The age of interconnection has made information dissipation easy, fluid, and instantaneous. It has ushered a new era, the digital age.
However, in the midst of all these, these is the proliferation of disinformation, fake news, and even the spread of needless hateful information. Of course, calls have been made to tame the vice with sometimes multi-billion lawsuits filed against the behemoths called social media companies.
Amid all this is also the fact that these companies, or more specifically tech companies, are reaping billions of dollars in revenue through tracking and collaborating with agencies for mass surveillance.
What is VID?
VID.Camera is a next generation, video social media platform that first and foremost verifies the identity of users that wish to receive Value Income (VI) tokens subsequently uniting users in such a way that they can collate their value and influence for the larger good. For security, data is secured by zero-knowledge encryption.
They, therefore, take power away from tech companies by basing their technology in the transparent blockchain and fusing in Artificial Intelligence (AI).
In this way, whenever one scrolls and click the “presence” button, he/she stands to earn revenue. That revenue supplements their universal basic income (UBI)—the minimum amount of income that an individual receives every day regardless of other income.
The realities highlighted by coronavirus has made it a priority for governments to resolve.
The Value Income (VI) advanced by VID.Camera is the value created by users and rightly redistributed to users as an additional form of income to supplement the UBI. VI is more like the value generated by one usage of business.
Presently, these businesses include Google, and as aforementioned, giant social media companies who mint trillions for themselves and nothing for the end user who creates billions from free generated content.
It is this value that’s being injected to businesses for their services that VID.Camera tries to tap by employing the Ethereum blockchain that will track and prove one’s usage of the platform. Aware that social media companies, in particular, owes a higher percentage of their revenue to users (since content is user-generated), the VID.Camera video social media platform will be giving away 90 percent of their revenue to uses through daily distribution of tokens adjudged from their activity and contribution to the growth of the platform.
This way, the value generated by that businesses is shared and the end user receives a portion which can then be liquidated for real-hard cash, boosting their UBI.
Towards this end, there is an unwavering commitment by the company to generate and redistribute value through a Value Income Business Model, a deflationary return-to-source mechanism that will directly improve the user’s standard of living.
Jag Singh and Josh Singh are the founders of VID. They are the ones in charge of marketing the platform.
Antek Baranski is the CTO and has experience in developing games.
Regardless of the challenges and the effects of Coronavirus, what’s obvious is that VID has a clear cut goal of improving the application and development is their main emphasis. Most of the team is based in Los Angeles and have spent the last two years working and improving the platform from scratch.
The app source code is private and sealed.
Watch their journey below:
VI token has been listed on KuCoin and MXC Exchange where there are both listed and paired against USDT.
CoinMarketCap (CMC) has also listed the project’s token.
VI Tokenomics and Distribution
VI is an Ethereum-based ERC-20 utility token.
VID is used to:
- Power the VID.Camera ecosystem
- Transfer value
- As a way of incentivizing and paying content creators
- Paying for services within the platform.
- Voting for tokenomics change
90 percent of all tokens will be redistributed back to the community from the 777,777,777 VI tokens set aside. Every day, 7,000 VI tokens will be released for the next 312 years. Every year, only 2.5 million VI tokens will be emitted.
Out of this (7,000 VI tokens), 99 percent are distributed to the network users while 70 VI are sent to the VI Foundation.
This is the distributing contract: 0x6d1eb783af9Fe65b4CD826e1cf629b4618a4bBdB
Check out via Etherscan here.
Every day, a user receives two types of VI tokens:
- The Universal VI paid to all active users split to users depending on the network’s activity and the user’s standard of living. Since the latter can be affected by the variance of the standard of living between countries, there is a multiplier for each user that is being computed. Generally, activity will be measured by a user’s activity, consistency, rate of content generation, engagement with others, viewing, and reach—that is, the virality of his/her content.
- The Impact Bonus which is paid depending on the user’s Impact Bonus score. This score is useful since it gauges a user’s role in growing the VID.Camera ecosystem. The Impact Bonus score is further computed from the Activity Score (measuring personal contribution), and the Invite score (measuring network contribution).
All services purchased by any business within the ecosystem is purchased in VI tokens. There will be a 20 percent fee on all sales made via VID.Camera marketplace. The 10 percent of the fee will be sent to the return address while 10 percent will be used to maintain the platform.
VI Markets and Performance
It has a total supply of 888,888,888 VI with a circulating supply of 27,592,381 VI from a daily trading volume of $246,093. Most importantly for trader, VI still has a low market cap of $ 3,299,639.
- Tokens from the 1milperday tokens have been redistributed.
- Staked tokens from their old algorithm has also been redistributed to user’s VI.Cash wallets. There will be no staking in the new setup since 99 percent of all token are sent to the network users.
- VI is listed at KuCoin and MXC Exchange. This highlights their quality but also make it possible for users to withdraw tokens after the VID App version 2.2.0 release. The more they gain traction, the higher the likelihood of being listed in other markets. Pairing with BTC or ETH at DEXes or CEXes could drastically pump VI prices now that VI itself is a deflationary token.
- In the future, the team plans to build a direct in-app gateway for buying and selling VI tokens.
- The team has employed a unique distribution method which prevents the market from being flooded with tokens, heaping pressure on price. There is no creator pool but instead the number of tokens received depend on one’s impact score.
- Aside from the special distribution, more tokens will continually be sent back to the source address therefore extending the length of the daily release.
- They have launched a solid product (iOS) and will soon release an Android app. So far, they have received positive feedback as their UI is clear and smooth. The current iOS app was re-written in Flutter, explaining its smoothness and performance. Only but a few features remain before Android and iOS apps are at parity.
- Once marketing is in full gear, on-boarding new users, the path of least resistance for VI token will be up. They have already contracted influencers with a combined follower count of 375 million.
- The VID Now is another huge drawer for users. The moment they sign up, they receive tokens which they can spend within the VID.Camera ecosystem. Jag said the team got rid of the 30-day wait period. Besides, the social page enable users to tag subscribers of other social media platforms.
- Social media companies have long been accused of ripping off users and stealing personal information before auctioning them. VID.Camera has taken a different approach and prioritize the content generator. Every day, tokens are released and the most active users continue to earn, boosting their UBI. So far, $ 440,647 or 2,570,973 VI has been paid out.
- As a pressure vent, the team decided not to lay out a roadmap. Whenever they do, Jag explained, there is unnecessary undue pressure on developers to deliver. Combined with the usually rigid and harsh crypto community, the team didn’t find any need of subscribing to one. Instead they adopted an iterative approach towards success. Ultimately, their goal is to create a working project as they progressively improve on the app. A Key Performance Indicator (KPI) target of 10 percent has been set.
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