VID Team – CryptoDaku AMA session with Jag Singh & Joshvun Singh
Hi all, welcome everyone. We are having Vid team here for this round of AMA.
Vid is a next-generation video journaling app that gives ultimate control to its users. Data is secured through zero-knowledge encryption, so only the user can access their content. Even Vid can’t see it until the user decides to post publicly. Content creators can earn money when people view their videos. Advertising partners can also pay users directly, without Vid taking a cut.
Lots of things!!. And I am sure people here are eager to know more.
Hi @JoshSinghVid @JagVid thanks a lot for joining.
Start of the AMA
Q.1) Why is whitepaper too big? 48 mb 🙂 probably a record. Do you have plans to add smaller ones so that we can get a quick overview?
Jag Singh: There is a whitepaper video which is easier to absorb 🙂
Q2) My questions are: 1. How the VID Platform works and what are the problems it was solving? 2.How will companies give API access to VID?3. How we can monetize the memories?Jag Singh: 1) The Vid platform leverages AI to auto edit raw clips into high-quality mini vlogs.
2)We are reaching out to big companies and signing API deals and for small and medium enterprises there is a plug and play api.
3)Users can monetize their memories by using the api’s to autogenerate memories and then allowing those brands to add swipe up links to their memories
Q3) what are the differences between vid and other platform?
Jag Singh: First of all, memory media aspect of it, the way autogenerate the memory using APIs, that has never been done before, we have 7 patents around that. That is a new aspect of social media, and then the auto-editing feature aswell, the way we edit raw clips into beautiful mini-vlogs that has never been done before. So it’s not a light-flag copy of previous social media platform with a blockhain edge or privacy focus, it really is a new type of social media that leverages blockchain tech and privacy-focused
Q4) We can we say goodbye to fake profiles with the Help Of VID Platofrm?
Jag Singh: Yes we will verify all profiles that post publicly to avoid the issues of the past social media platforms
Q5) Is $1 your ideal price per token or is that just a figure you don’t want to fall beneath?
Jag Singh: We wanted to prevent a huge dump from people that bought early on, the burn allows this by limiting supply. Imagine 100 million users and only 200 million tokens in circulation due to the burn, the price will self correct above $1 and the daily sale will start again.
We have signed on influencers with a combined following of 250million that will be posting daily Vids and asking their followers to download the app and follow them there. They are starting to post on their social media channels this friday
Q6) Why would anyone buy from exchange if it’s higher than 1, if from site 1milperday its max to $1?
Jag Singh: It would be like a Binance ieo lottery system, whereby it will be hard to buy on 1milperday, and will involve staking VID
Q7) How vid ensure the system is not manipulated?
Jag Singh: It’s actually fairly simple to stop manipulation in a number of ways. The way that youtube recognizes fake views, that is also very easy for us to do. I think that’s the really the main to manipulate the system, is to generate fake views to try to earn more tokens and that’s easy to detect
Q8) Do you believe a big exchange LISTING is as IMPORTANT for a coin as is its DEVELOPMENT?
Jag Singh:Yes, I do believe that it’s just as important. Not necessarily for the users of the platform but I definitely think for people that have invested in the coin early on its important to make sure that they have the maximum opportunity to liquidate their token. Should they wish, they may no wish to do so, I believe that they should have that opportunity. So yes, I do believe a tier 1 exchange sort of top 5 is essential for our token buyers
Q9) Did you PARTNER with an AI firm to develop your technology?
Since anything on the BLOCKCHAIN is PERMANENT won’t our videos stay there FOREVER with no option to delete?
Jag Singh: No the ai was actually developed inhouse, our CTO is an expert in AI and we booked an AI dev team. We have spend 2 years to build that part of that platform. In with regards to memory being permanent, no, we are actually not using decentralized storage at the moment, we are using […] but securing the memories with zero knowledge encryption as we believe that is next privacy option for our users. As decentralized storage and streaming 720p Videos beautifully and seamlessly, the tech isn’t there yet. When decentralized storage is there, we will use it but no users memories will be permanently stored
Q10) please explain more on Vid’s business model?
