We have written in the past about VI (Value Income), the blockchain company created to be an alternative to Universal Basic Income. To quickly recap, the company is creating an ecosystem that rewards users with its VI tokens. These payments come from using their app, posting videos, engaging with users, and recruiting others. In this piece, we will look at some use cases and compare them to other popular social media sites.
Why Do I Get Money?
People love using free services Facebook and Instagram to show others what they are doing. Searches for mundane phrases turn up a large assortment of popular trends. For example, a simple search for “Yoga” returns pictures of people doing yoga on the beach, yoga on mountaintops, yoga with goats, etc.
Wait a minute . . . Goat Yoga?
Mother of God, this entire article is now about VID and Goat Yoga. Sorry Boss.
Why is this a thing?
Glad you’re all on board with this.
Now then, assume you just discovered you are really into goat yoga and rush quickly to build a following on the fictional Social Media platform Tic-Tac. You get the benefit of showing everyone how cute the goats are and Tic-Tac gets to keep all of your data. They can see who looks at your posts, who likes them, where they are geographically, and how Buttons is the most popular goat by far.
For the end-user, this matters very little. But for Tic-Tac, they are harvesting your data with the international to A) sell it or B) use it to direct ads your way. There’s no crime in this. In fact, it is disclosed when a user signs up for the service. Tic-Tac gets paid, you get to post.
However, as an end-user, you are not compensated. Wouldn’t it be great if you got a slice of that revenue? Of course it would. And VI is going to pay YOU instead of advertisers. 6,930 VI tokens are released daily to users of the VID app, 80% of which goes to content creators.
But Why Tho?
VI’s business model revolves around the creation and sharing of content. The more content is shared on the platform, the more VI tokens are distributed. Companies that have accounts are able to send VI tokens back to the VI address, which will be eventually sent to platform users. In this way, the company is supporting the VI community. These companies are also featured in the app, essentially paying for advertising space. Users are also able to use this “Return to Source” function to support the network.
You Said There’d Be Money
Yes, indeed I did. Users of the VID app with more popular videos get a larger cut of the VI tokens sent out. If we go back to the goats for a second, this means that if your sun salutations with Buttons is the most popular on the platform, then you get the most of the daily allocation.
Additionally, the VID app also has referral links that not only offer rewards for people signing up but reward more if those sign-ups are active as well. In this way the VI platform incentivizes users to actively promote and use the app.
The payouts are done using the VI utility token which is an ERC-20 token on the Ethereum blockchain. These can be tracked on sites like Etherscan. One recent transaction was for 411 tokens or $57.57. This could easily represent a supplementary stream of revenue for a Youtuber or Tik-Tokker. Or be put towards goat-yoga paraphernalia.
Wrap It Up for Me
VI has created a unique platform in a sea of undelivered blockchain products. From my standpoint, it’s a combination of the rewards of Brave Browser, referral links of Binance, daily returns of staking, and the business plan of Instagram.
The app is constantly being iterated, the progress of which can be followed here. It is free, rewards users, and has a first-mover advantage in the social blockchain space. And as of now, seems to have an opening for a Goat Yoga influencer.