Vid AMA Transcript

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.

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?

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

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.

Will you be considering listing on any centralized exchanges soon?

Is the team planning on releasing a testnet? Mainnet?

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)

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

What is the VI daily distribution address for 7700 VI?

When will marketing and influencers start on Vid?

What is the plan for Indian users?

Can anyone create a public or private group?

Is the price of VI the focus or the product?

What steps is team taking to attract new partnerships:

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?

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

What is the advertising timeframe for the US

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

Is the mainnet vision built into One wallet?

Will there be tagging in user comments and uploads?

Any plans to have a live stream feature?

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.

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.

Reminder of some Token holder responsibilities:

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.

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

Remove max 10 invite system

What are your top 3 goals this year?

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

When will marketing be?

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

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

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

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

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

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?

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

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

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.

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 ..

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 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.