Jag Singh: Vid is free to use, but then at the end of every month you have to move your memories (1 click) to take up storage space on your phone rather than stored in the cloud. If you would like to store them in the cloud we charge $1.99 a month for this premium tier of Vid.
Q11) What is the biggest WEAKNESS in your project and how are you planning to MITIGATE it?
Is there any option of STAKING VID tokens?
How are you planning TO ATTRACT developers to your platform?
Jag Singh: 1) The biggest weakness is that we are a social media platform and the space is extremely competitive. We are mitigating it with innovative product and feature design and protecting our ip with patents.
2)Yes there will be in the future, announcement soon.
3)We are not a chain, we hire developers directly
Q 12) Could you please explain why you selected the STO route?
Jag Singh: We considered an STO for a while but instead chose our 5 year token sale of our utility token on 1milperday.com
Q 13) What are the differences between vid’s paid and free tier?
Josh Singh: So at the end of every month a user has the choice to either pay $1.99 either in fiat or in tokens which they have earned or move their memories onto their device, if they chose the latter their memories will no longer be searchable and will quickly fill out their storage on their phone. That pain point of you no longer being able to search your memories as easily as you would search google plus it taking up so much storage on your device is what we think will drive conversions from free to paid
Q. 14) What is your Total Addressable Market (TAM) and what do you estimate is the max share your network will take?
Jag Singh: 3Bn at the moment, 10%+ is definitely achievable as proven by Tiktok and Snapchat recently
Q. 15) Hi…do you’ve any notable partnerships & promotion plans to improve the engagement?
Jag Singh: The biggest influencers in the world. Also we have big api partnership announcements soon.
Q. 16) Hi team, is there vid mobile app ? If not will there be a plan to develop one ?
Jag Singh: iOS beta is currently with some influencers and investors. Will be launched to the public soon with android to follow
Q. 17) Will the beta version of the app be available to everyone or just a select few?
Jag Singh: 100k people, email signups start on friday!
Q. 18) What if any unpredictable/unforeseen circumstances like following arise all of a sudden :
-CEO/Founder leave in the lurch like- Zilliqa recently.
-Security breach like Binance faced recently
Jag Singh: The team have all come from startups and many have had successful exits, we are used to being nimble and coping with the many issues and roadblocks that arise whilst innovating.
Q. 19) How can developers & technical people contribute to your project and how do you make plan to get them involved?
Jag Singh: We are developing a programm currently, more info will be announced soon
Q. 20) @JagVid @JoshSinghVid Will you check the quality, authenticity and nature of video being hosted?
Jag Singh: There will be a flagging system, the same as other platforms. In addition, anyone that posts publicly will need to verify their identity, this will reduce issues
Q. 21) What is the value proposition VID has for content creators that will make them join the platform?
Jag Singh: Content creators are able to monetize almost every key moment of every day with the autogeneration feature and brand advertising on their memories. This is very appealing to creators.
Q. 22) Based on which criteria have you chosen the influencers that are working with you?
Jag Singh: Their engagement and size of their following. We have also tried to get influencers from as many niches and regions as possible.
Q. 23) Both You Guys From Punjab,India, Just Like I m ? 😆
Jag Singh: Yes
Jesse Tevelow: Hi everyone, Jesse Tevelow here…Director of Marketing @Vid. Please feel free to ask me any questions along with Jag and Josh!
Robby Wade: Hi Everyone, Robby Wade here, senior consultant at VID. Please feel free to ask me any questions.
Q. 24) won’t having a paid tier will slow down user adoption and growth? And same for verification
Jag Singh: The paid tier can be paid for in tokens that you have earnt by monetizing your memories. So the platform is still essentially free to use but you have taken the money from your data rather than the platform. Also there will be incentives to verify your ID to ensure it doesn’t slow adoption. We need to learn from the mistakes of previous platforms whilst still optimizing for growth and scale.
Robby Wade: VID is applying a freemium model, users will be able to utilize a free version of the platform as a teaser. This model has been successfully proven in companies like Spotify.
