Money might not be everything, but you need it to live. Money is essentially freedom. The more you have, the freer you are to do what you please.
Sadly, not everyone is able to draw a stable income, especially with the current issues in the world like COVID-19. Unemployment rates are through the roof. That’s why many are calling for a Universal Basic Income (UBI) – a system that will give everyone enough money to live, regardless of if they have a job or not.
While governments are busy trying to deduce the best way to distribute value fairly to everyone, cryptocurrency project VID may have already found a way.
Have you ever noticed that some of the largest tech companies offer their services for free? Google has a $1 trillion market cap. Facebook has a $650 billion market cap. Twitter has a $25 billion market cap. But they are all free to use. So where does this value come from?
Sorry to break it to you, but if a service is free, you are most likely the product. These businesses rely on you to bring them value. Every time you submit a search on Google you are giving them the chance to show adverts, a key revenue driver. Likewise on Twitter, each time you login you will be exposed to adverts.
However, despite the users bringing all the value, all they get is a free product, while the company owners and shareholders make a killing. VID has built a product that is designed to bring the value back to you, the user.
Introducing Value Income
Value Income (VI) is the cryptocurrency token created by VID. It’s designed to distribute value to anyone and everyone based on the value they already provide to the businesses they use. In other words, the idea is to reward users for the value they are already providing to businesses. This concept hopes to change the way value is distributed by using the cumulative power of a group.
VID has created a social media video application that introduces this concept. The app grants users total control over their data and gives content creators the opportunity to retain 100% of the advertising revenue earned.
The VI token is the native token of the application. It is used for two key purposes:
- To reward users and creators – users are rewarded based on their activity and how many new users they invite to the app, while creators are rewarded based on the metrics of their content and the consistency at which they create
- Advertising credit – advertisers must purchase VI to advertise to their target audience via VID’s app. 90% of the advertising revenue collected is returned to the source address, removing it from the circulating supply.
Everyone earns
If you have the VID app downloaded, you have the ability to earn VI every single day. All you have to do is show your activity by opening the app each day and hitting a button to show you’re there.
The Universal VI is paid out to users based on how active they have been on the platform and where they are located. The app scales the payout based on geography based on the living wage of each country.
Users are then able to earn an impact bonus based on how they have contributed to the growth of the ecosystem each day. This is calculated by looking at both activity and invite score. Activity takes into account reach, engagement, consistency and more, whereas invite score rewards you for inviting users to the platform who have a high activity. This is designed to create a viral loop that encourages both platform activity and the act of inviting new active users.
Where do the payments come from?
Users are paid from a source contract at a rate of 7,000 VI tokens a day, which is split between all eligible users. Universal VI takes 20% of this pool, and the rest of the pool is used to reward impact. The pool began with 777,777,777 VI which will last until 2332 without being topped up.
However, businesses that utilize VI will contribute a percentage of their proceeds back into the source contact to keep the system running. Furthermore, businesses that decide to give value back to their users can send VI tokens to the source contact to diminish the circulating supply.
Summary
VID has created a social video sharing application that changes the way value is distributed. They recognise that the users are the product, so users receive the bulk of the value generated. The application facilitates the distribution of a Universal Value Income everyday to active users. It also pays users every day based on their activity in the ecosystem.
The Daily Chain
*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.
