Blockchain-Based Social Media App Vid with VI Tokens – To Launch April 1, 2020 – After VC $10 million USD Investment in 2019
Video-centric social media app Vid announced its upcoming launch on iOS and Android. Established in January 2017, Vida allows users to control their data and monetize their memories using AI and blockchain technology which enables its users to create privacy-protected video content while allowing users to monetize content and retain 100 percent of advertising revenue.
The launch comes after a funding round of over $10 million USD in August 2019, with NGC Ventures, one of the world’s leading institutional investment firms, as a key investment partner.
Vid’s platform will be fueled with its native VI token which currently has two specific functional purposes within the Vid ecosystem:
- Advertiser credit: Advertisers buy VI on Vid’s platform with the aim of advertising to their target audience. The driving force for the Velocity of the VI Token will be the growth of users. The more users on Vid’s platform, the more advertisers looking to access VI, the greater the VI token ecosystem usage. The interesting aspect of VI tokenomics is VI only enter circulating supply as users join the platform. Note: Advertiser demand is directly correlated to user growth.
- Vid Users/Creators: Users will earn VI for their activity on the platform (inviting users, views of their content and continuous creation of content).
Commenting on the launch, Jag Singh, CEO and Co-Founder of Vid said:
“Vid is a revolutionary social app that seeks to disrupt the digital media industry globally and offer a fresh take on social media sharing among the digital generation. With videos and social sharing becoming more widespread than ever before in today’s digital age, we are incredibly excited about our upcoming launch and the opportunities that come with it. Since our partnership with key strategic investors, we have pioneered the launch of the app, onboarded an additional 16 globally recognized influencers, and grew our user base by 350% to 100,000+ users. As we continue to fuel our ambition of offering a superior, privacy-protected social experience to the masses, we are grateful to our partners and investors for their generous support, which mounted our growth significantly.”
With echoing optimism, Tony Gu, Founding Partner at NGC Ventures said:
“Vid is at the forefront of the ever-evolving digital age where we have seen exponential growth in new social apps and content creators. With privacy becoming a major concern amongst digital users, there is a demand for enhanced personal security and reliability while allowing users to monetize shared content. Vid is built to offer all of these, making this app one with huge potential. Looking ahead, we will continue to be active advisors, investors, and supporters of Vid, driving user growth globally.”
The past six months post-investment have seen Vid propel forward significantly, with substantial growth in its user base, attributable in part to the onboarding of globally recognized influencers, which have an aggregate reach of over 375 million followers. Pursuant to the launch of Vid iOS App and release of Vid Android Beta, Vid will be working on readying its Android version for the official launch on April 1, 2020.
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Also published on Medium.
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