Vid AMA Transcript

Vybit Community
14 min readFeb 15, 2021

Date: 13th February, 2021

Time: 4pm GMT

Location: Vid official (https://t.me/Vid_app)

Transcript:

Jag Singh: Hello everyone :)

Welcome to the AMA.

Let start with some designs to the One wallet:

Next up here are the answers to the questions you submitted before the AMA. We’ll keep the group closed for 15 mins for you all to absorb this info then we’ll start with live questions.

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Now that VI has been out of Kucoin for about 6 months. Were these the results the team was expecting? On Uniswap the price has stayed below 8 cents for at least 5 of the 6 months that it has been there, on Ku-coin it reached almost a dollar with 100x more volume.

  • We maintain our position that the price was manipulated up and down by Kucoin
  • Yes we’re happy with the result that the price is not being manipulated now

Will there be an upcoming app based marketing video designed for us to encourage our friends and family to download the app and get on the Vid platform?

  • We have one already, check our youtube :)
  • We also have a new marketing video that has been put together for our equity fundraise

When will you add interoperability to other chains like binance chain or polkadot?

  • One wallet removes the fee issue which is mainly why people want us to move onto other chains
  • Having said that Josh is actively exploring BSC and cross chain interoperability

Is there any plans to get around avoiding the high gas fees on uniswap? I won’t buy or sell any coin on that platform due to the high fees and i’m sure many others feel the same.

  • One wallet
  • Anyone can buy VI through the wallet
  • There will be no gas fees

Will you be considering listing on any centralized exchanges soon?

  • One wallet is a centralised exchange
  • There will be additional listings too, yes, trustworthy reputable exchanges that are compliant with relevant regulations.

Is the team planning on releasing a testnet? Mainnet?

  • Releasing our own blockchain is in the roadmap, though once One wallet is built.

The original VID idea was simple, “A social media app that pays you”. Why are you complicating things by trying to create wallets/debit-cards? (things that are already the sole focus of other, much larger crypto companies)

  • Paying users only makes sense if they can spend what you just gave them.
  • The sole focus of vid is to pay users for their time, attention and contribution
  • Our mission is to democratize money
  • Our mission and focuses can’t be actualized without One wallet- the app concept itself doesn’t scale. Both Vid and One are needed for Vid to appeal to everyone and scale.
  • Most of the world still don’t hold crypto (majority that do buy via Coinbase, Robinhood etc) — we want to touch all users not just current crypto users. This requires a wallet to make spending VI simple enough for adoption.
  • Also it’s an extension to Vid as we continue to find product market fit.
  • Let’s imagine a scenario: You want to go out on a saturday night for some beers with boys, you don’t have any spare cash to go. We want the fastest, most simple way for you to get that money to be posting on Vid and getting likes/vibes, then going out and using your One debit card to spend the money you just earned. This is the vision and why both are necessary.

Was going from Kucoin to Uniswap worth it? Were these the results you were expecting?

  • Yes
  • The price is no longer being manipulated

What is the VI daily distribution address for 7700 VI?

  • You can track this on chain

When will marketing and influencers start on Vid?

  • After ONE wallet
  • We will continue at current levels, testing regions until after One wallet is built
  • The reality is there is a higher churn rate of users that are joining from marketing compared with users joining via invite. Everyday users can’t seamlessly exit their money, or actually spend what they’re earning. This is frustrating normal users who don’t understand crypto and they are leaving bad reviews on the app stores as a result.

What is the plan for Indian users?

  • If this relates to the crypto ban- there has been no further information on this actually occurring and we won’t stop our marketing efforts there until this is actually put in place. There has been bans/mentions of this before only for it to be revoked

Can anyone create a public or private group?

  • Yes anyone will be able to create public or private groups on Vid.

Is the price of VI the focus or the product?

  • The focus of Vid is to help users earn as much as possible. Users earn VI.

What steps is team taking to attract new partnerships:

  • We don’t have a direct need right now for partnerships.
  • It will come as a focus later as we scale.
  • For now partnerships are with creators and media.