Jesse Tevelow: The app is free to use, so we don’t think having a paid tier will slow adoption. The paid tier essentially allows users to store all of their memories for all time in the cloud, so memories are easily accessible and don’t take up space on the user’s device. If you look at growth trajectories and conversions to paid users for companies like DropBox, Whatsapp, or Spotify, you’ll see that our model is very effective–we also feel that memories are potentially the most important type of data from an emotional perspective, and so there’s a potential that our paid tier will convert even higher than these other examples. So we look at growth / adoption and conversion-to-paid as two separate tracts. Hope that makes sense.
Q. 25) How will you defend against the giants in the social media space?
Jesse Tevelow: Steven, we have some patents on our technology, which will help. But beyond that, our model is fundamentally different than all the existing players. The paradigm shift is that we treat the user with the most respect and give the user control, vs. brands / advertisers. So with Vid, data belongs to the user, always. Not to Vid or anyone else. We think this will help us compete with the entrenched players who really don’t treat their users very fairly or respectfully.
Q. 26) @JagVid @JoshSinghVid how will the video uploader earn, is it like YouTube? Total number of views counted for a reward?
Josh Singh: Users can earn from by view count (similar to YouTube) or if a brand chooses to add a swipe up on their auto generated memories
Q. 27) Won’t major names in the creator business take presidency over the allowed coins per creator per day, won’t this leave the little people on the side lines?
Jag Singh: It’s proportional to view count and how much you are contributing to the platform in terms of people’s attention
Q. 28) What Will be the use case of VID Token? On which exchanges you going to list VID Token?
Jag Singh: Exchanges we can’t talk about. The token is essentially an advertiser credit, it allows a transparent transfer of value from advertiser to content creator
Q. 29) What Will be the use case of VID Token? On which exchanges you going to list VID Token?
Jesse Tevelow: David, the Vid token is essentially used to transfer value within the platform in a fair way. We can’t comment on exchanges at this time.
Q. 30) Nice to hear that, any VCs invested till now ?
Jag Singh: Press release coming tomorrow about VC’s
Q. 31) Hi Robbie.How many people like yourself work full time at Vid and where is Vids home office?
Robby Wade: VID have around 12 Full Time team members. The team are aggressively expanding the development team. Circa 20 positions are currently posted on indeed and various other platforms. VID’s home office is based in West Hollywood LA
Q. 32) When the app will be available ?
Josh Singh: Q4 2019
Q. 33) What is ur view on liquidity provider?
Jesse Tevelow: We cannot comment on this. That said, please know that we have taken very careful measures to plan ahead and keep building out the company to deliver true value. We see Vid as a normal company. What I mean is that we are building product, we have a team, and we have financial resources. When it comes to questions like this, we hope people like you will look at our biz fundamentals and the experience of our team. I can tell you that I personally am confident in our go forward strategy.
Q. 34) Can you link us to these postings? I’m local and would totally be interested in applying if there is a fit.
Robby Wade: Please DM me with your CV and we can chat further. I will also point you in the right direction.
Q. 35) If the entire ADVERTISING revenue is PAID to the user how are you earning for yourself?
How do you COMPARE the VID token with Steemit token?
Jag Singh: Paid tier of Vid is how we earn revenue. Personally I don’t like Steemit but their token market cap to user number ratio is interesting to me.
Q. 36) Do you plan to support a wide variety of filters, similar to snapchat? – Killer feature not to be left out
Jag Singh: Yes, they are called styles on Vid
Robby Wade: VID will also offer the ability for landscape viewing, this key feature is exciting too many videographers and content creators.
Q. 37) Are you guys INTIMIDATED by any other RIVAL projects in the market?
Jag Singh: No haven’t seen anything interesting in the space recently
Q. 38) Can you ELABORATE how will VID be not able to access our data when we are giving access to it to our videos?
Robby Wade: All user data will be protected via zero knowledge encryption.
Q. 39) Will the users have option to choose in which currency/tokens they want payment/rewards for their videos? Will there be any payment gateway to purchase vid tokens from your platform?
Josh Singh: Users will earn from their view count in the form of Vid tokens.
Q. 40) So what will happen if the price never reaches $1? will you guys perform a buyback or are you confident that it will reach $1
Jag Singh: With the burn and user growth we’re confident that after the app is launched the price will self-correct
Q. 41) So the total supply of VID tokens is 5 Billion. The current tokensale price is around 0.65$ which gives you project a total valuation of $3 Billion. How did you reach at this valuation? Don’t you think it’s a bit too high? If not, why?
