Written by KomoDeFi Editorial Team on February 8, 2021

VerusID and its applications

What is VERUS ID

Cryptographic addresses are conventionally long and insentient. These addresses are random hard to memorize. Verus ID is a decentralized identity on the blockchain. In simple words, it is a blockchain unique name that can hold funds according to the user-specified time. Does this seem like a savings account? No it has a lot more to offer.

Verus ID acts like a name backed by a hash and an address. This eliminates long complicated cryptographic addresses. The ID created is unique and stored on the blockchain. Name can be created using letters and numbers.

Applications of Verus ID

  • Lock vault to hold funds.
  • Revoking and recovering an ID.
  • Sign files and messages which can not be forfeited.
  • Send and receive private messages.
  • Private addresses.

Users can send and receive funds on their Verus ID. They have private and public addresses just like the wallet. A vault can be created to lock funds indefinitely. It can still receive, store and stake funds. You can also alter the sending capabilities for a specific verus ID.

Recover an ID by creating multiple identities and creating a child parent relationship between them. This will allow the ID with more privilege's govern objective identities.

This method can also be used to create a multi-signature identity. This allows multiple users to govern a single ID or account with funds and expenditures can be administered with mutual consent.

Verus ID is also capable of storing confidential information. Any message can be stored on the blockchain which is backed by a key. The only possibility of verifying a message is using the same key and message, same can be done with files.


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