucrative opportunities to join Procivis and VALID.
  • The project received an investment from NEO Council, indicating that it could have potential cooperation with other NEO-based projects.
  • Because users input the information about their identity themselves, such data can be more accurate than those currently obtained by the tech giants. This is very valuable to advertisers as they can target their users in a very precise manner, improving their advertising effort.
  • In May 2018, a new European privacy regulation will come into force, with the goal to give individuals more power over their data and less discretion to the organizations that collect and use it for monetary gains. VALID’s products would benefit from this trend.

Concerns

  • The project is strong on the eID side but it looks like the marketplace side is still at a very early stage. The VALID marketplace is a two-sided market, so it is important to line up brands and advertisers (demand) as well as providers of data (supply) to ensure the marketplace has sufficient activities.

Conclusion

Overall, we are neutral about the short-term potential of this ICO but like its long-term potential. Our thoughts of the tokens for short term and long term are as follows:

For ​short-term holding

Neutral. The idea, progress, and team are above average, but there are other blockchain projects in the identity management/KYC space that are also raising funds, diluting the market attention to VALID.

Please note that KYC is performed after contribution and needs to be done by April 17, 2018, meaning that token distribution will not happen before then. This is a longer than average lockup.

For long-term holding

Good. VALID is already working on pilot programs with foreign governments and supra-national organizations. With the strong team in place, we believe that the project has a good chance to execute on the vision and projections that it has made.

The scope of the project is also fairly wide, including all kinds of data for companies conducting research, surveys or digital advertising campaigns. Therefore, should the project become successful, the upside potential is substantial.


For more information about the ICO, please visit the following links:

* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.

This article is contributed by Victor Lai with the help of our intern John Coburn.

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