Do you have an updated time frame for 1 million users?

After ONE wallet

But really putting a time frame on that is like predicting when Bitcoin will reach 100K.

It’s somewhere in the future- it could happen really quickly or it might take some time. We can push to 1m users in a month with marketing, but those users won’t stick around so the money will be wasted. This is why we haven’t done that large scale marketing push and won’t until after One.

Our focus is on product market fit for non-crypto folks and creating a beautiful experience in our app and wallet.

When will we get filters and camera zoom?

  • After groups we will circle back to these features.

Will tags auction be available on opensea anytime soon or do we have to wait for the new one wallet?

  • No plans just yet — we will let you know when.
  • We are waiting for a bigger user base. The tags are a source of revenue for us and with a smaller audience it makes no sense from a profitability stand point for the business to sell any more at this time.

What is the advertising timeframe for the US

  • There are regulatory considerations with One wallet and VI and marketing.
  • Advertising will be a journey that is conducted region by region.
  • UK and Europe will be first for a large push after One.

How will you fund the 10% interest on wallet savings?

  • Adding defi in one click will allow users to supply liquidity to popular pools across main dexes in a centralized manner that doesn’t require them to know about blockchain/wallets/private keys. It will allow them to benefit from defi yield rates. This hasn’t been done yet, everyone else is doing crypto loans.

Is the mainnet vision built into One wallet?

  • Yes, but not in version 1, there is definite synergy between One and our mainnet.

Will there be tagging in user comments and uploads?

  • Yes eventually these features will be rolled out
  • Groups and One wallet are the current focuses for the team

Any plans to have a live stream feature?

  • Not currently though we see a benefit for live streamers and how other apps are paying them for this style of content. This is definitely something we will consider in the future

How do you intend to reinvigorate the telegram community? It was a positive and active community, and is now impacting the external perception of the project.

  • The last month we have put resources towards maintaining the community sentiment with more frequent updates and stronger rulings around FUD and community support.
  • I believe there is a level of responsibility that you as investors and users of our app have to supporting the sentiment of the community alongside us.
  • Like us you hold a piece of Vid. It is in your best interest and ours that anyone else looking to share in those pieces is nurtured as they come into our community.

We are building a product to compete with the likes of Facebook, Twitter, Youtube and Tik Tok. This is a long term goal. Getting our product right is the most important thing to us right now.

When our token holders in the community group are driven solely by price their emotional attachment to that figure brings out negativity which impacts the sentiment of our community, driving a vicious cycle.The opposite is true when the price is going up, the cycle reinforces. We are seeing this with BTC right now, price increases, more press, more people get interested, more people buy, then the cycle repeats.

  • We will continue to support our community with as much information and insight as we can. When we have answers. When we do not — we don’t share any information.

Reminder of some Token holder responsibilities:

  • Promote the project; from your socials, word of mouth, to family and friends.
  • Assist with community questions; if you have answers or can help out- feel free to jump in or welcome newcomers.
  • Engage with product; THE BIGGEST ASK WE HAVE. If you don’t use it as a token holder- why would anyone else?
  • Provide constructive feedback; you do this often thank you.
  • Nurture the community; add value by engaging.
  • Adopt new features/functionalities; test trial and provide as much feedback as possible. There are a number of people who do this daily- thank you.

Are there fees for exchanging fiat to VI on the one wallet, and which other actions are subject to fees while using the One wallet? What will decide the upper and lower limits for the % interest of VI on the one wallet.

  • Yes full fee structure will be released at a later date.

Which address is receiving the coins held in app the 3600 and which address the coins for the team?

  • Check ether scan by clicking on the universal VI contract.

Remove max 10 invite system

  • After KYC for all users we will.

What are your top 3 goals this year?

  • One wallet + debit card.
  • Expand team.
  • Return over 20% VI circulating supply to source via fees from One wallet.

Where does the VI go for group membership? Is it still 80% for the creator and 10/10 for foundation and burn?

