On the afternoon of July 12th, Patrick Colangelo, founder and CEO of Vidy Blockchain Project, Vidy co-founder and Asia Pacific CEO Matthew Lim, acted as the guest node ChainNode for AMA, answering various questions about Vidy and blockchain in the advertising industry. Application issues.
According to the data, the total global advertising expenditure in 2016 will reach 54.21 billion US dollars, and the global advertising market is expected to reach 615.7 billion US dollars in 2019. However, the advertising industry has always had various problems, one of which is that users cannot benefit from the process of viewing advertisements. However, with the advent of the blockchain application era, this problem will be solved, and users will no longer be the “bystanders” of the advertising industry. For Vidy users, users can obtain a pass reward by watching advertisements; the platform uses its own platform traffic to help publishers to publish advertisements to obtain partial pass proceeds; advertisers spend the pass as advertising costs to obtain advertising effects, thereby Users, platforms, and advertisers are all able to maximize their benefits.
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According to the project introduction, Vidy is a project dedicated to the use of blockchain and other technologies to solve many problems in the current online advertising industry. In the advertising industry, it is generally divided into users, advertisers (Advertiser) and advertising platform (Publisher). On the technical side, Vidy's main innovation is Vidy Hyperlink, which is Vidy's hyperlink. In addition, the NLP protocol (Natural Language Processing Protocol) is a key factor in the matching of advertising video and web content in the Vidy ecosystem. NLP uses deep learning and basic part-of-speech positioning to determine the location, meaning, and other elements of natural language.
Here are the main points about this AMA ( click on AMA details ):
What kind of application scenarios does Vidy have? What problem should I solve?
Vidy CEO Patrick Colangelo said:
“All users get Vidy tokens while watching ads, and we’re still developing addictive gamification features, such as loyal users who can do some tasks to unlock features so they can get more when watching ads. VidyCoin. The more ads you watch, the more you earn, and you can watch videos on the platform for 2x, 3x, 4x or even 5x VidyCoin rewards. Users will get considerable revenue and With the growth of the community, the price of the currency will also rise."
As a blockchain project is currently a very hot development direction, Staking has received great attention, and the Vidy project is no exception. Patrick said:
“Our most powerful feature is Staking, and users of Staking on VidyCoin will receive huge bonuses in their hands and extra allowances. We will be launching the Staking feature in the near future.”
What problems does Vidy solve compared to traditional advertising models like Facebook and Google? What is the advantage?
Matthew Lim responded by saying:
“Vidy is trying to solve some of the problems in today's advertising industry. First, the problem of fraud stems from excessive competition that lacks physical support, which leads to various market manipulations that drive up market prices and compete with each other. Second, mediocrity, unattractive, non-interactive The form of advertising is ugly and annoying. Finally, there is a conflict of interest between the major stakeholders of publishers, advertisers and users. All three parties are interested in their own interests, and not everyone is happy.
Compared to other projects, our competitive advantage is that we are a new and complete advertising model that has never been seen before. Our products have been introduced on the market and have proven to be an effective solution. We have an advertising giant as a consultant to guide us. Last but not least, our technology does not require user conversion costs and can scale to millions of people. If a website integrates Vidy's SDK, when people come to the site, they can interact with Vidys immediately. ”
So what about the blockchain projects like Brave and Libra?
1.Vidy is cheaper than Brave, easier to use, and has a lower threshold
There are not a few blockchain projects focused on the advertising industry, including the more well-known Brave projects. When asked about the advantages of Vidy compared to Brave, Patrick replied:
"Vidy has been considered by many to be decentralized Brave and Libra. Brave is good, but Vidy's advantage is obvious, Vidy does not require users to download any applications or plug-ins, but also can be said to be self-contained, using SDK technology and network distribution After the embedding is embedded, it will directly bring in the original user usage of the huge publisher, thus converting more VidyCoin users, instead of being limited to applications, browsers or any download plugins.
We don't want you to need to download or open any program before you can use Vidy. We know that the conversion and use of these practices is extremely expensive. On the contrary, we just want you to continue browsing your webpage as usual, when you read the webpage. You can always start interacting with it, buy, interact, and benefit when you see the Vidy hyperlink occasionally. ” And Matthew said:
"Brave is a good project, but the main drawback of its model is that it is extremely costly to convince users to switch from Chrome, Safari and IE to the Brave browser. The cost of conversion is incredibly high and can be difficult to scale.
And Vidy is a very smart back-end technology, the SDK is only less than 1kb, and a few lines of code are pasted into the HTML of the website. Users will not need to download any new applications or extensions, they only need to open the original daily browsing page to experience the Vidy function. Due to Vidy's advantages and technology, Vidy will be the virtual currency VidyCoin in the traditional web media, bringing new traffic to virtual currency, presented in front of millions of traditional Internet users in the world. As long as a website has our SDK, users of the website can see Vidy videos and earn VidyCoin as a reward after watching. ”
2.Vidy vs.Libra: Watching ads can be rewarded directly
As the world's largest advertising revenue company, advertising has always been Facebook's main source of income. Facebook is now planning to introduce the cryptocurrency Libra. According to Facebook giant, does Vidy still have an advantage? What is the difference between Libra and Vidy? Patrick said:
“Libra is a purely stable token exchange medium. You use it to buy things and send money to people as a substitute for other currencies. It has the support of real money supply. Vidy is a reward economy, VidyCoin is pushing the whole A symbol of value exchange and reward for all behaviors in the ecosystem. The obvious difference with Libra is that you can get VidyCoin rewards by watching ads on Vidy, while Libra is not affected by user engagement or online activities. VidyCoin has The potential extends from viewing advertising rewards to the main hallmark of rewarding all measurable network value-oriented behavior; Libra does not have this feature and is not designed for it."
Vidy's business layout: has cooperated with more than 50 companies
The reality application is the standard for testing blockchain projects. Is Vidy realistic? Has the realistic application layout been completed?
“Vidy has partnered with more than 50 traditional local news sites, high-end magazines and media publishers and has launched the Vidy Hyperlink Festival. Some of these publishers are among the top in the world, such as CNN, CNBC, Esquire, Robb Report, Buro247, etc. Vidy's technology is not as easy to copy as it seems. There are a lot of nuances behind this technology, and the ecosystem we have built requires careful business planning and time to build.
More than three-quarters of these news sites have signed a five-year exclusive agreement with Vidy. This means they can only use us, and we have the text on their page. This means that no competitor can replace us for at least 5 years. ” With the expansion of the Vidy ecosystem, this is an application that requires a lot of TPS for advertising, shopping, and settlement. How does Vidy meet the high TPS needs?
“We solved the uniform scalability problem driven by miners by hashing the video and the corresponding text body offline. Then, let the miners who got VidyCoin compensation make the correct match between these hashes as “Vidy” The transaction is reported to our immutable layer, and we compare it to our deterministic NLP agreement to get the final location and complete transparency. We have also established our own internal payment channels for those holding each Users who receive small gold coins in one second can handle small transactions."