Social Money: The intersection of Social Media and Finance
March 15th, 2021
Vid is democratizing money by making it more accessible and easier to earn. Vid has created a social media app that pays all of its users, every day, in crypto for simply using the app.
- On a mission to democratize money by providing a real world solution to the ‘earning problem’.
- Paying all app users daily to use social media.
- Building ‘One’ wallet to hold all crypto, fiat and VI, enabling one-click transfers from crypto to fiat, opening up spending on the One debit card.
- Paying users interest on all currencies stored in the One wallet (coming Summer 2021).
- Enabling micro-transfers between users, as they ‘like’ each others’ content.
- Selling NFTs in the form of hashtags/tags, which can be bought for future recurring revenue streams.
Notable recent metrics:
- Over 71,451 users
- 25% user growth in January ‘21
- Over $200,000 earned by Vid users
- >200k Vids created so far
What is Vid?
Vid is on a mission to democratize money. That means helping people to earn, invest and grow their wealth as easily as possible.
There are three critical, and synergistic, components to Vid:
- The VI token
- The One wallet
- The Vid app
The interaction of VI, One and Vid is shown below:
- Vid offers a unique combination of social media experiences:
- A video feed like TikTok’s, optimizing for quick and entertaining video snippets.
- Micro-payments, like Patreon and Only Fans, allowing users to tip one another with tokens they earn in-app.
- Groups, similar to Telegram, encouraging further interaction and conversations.
- Network effects, with the potential of growing into the next Facebook, with new features being added throughout 2021.
- Unlike any other social media platform, on Vid every user who logs into the app, earns.
2. Vid app users earn vibes for logging in, and earn more for social media engagement and reach. Vibes can be redeemed for VI.
3. Users will soon be able to store their VI, as well as other cryptocurrencies and fiat currencies on Vid’s One wallet, which is currently under development. They’ll also be able to transfer between currencies, exchange the VI token for their local currency, order debit cards to spend their crypto, and more.
Vid wants to help people earn in new ways, by giving them access to NFTs and the latest in decentralized financial innovations in crypto. Money is in the midst of a revolution. Tools that were only available to the wealthy before will now be available for everyone.
Who is Vid for?
Vid was built for people who value their data, time, and contributions to social media platforms, and understand they should be earning from it. Like us, they see broken systems in social and banking. And, also like us, they’re ready to adopt new technologies.
VID, the App
There are to be 6 core areas within the Vid app.
- The Profile Page holds a user’s draft and all finalised Vids, the user’s impact score, and information on their following and follower lists. It’s the user’s home base and personal journal.
- The Following and Explore Feeds are where users can view Vids from the users that they are following, and explore Vids from other users in the wider community.
- Search allows users to search among hashtags to discover Vids with common themes, and search among usernames to look up any Vid user directly.
- The Camera allows users to capture content, to create new Vids.
- Storyboard, where users edit and create their content adding text, music and soon a range of other editing features.
- Groups, due to launch in Spring 2021, will allow users to create and join public and private communities, to share Vids and conversations along a particular theme.
How can users earn?
- Every day, 7,000 VI is released from a smart contract, and 45% is shared among that day’s active users in vibes, resulting in a total of 3,465,000 vibes a day. Users earn different amounts of vibes depending on their activity compared to other users.
- Users receive vibes from other users, sent as likes to their shared content. At the time of writing, each of these likes can be as small as 50 vibes, or as high as 10,000 vibes.
- Users who successfully invite others to join the app will earn 500 vibes per signup, and the new user will receive 500 as well.
- Users who purchased hashtags as NFTs will receive residual income, earning 1% of all vibes gifted to Vids featuring that tag. Those vibes are not taken from the part of the content creator (he/she will always receive the same), but taken from the part of the foundation.
- Users will soon earn interest on fiat and cryptocurrency held in their One wallet, which will be released in Summer 2021.
How is the Impact Score determined?
The Impact Score is a digital value that rates a user’s in-app activities, reflecting each user’s contributions to the community. All scores are calculated based on other users’ activities.
- Consistency, or how many consecutive days (meaning time blocks of max 24 hours) that user has been active in the app, and compared to other users.
- Viewing, or how often the user views other users’ Vids.
- Reach, or how often the user’s Vids are viewed, relative to other users.
- Creating, or how often the user makes Vids, compared to other users.
- Engagement, which is a calculation based on the view-to-follower ratio
The VI Token
Token Key metrics (as of March 15th, 2021)
VI stands for “Value Income,” the value created by users, that is then distributed to users across social media. VI is the currency of social money. It’s a new concept launched by Vid, incubating the intersection of both the social media and finance industries.
VI is an ERC20 token which means it uses the Ethereum network. A total of 888,888,888 tokens have been minted.
Every day, 7,000 tokens are released from the smart contract, meaning that 2,555,000 tokens will be released each year for the next 338.4 years. Of the 7,000 tokens released daily, 45% are shared with the Vid app users, and 45% are used to provide liquidity on the decentralized exchange Uniswap for acquiring VI tokens via crypto swapping. And the remaining 10% is used for the foundation’s costs and other project expenses like marketing and development.
The VI token is deflationary in nature, which means the supply reduces every day, as tokens are returned to the source contract. The return address is the same as the source address, which means that there is a perpetual cycle of tokens being released and returned over time.