  • Yes very likely but we’ll announce this once we announce paid groups- for now groups are free.

When will marketing be?

  • Marketing is occurring now.
  • A large marketing campaign** will be launched after One wallet. Until then we will do small focused groups of marketing; we will continue to onboard creators.
  • You will see some marketing around the equity raise.
  • You will see future press.
  • Possible bloomberg 2.0 coverage.
  • Future crypto influencer coverage.

What is the target of daily users by the time the wallet is released?

  • We have learned to not publicly announce targets (internal only).

Is the sole source of income for VID coming purely from angel investors? Or where else would it come from?

  • Investment isn’t income.
  • We are raising a crowdfunded equity round in the coming weeks.
  • Revenue will be generated from One wallet.

Are you getting away from your main goal with DEFI stuff?

  • No.
  • Main goal is to help people earn as much as possible.
  • One allows users to actually spend the money they’re earning with Vid. Then there are some additional features in the wallet that we think will help our users earn even more, which aligns with the mission we set out on. Its an extension and amplification of Vid not a deviation.

Will there be a different set of TOS for joining groups?

  • The TOS will need to be updated, you will see this by the launch of groups.

How is the zero transaction fee within one wallet going to be accomplished?

  • There is not going to be a zero transaction fee but there is going to be no gas fee

How do you pay your staff? Do you have x amount put aside for paying staff, marketing etc or do you rely on the price of VI? Could the company survive a drop in price?

  • The company has already survived a drop in price.
  • We are raising our equity round so that we do not rely on the token for revenue at all.
  • Revenue will be generated from One not from the token or its price.

How many warnings are you giving creators before you delete their profile for breaking TOS?

  • This is listed in our community guidelines.

What is being done about these “creators” that uploads content of their wall in the dark?

  • Unfortunately this is part of platforms that host content.
  • Facebook/instagram/tiktok all have content that is of poor quality. It will make its way down the food chain as more and more content of high quality is created and engaged with.
  • Feel free to flag/report profiles only uploading black screens.

Hello! In June, it was said that the bounty payment will be made when KYC is introduced in the application. Now this function, as I understand it, will not be introduced, but will make KYC on the site. In this regard, the question is-when do you plan to introduce this feature and pay out tokens for the bounty? Thanks.

  • Kyc will be introduced alongside One.

I’m Indian and India is big population country and in my country people looking like these apps for making short video ..in app please add some more feature like making video per day increase to 5 to 6 video and for showing all notification bar like all follower shown when who follow you .. and then plz promote app from some social influencer and YouTubers like Amit bhadana Ashish chanchalani carryminati there have 20+ million subscribers and if 1m people know vid app then automatic increase app members ..

  • Yes we have a developing marketing plan for India with influencers and other promotions and advertising
  • This will be rolled out after our crowdfund + when there is a stronger answer regarding crypto in India

What changed so drastically from the projections that you will have 1m users until December (afterwards changed to January). Marketing which was supposed to lead to that increase of users numbers was announced even earlier (in August). My personal opinion is that this “undelivered promises”, besides Kucoin case of course, led many to lose faith in this project and resulted in so sharp price decrease. Furthermore, what are updated projections for the start of (serious) marketing and increase of users numbers?

The users that joined via marketing did not have the same retention rate as the users that joined from crypto/invites. This is the ceiling on all crypto social media platforms and why none have reached scale. Normal users don’t understand what to do and how to use/sell the tokens etc. We have a way to market to 1M users and get 1M downloads, but with the current churn rate we decided to not proceed as the money would be wasted. After the launch of One and improved UX/UI flow and explanation videos + debit card. We hope to see much improved churn/retention for normal users. We will the hit the gas on marketing.

It’s unfortunate that it worked out this way and I take full responsibility for sharing that target externally with the community. It was premature and not sensible, I apologize for that. In the future our user targets will be internal only.

Community questions

ETA for one wallet?

Jag: Summer.

