Blockchain-Based Social Media App Vid To Launch Its iOS And Android Version
Video-centric social media app Vid published its upcoming launch on iOS and Android. Founded in January 2017, Vida enables users to manage their data and monetize their memories utilizing AI and blockchain technology, which allows its users to build privacy-protected video content while empowering users to monetize content and retain 100% of advertising income.
The launch occurs after a funding round of over USD 10 million in August 2019, with NGC Ventures, as a key financing partner.
Vid’s platform will be fired with its original VI token, which presently has two specific functional purposes within the Vid ecosystem:
- Advertiser credit: Advertisers obtain VI on Vid’s platform to promote to their target audience. The driving force for the Speed of the VI Token will be the growth of users. The more users on Vid’s platform, the more advertisers are looking to access VI, the higher the VI token ecosystem usage. The exciting aspect of VI tokenomics is VI only enter circulating supply as users join the platform.
- Vid Users/Creators: Users will receive VI for their activity on the platform (inviting users, views of their content, and continuous creation of content).
Reflecting on the launch, Jag Singh, CEO, and Co-Founder of Vid stated:
“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 confidence, Tony Gu, Founding Partner at NGC Ventures stated:
“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 noticed Vid drive forward significantly, with strong growth in its user base, attributable in part to the onboarding of globally identified influencers, which have a total reach of over 375 million followers. According to the launch of the Vid iOS App and release of Vid Android Beta, Vid will be operating on preparing its Android version for the official launch on April 1, 2020.