Robby Wade: This calculation is simply a reflection of a private sale market cap. I don’t believe it makes market sense to be conducting calculations of this nature during this stage of the private sale raise.
Jag Singh: This isn’t correct, market cap is circulating supply not total, especially since most of those could be burnt
Robby Wade: I simply mean that the calculation Sreevi was suggesting was a market cap calc of PxQ
Q. 42) Can you ELABORATE how will VID be not able to access our data when we are giving access to it to our videos?
Jesse Tevelow: I am not on the tech team, but I have some basic information I can share on this to elaborate from what others on the team have said. Basically, your content created on Vid is stored on your device. So it doesn’t exist on Vid servers or anywhere else. It is also encrypted, meaning no one can see it except you. This is called ‘zero knowledge encryption.’ The decryption key again lives on your device, so only you (theoretically–since it’s your device) can decrypt it and view it (which happens automatically on your device in the background). So–could someone get your data? Yes, if they stole your phone. But in terms of Vid or any other third parties–we don’t have access to your stuff, and never will. That’s the core of our business–keeping data in the hands of the user, and rewarding users for their awesome content. As it should be.
Q. 43) 1# How will you fight Mamooth centralized platforms like Youtube and Decentralized platforms like Steemit and D-Tube ?
2# I/O transactions are very heavy, so how will you provide best user experience where blockchain application work like non block chain apps like JAVA/.NET
Jag Singh: Vid is a shortform video platform, the competitors are more like snapchat and instagram. But Vid is very different to these platforms and allows users to earn from their data which they don’t. The decentralized platforms are quite a way off and not real competitors.
Robby Wade: VID is pioneering the memory media industry, the competitors are not operating in this space.
Q. 44) Will vid still be launched on top tier? Late august early sep?
Jag Singh: Top tier yes and timing is soon we can’t give dates is what I’ve been told by our legal team
Q. 45) one general question.. What is ur worst crypto investment and what is best
Jesse Tevelow: I’ll chime in here. My blockchain-focused agency, BlockTeam Ventures, has worked with over 50 blockchain-enabled companies–and those companies have gone on to raise over $500M over the past few years. Of those companies, and the hundreds that we’ve analyzed and considered for an investment of either time or money, Vid feels like my best investment to-date based on our early progress. That’s why I joined the team. I won’t comment on bad investments, but I have plenty. Over time, you start to be able to identify the projects and teams that can deliver, vs. the ones who are just hoping and praying, trying to leverage the unique aspects of the burgeoning blockchain tech industry.
Jag Singh: Best BTC worst XRP.
Robby Wade: Best Neo, worst Datawallet
Q. 46) Can we check the engagement data like how many users, posts etc in real time ?
Jag Singh: Users you will be able to see from wallet number
Q. 47) I have a few major celebrities/artists/musicians that I would like to onboard to VID. Who can I reach out to about this when the time is appropriate?
Jag Singh: Message Jesse
Q. 48) Is the exchange saying the listing date is confidential Jag, is that the reason you can’t release it now? IS it under an NDA?
Jag Singh: Exchanges have been known to cancel listings when projects announce before they are allowed to.
Q. 49) Will the project be working world-wide or are there any exceptions?
Jag Singh: Due to zero-knowledge encryption we will probably be banned in China
Q. 50) what type of influencers is VID seeking/looking out for in the initial beginning, any priorities? e.g. Celebrities, Journalists, Activities, Musicians, Sports, Urban Explorers, Food bloggers..
Jesse Tevelow: We’re really interested in any influencers who would find value in using Vid, which happens to be most of them. It’s obviously great for Influencers who are already shooting a lot of content–whether it be for fashion, music, sports, traveling, etc. We’ve already signed a large number of Influencers and are adding more on a weekly basis. It’s a massive part of our growth strategy and will continue to be. The Influencer community has already given us feedback, loud and clear, that this is the direction they want social media/video to go. We’re lucky to be building Vid at the right time.