September 10:
VERIFIED protocol launch:
The VERI protocol will run on top of the VIRAL blockchain. The VERIFIED protocol will create a decentralized social network that allows users to further monetize their daily social media activities. For a limited period of time, users will be able to burn their VIRAL for Verified tokens (VERI). The VERI tokens will be limited in quantity and be required to further partake in the network. VERI will be to VIRAL as XCP is to BTC.
Could you explain this in more depth?
- Will VERI ultimately be the platform to VIRAL profit sharing? (I'm assuming "yes")
- So TWITTER token, FACEBOOK token, ADSENSE token, etc...?
- Will tokens be user created or Dev team created?
- Will holders of VERI be rewarded with other tokens (similar to SWARM crowdfunding)?
- What value will VERI bring market-wise? Being limited quantity will it be worth more than VIRAL or will it be worth less because it's not an investment coin it's more of a fuel coin (similar to ETHER for Ethereum)?
Hi there.
Excellent questions. Let me try to tackle a few of them.
Veri refers to the process and mechanisms of core users being able to build out nodes out of their own social networks within the Viral system. In other words, subnodes. This will be profitable to the person building out the node because nodes will be rewarded for their weight and reach. It is also profitable for the ecosystem as a whole. It allows us to offer sponsors super-targeted campaigns, with a very desireable ROI - at a premium price.
Monetization can be done various ways, depending on how one one sets up the nodes. One could evolve in the direction of DAC (high performing members evolve into entities, and offer shares of themselves to investors). Alternatively, one could color coins and wallets, so that newly recruited participants, node growth, and spread can be built directly into payout metrics via the block chain. We have some very definite ideas on how we would like these nodes to function and collect revenue. There are definitely different ways to do this. We have planned a process that begins this week to involve the crowdfunders in the discussion of these very things.
I would not anticipate that separate tokens for each network would be the solution. It may add complexity that is simply not needed. To your question on the value of Veri in relation with Viral, there are two key effects with Veri: it requires burning and reduction of the Viral supply, and Veri will be the base of Verified. Value there is twofold: as Veri, and as the required staking crypto for entities that are operating as nodes. i think it is far to early to think about valuation of Veri in an isolated sense. Much of that depends on how we structure the nodes as discussed above, and their profit mechanisms and characteristics.
I would also point out there are two distinct sides of the Viral platform - the disruptive social media strategies Adam is heading up, and the more technical side, of what sort of block chain structures and mechanisms can best underpin the Viral network, its nodes, and the revenue flowing through it. Adam's specialization is obviously in the first area. The other devs are primarily responsible for technical aspects.
As I mentioned, as a team we have identified some core questions that we would like to discuss with the community over the coming weeks. Adam will be outlining these in the meet-up this evening. We look forward to the many good and inquisitive minds in our community joining in this discussion during the days to come.