Remove max 10 invite system? After KYC for all users we willRemove max 10 invite system. Kyc for all users who installed vid app from playstore?+ Will it’s delisting from uniswipe after one wallet?

Jag: No.

Is ONE an erc-20 wallet? Able to interact with uniswap etc.

Jag: No it’s a centralized wallet with Fiat neo bank features, like a fiat account number etc.

If 1 VI is worth $10 how much would it be in-app?

Jag: Slightly more.

Will Users that didn’t exhaust their 10 invites lose the codes?!

Jag: No.

We won’t have to sell VI on One to spend it will we?

Jag: We’re working out the logistics and rollout for this, but yes the goal is to be able to spend all crypto without cashing out to fiat.

Will there be cex listing before the launch of one wallet?

Jag: Potentially we’re exploring options.

Can you disclose more about equity raised so far and plans for upcoming crowfunding campaign?

Jag: We’re raising £3m a combination of Seedrs ( which I’ll announce at the end) Angel, and VC.

One wallet give solution a small group of user from uk,eu. But 80% user also face gas fees. What we do???

Jag: We plan to reach all regions over time.

The main concern with the app now is video loading speed, what’s the reason and workaround for this issue?

Jag: Antek is working on this at the moment, its re-encoding videos according to your network connection, Tiktok and others do this on the fly and we are building it that way too. Will be launched soon and agree that is one of our biggest issues.

Will the 50% profit returned to source from one wallet all be from trading fees? Or are there other features that will be subject to fees also?

Debit card interchange fees, spread on LP defi in one click and exchange fees.

Equity raise means funds gathered from Vi token sale are spent?

Jag: Raise capital when its available is a good motto.

How much money do you need to raise to develop a wallet? What will happen if this amount cannot be collected?

Jag: We are raising £3m if we don’t raise the amount via crowdfunding that we would like, then we will raise additional privately. Although Seedrs has a 100% success rate for UK Fintechs.

When will the app be fully finished?

Jag: Is Instagram fully finished? Software is an ever evolving improving beast.

At what stage is One Wallet? It is project “on paper” for now or you did some technical progress?

Jag: Backend development is underway, partnerships and underpinnings and regulatory.

App store rating is going downhill, which will make the app look like a scam, thoughts on this?

Jag: Yes this is users that don’t understand how to use vibes/VI and is something we’re actively working on.

Won’t the ONE name be an issue (legally??) compared to the ONE token by harmony?

Jag: No.

What assurance can you give us that you’ll come up with “1” by summer with no extension and effective marketing takes off.

Jag: We can’t.

Can you elaborate more on plans re expanding the team?

Jag: Compliance, design, UI front end devs, product, marketing.

If I connect binance investment department, would you be interested?

Jag: Always open to explore options.

Closing

I’d like to close with an ask. It is very rare that I ask you guys for something. But to get Vid to the next stage we really need your support. Our crowdfund equity raise will be on Seedrs.com over the next few weeks, pre registration opens next week. It is a chance for anyone based in UK or Europe to buy equity in Vid. It is a fully FCA regulated equity crowdfund. All the top European fintechs like Revolut, Ziglu etc have raised a seed round on Seedrs so we are in good company. Early access will be given to our community which we will share in the telegram and on twitter.

If you are a believer in Vid and what we are building, and if you are a VI holder, we need each and everyone of you to take on the responsibility of sharing the Seedrs link far and wide when it becomes available. Tell your family, your friends, anyone that uses Social Media. People can invest as little as £10 and buy a share of the company. We are getting very close to an actual social media platform that pays all users daily and that could actually reach mass adoption. All that is missing is the One wallet and we need this fundraise to successfully close to get to that next milestone. If you hold VI the best way you can support your token investment is to share the Seedrs raise with as many people as possible.

You can pre register on Seedrs now and we will share the link once the prereg is live. Thank you for your continued support and faith.

Onward and Upward!

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Vybit Community

Vybit is a social media app that rewards users and creators with Vibes for the value they generate. Vibes can be swapped to VI, a Solana based cryptocurrency.