ViValid is a service based on blockchain
technology designed to serve as a conduit between individuals seeking information about the potential value of items in hand from experts in corresponding fields along with certified proof of ownership.
- ICO and token distribution
Over the past several months our team has been tirelessly working on the core engine of our blockchain-based Proof of Validation Protocol in preparations for the release of the ~MVP. We have decided to focus our attention entirely on the technical and functional aspect of the project and suspend preparations for Initial Coin Offering. The intention was to release a stable, fully functional platform to the market, measure reception and model marketing around real data before the actual ICO campaign. Separately, we ran a small, short-lived pre-sale round to probe the financial potential of the market.
In the meantime, two things had happened. Our R&D and QA teams have proven that we couldn't build a reliable and predictable internal economy on the platform by utilising existing solution, i.e. Ethereum Project, due to its performance and cost-effectiveness, or rather the lack thereof. Secondly, we have recognised that a relatively steep entry point to the cryptocurrency-based economy, coupled with arising scepticism of the market can work as a deterrent for our potential clients.
In light of our findings, we have decided to restructure both the technical and financial aspects of the project. We have determined that in order to control and maintain the stability of the service, we have to build it around proprietary, private blockchain. Also, using utility tokens as a way to compensate validators is no longer feasible, and we are going to use traditional, fiat-based solutions instead. Therefore the ICO for this project has been officially cancelled. We have no longer intention of releasing and trading ViV tokens, neither on external exchanges nor internally within the platform. Current owners of ViV tokens who have acquired them during test pre-sale phase can use our smart contract to claim invested ETH back.
- Future of the Project
Our unique IP, not the ICO lies in the very core of this project. We firmly believe that there's a place on the market for our solution. The vision we have hasn't changed, only the way we choose to actualise it had. To this point in time, we have financed the project out of our own pockets, and it won't change much, but we did draw the attention of a few potential investors who can help us in this journey. We need to get back to drawing boards and passionate discussions to redesign POV and business model which will require more time and patience. We are on it though, stay tuned.
200 billion USD
Every year, collectors spend 200 billion USD on their hobbies (excluding art, jewellery, and classic cars) worldwide.
1 trillion USD
Collectables like art, jewelery, and other valuables estimated, to total 1 trillion USD in annual sales worldwide.
1 billion USD
One of the biggest collectibles markets in the U.S. is sports memorabilia, with 1 billion USD in sales per year.
1 billion USD
Another 1 billion USD collectibles market is vinyl records, 40 million units of which are expected to be sold in 2018
As per the "Concept Story" presented at the very beginning of this Whitepaper, one of the most straightforward use cases would in our opinion be casual, and contingent on finding an item of unknown value.
In this scenario, the end user of the system stumbles upon a hidden treasure, whether at the grandparents' attic, on a garage sale or at the shore. Because of not being able to assess proper value of the finding due to lack of expertise in this matter, he could take few pictures, type in a short description and send the package to the ViValid network using free mobile application.
Before too long, several assessments of the item's nature, origin and most importantly - potential value will be permanently attached to the profile. Should the finder wish to have a more precise examination of the finding, he can put it through the next validation tier. Regardless from that point, he can take more informed decision concerning the item and interaction with ViValid may stop here. To the next discovery, that is.
In this scenario, ViValid is being used by amateur and professional collectors alike. Usually, members of collector’s community are aware of potential or even factual value of their possessions. Therefore, they could use the system as a service for validation of authenticity and as a way of certification.
Each evaluation is stored in the blockchain permanently while records are publicly open as a ledger which can be used to confirm valuation, and even trace the path of ownership if a new owner is willing to participate in building the history of the object. In this case, the former owner transfers merely rights onto the account of the buyer within the application.
At any point, the current owner of an item can print out a hard copy of certificate consisting of all details stored in the system and a data matrix code pointing at the original contract in the blockchain. Historical evaluations of an item can be as well used as a way of showing growth of its value in time.
An immutable ledger of all validations in conjunction with traceable records of ownership changes is an inherent part of the ViValid service. In this scenario, especially the latter functionality plays a significant role.
Users can utilise blockchain technology to prove rightful ownership of an item. Additionally, ViValid provides a way of reporting stolen properties. A new potential buyer, for example, a pawnshop owner, can directly ask for a certificate of authenticity generated by ViValid or put the item on the system himself. Every time the new object is provided for validation, the image recognition alongside with machine learning subsystem will try to match it with the list of stolen items. It will raise a suspicion flag in case of the positive outcome.
On a less serious note, the ViValid service can be used to indulge the vanity of an owner of the unique and expensive item. Or better yet, to prove how wrong are the friends boasting about their possessions. Maybe can even help in winning a bet?
In this scenario, the owner has no intention of selling. Additionally, he is fully aware of the value of the item. Whether he wants to prove the value to his friends, brag about it or just build the history around the artefact in the blockchain - the outcome is identical.
Finally, the other end of the system, being a community of users with acumen gives an opportunity to generate additional income.
Each evaluation provided to the system is rewarded financially. Validators gather VIV tokens which can be traded in third-party exchanges or directly on the ViValid service
For example, a librarian having almost by definition a vast knowledge about books and potentially a little bit of free time in her day job could efficiently monetize her expertise via the mobile app.
A pawnshop owner could utilize years of experience in evaluating items of different provenience as a complementary part of his business.
Proof of Validation Protocol
has been designed to serve two primary purposes.
Firstly, it provides means to distribute validation and valuation jobs within the decentralized blockchain-based network and ensures token flow between users of the system.
Secondly, the intrinsic algorithm governs neutrality and accuracy of validators' responses, paving the fundament of trust on which any system of similar kind must be built upon. Combination of statistical data and incentivizing model of different tiers of validation lies in the heart of the system. On one side, the system automatically analyses the expert's valuations looking for discrepancies, and on the other, it rewards validators with the highest success rates by providing the chance to upgrade an account to the higher tier.
Harju maakond, Tallinn, Mustamäe linnaosa,
Teaduspargi tn 8, 12618, Estonia
VIVALID PTY LTD
166 - 168 Grange Road
Flinders Park SA 502, Australia
ViValid obtained a license to operate in the field of virtual currency from Estonian Register of Economic Activities Department. ViValid was reviewed by government regulatory body policies to comply with AML/CTF (The Anti-Money Laundering and Counter-Terrorism Financing Act) duties and obligations. As a result, ViValid's activities are transparent and in accordance with the European legislation. License number FVR000175 issued by MTR Estonia.