The more people that can access a product, the better that product could perform. However, to over stretch your reach and target too many different people can become ineffective as your efforts will be stretched too thin.
It’s basic business strategy to find your target market and then build your product to meet their needs. After all, it’s going to be most effective to target individuals that want to use your product.
Today we’re taking a look at a cryptocurrency project that’s in the process of expanding their reach to a whole new key market that could kick start a new wave of growth.
VID coming to Android
Recently VID has launched their Android beta, which is a big milestone for the project. The VID app is already available in the iOS app store, but now it’s almost ready to hit the Google Play Store too.
In the beta users can currently press the button to show their activity to earn VI, watch Vids, Like Vids, Withdraw and Deposit VI and earn VI based on their impact in the VID ecosystem.
Essentially, the upcoming release of the VID Android app matters because it opens the door to a whole new user base that previously weren’t able to use the app. VID’s mission is to create a new model for distributing value around the world and by expanding their reach it will allow their innovative value distribution model to impact many more people.
You might not know this, but Android has a huge advantage in terms of market share, reportedly capturing almost three quarters (~75%) of smartphone users worldwide. Anecdotally, the distribution may favour Android even more in the cryptocurrency ecosystem because of the tech-heavy demographic. Therefore, the upcoming launch of the VID Android app isn’t just a new way people can get the VID app. It’s an opportunity for VID to be adopted by a much larger number of users than those currently using the app.
Thus far the Android Beta has been successful in terms of interest. Many fans on Twitter were gutted that they weren’t fast enough to the party because within the first hour the max amount of beta testers had been reached.
The Android release has a swift path laid out ahead, gunning to have the first version of VID available on the Google Play Store by the end of July, and then there should be two updates by August 14. Each update will be tested on the beta version ahead of official release. On August 14 the Android beta is aiming to reach parity with the iOS version, so each app offers the same features.
How VID and VI works
VID has created a social media video application that grants users total control over their data and gives content creators the opportunity to retain 100% of the advertising revenue earned. It also introduces the concept of Universal VI, which is a system that aims to provide everyone with a daily income. Qualifying for Universal VI is simple. You just have to open the VID app every day and hit a button to qualify yourself as active.
Universal VI is it scales based on your location to take into account the average living wage of each country, designed to distribute the value more fairly. The amount of VI paid for Universal VI each day is constant, so it changes based on the number of active users on each day.
Value Income (VI) is the crypto created by VID which is used to pay Universal VI. The app also has impact payments each day, which reward users for how active they have been on the platform, as well as their contributions towards growing the platform. VID is the first company to use the Value Income model to reward their users just for being there.
Now VID is tackling the Android market, it will be interesting to see how the user base grows when so many more smartphone users can gain access to the app. The VI distribution system is designed to reward activity and those users that are impactful for ecosystem preservation and growth, so exposing the Android market to the app could cause a powerful snowball effect for app growth.
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.