Vid AMA Transcript

  • 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
  • We have one already, check our youtube :)
  • We also have a new marketing video that has been put together for our equity fundraise
  • 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
  • One wallet
  • Anyone can buy VI through the wallet
  • There will be no gas fees
  • One wallet is a centralised exchange
  • There will be additional listings too, yes, trustworthy reputable exchanges that are compliant with relevant regulations.
  • Releasing our own blockchain is in the roadmap, though once One wallet is built.
  • 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.
  • Yes
  • The price is no longer being manipulated
  • You can track this on chain
  • 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.
  • 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
  • Yes anyone will be able to create public or private groups on Vid.
  • The focus of Vid is to help users earn as much as possible. Users earn VI.
  • 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.
  • After groups we will circle back to these features.
  • 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.
  • 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.
  • 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.
  • Yes, but not in version 1, there is definite synergy between One and our mainnet.
  • Yes eventually these features will be rolled out
  • Groups and One wallet are the current focuses for the team
  • 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
  • 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 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.
  • 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.
  • Yes full fee structure will be released at a later date.
  • Check ether scan by clicking on the universal VI contract.
  • After KYC for all users we will.
  • One wallet + debit card.
  • Expand team.
  • Return over 20% VI circulating supply to source via fees from One wallet.
  • Yes very likely but we’ll announce this once we announce paid groups- for now groups are free.
  • 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.
  • We have learned to not publicly announce targets (internal only).
  • Investment isn’t income.
  • We are raising a crowdfunded equity round in the coming weeks.
  • Revenue will be generated from One wallet.
  • 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.
  • The TOS will need to be updated, you will see this by the launch of groups.
  • There is not going to be a zero transaction fee but there is going to be no gas fee
  • 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.
  • This is listed in our community guidelines.
  • 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.
  • Kyc will be introduced alongside One.
  • 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

Community questions

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Vybit Community

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.