There are currently two ways that tokens are returned to the source contract. When vibes are sent between users within the Vid app, then 10% of each gift is returned to source. When a user bids on Get Featured — buying visibility for their Vid — then 90% of the transaction is returned to source.
Is this token a security or a utility?
The token is a utility token. It has value in that users can purchase Get Featured space on the app, they can buy a hashtag in the native currency, and they can send the parts of the token (vibes) to other users within the app in the form of a ‘micropayment’ or ‘tip’ (similar to Patreon). Users will also earn extra VI, as interest on their balances, when the One wallet launches in Summer 2021.
Where does the demand for the token come from, that users earn?
Users will be able to sell their tokens for fiat, through investors who will be speculating on the price (popularity and use) of VI and future advertisers who will be purchasing advertising space on the Vid app, adding value into the Vid ecosystem as well. A portion of the fees that Vid earns from One wallet financial services will also be used to purchase tokens from the open market, adding value to the VI token.
Return to source mechanism diagram
Non-Fungible Tokens (NFTs)
NFTs in general offer an enormous opportunity for innovation and are relatively new in the digital space. The opportunities increase especially when the asset they represent is less subjective in terms of value (as would be with for example digital art). Vid has launched their own NFTs in the form of tags that are used in-app by content creators. Similar to hashtags on Twitter or Instagram, they’re already popular in the Vid app to improve content discovery and categorization. Users can tag each Vid with up to five tags.
Each tag will be associated with an ERC-721 NFT, meaning users can (and already do) own unique Vid tags.
Unlike tags on Twitter and Instagram, Vid’s NFT tags have actual value. The owner of each tag will receive the following benefits:
- They’ll always be able to claim the top position for that tag’s search result. If a user posts a Vid tagged with their own tag, that Vid will automatically appear at the top of that tag’s page. Every person who searches for that tag, or clicks on it somewhere else, will see the Vid of the tag-owner first. When tag following is build, the Vid of the tag-owner will appear first in the feed for people who follow that tag. This brings interesting advertising opportunities later on.
- Tag owners will also receive 1% of all vibes sent to any Vids with their tag on them. This percentage comes directly from Vid’s cut of the transaction, and doesn’t impact the recipient user.
- Tags can even be sold by the current tag-owner and then provide the same benefits to any new owner.
Vid Tag NFTs have all the features that come with NFTs, including utility, ownership, transferability, and scarcity. They also feature a potentially more quantifiable value than art/collectibles.
To date 751 Vid Tags NFTs have already been sold to build good experience and optimize this cutting edge innovation before welcoming larger user amounts. Vid will recommence selling more NFT Vid Tags later on, most likely when One wallet is fully deployed.
Vid’s One wallet is a digital wallet, in development, to hold users’ USD, EUR, GBP, BTC, ETH, and VI at first and gradually also other crypto and fiat currencies. Vid’s cutting-edge “DeFi in one click” technology will bring high DeFi interest rates (>10%) to all Vids users, with none of the complexity of blockchain and DeFi. One wallet users will also be able to use their One debit card to spend these currencies.
One wallet users won’t have to settle for 0.1% interest rates. They can earn over 10% interest on their savings. These interest opportunities will be available to users who use One to store and spend their currencies. Web3 will result in users earning tokens for each action they take on the Internet. One wallet will give you a single location to store, make it grow by interest and when preferred spend it all.
Jag Singh (founder and CEO)
Josh Singh (founder)
Antek Baranski (CTO) Previously ESPN, Fox Sports, Roblox
Andy Deemer (COO) Previously Apple, Beats Music
Vid has over 71,000 users, from over 182 countries across the globe.
Vid has developed a creator program for content creators that can prove to have well over 10,000 followers on existing social media platforms. These creators will be incentivised to promote the Vid app, and will bring a diverse mixture of high quality and original content to the social media platform, as well as their audiences to Vid.
- Seedrs equity crowdfund
- Groups feature within the app (similar to telegram experience)
- One wallet
- New website
Recent Media Coverage
- “New to the Street”, Bloomberg TV (11/21/2020)
- “Next up is VID with CEO Jag Singh…”, Yahoo! Finance (11/20/2020)
- “We delisted from KuCoin because…”, CoinDesk (11/13/2020)
- “Vid Foundation opens staking”, CoinTelegraph (9/26/2020)
- “The VID App: Social Media but with Money”, The Daily Chain (7/17/2020)
- “Vid is Betting That Privacy Will Be The Foundation of the Next Big Social Media Platform”, Inc. (6/17/2019)
- Vid’s 2021 Roadmap (1/29/2020)
- Vid official: https://t.me/Vid_app
- Vid unofficial: https://t.me/UnoffcialVID
- Vid bugs: https://t.me/Official_VID_app_Bugs_Squashers
- Vid tags: https://t.me/VidTag
Social media channels
- Website: https://vid.money
- Instagram: https://www.instagram.com/vid_app/
- Twitter: https://twitter.com/vid_app
- VI Twitter: https://twitter.com/VI_updates
- LinkedIn: https://www.linkedin.com/company/vidapplication
- Medium: https://vidcamera-community.medium.com
- Youtube: http://bit.ly/vidyoutubechannel
- Reddit: https://www.reddit.com/r/VIDapp/