There are many of us who usually keep or collect objects of various categories, and when it comes time to sell them we have to resort to experts in the field to make an assessment of the article and often it happens that the valuation is incorrect and below the fair. ViValid was born with the aim of providing a solution to this situation.
What is ViValid ICO?
With the idea that each item has a story to tell ViValid presents its ICO, in which it proposes a service that will use Blockchain technology to verify the information on the real value of the articles with experts in the corresponding field. With a system based purely on the community of users and experts, people will be offered to assess the value of their objects in a fully decentralized and secure manner.
Those interested in obtaining a valuation of their property should only upload photographs of the products to the platform so that experts can make the valuation. The evaluation to be carried out will be totally independent and objective thanks to the “Validation Test Protocol”, a system that will avoid misplaced or non-transparent evaluations. In order to carry out the consultation the interested parties will have to pay a fee that according to the developers will be very low in comparison with the prices that are handled in the current market.
Evaluators and experts will be classified into 5 levels. The first level is the most basic of all and is made up of anyone who has even a slight knowledge about the history of an object or else (comics, coins, books, etc.). Levels 2 and 3 are achieved as the articles presented on the platform are accurately evaluated. At levels 1, 2 and 3 evaluators can still maintain their identity anonymously and are driven by the community itself. At levels 4 and 5, you will find the most select evaluators. Here it is already necessary to know the real identity of the appraisers and they are chosen in a specific way by the ViValid team.
The evaluation of each level has a cost that increases as the level is raised. Depending on the needs of the holder of the article and interested in the evaluation, he can decide what level of evaluation he gets. Once the evaluation is complete, the holder receives a certificate of evaluation so that he can show the value of the item to sellers or future stakeholders.
In order to reward and attract experts the project proposes the creation of the “Mining of Minds”. People are told that they will be able to monetize their knowledge on various articles in order to provide the community with the assessments and estimates requested by users. In the future ViValid hopes to be a large community of collectors recognized around the world.
All evaluations made on the platform will be kept in a large “book” using Blockchain technology. With this it is possible to have in the same place a registry that contains the ownership of the goods, changes of ownership and valuations. The developers explain that this book will be extremely useful for cases in which it is necessary to detect goods that could have been acquired illegally, because it will have in a single site all the necessary information.
Use of Blockchain in ViValid
The developers state that the ViValid platform will be based on Smart Contracts to ensure the operation and evaluation of the articles presented on the platform. The purpose of these Contracts is to offer users the following benefits:
- Trust and immutability
- High quality data
- Low cost
- Security and property
Another important element to highlight in the Blockchain implementation is the issue of the Validation Test Protocol. This protocol first of all allows for the distribution of evaluation work within the expert community and also supervises and controls the evaluators’ responses to ensure that reliable and level opinions are held.
To achieve the correct determination of expert assessments, the Protocol analyzes all assessments and looks for any type of discrepancy or extreme response that is not consistent with the mass vote. While doing these ratings it also rewards users who have better ratings with points that will help them climb to other levels.
For each article presented on the platform, a group of system evaluators is selected and assigned the task of evaluating it. In each of the 5 levels there is a variation in the number of existing experts, while the level is rising there are fewer experts since they are more select. In the first levels there are also more articles to evaluate but at the same time they are cheaper and there are more experts prepared to do the job.
To choose the evaluators, the Validation Test Protocol uses 3 elements:
Use of ViV token within the process
Within the ViValid platform the ViV token will be the universal currency and will be the only one accepted. Understanding the services offered on the platform we can then see that the token will be used to pay for evaluation services, which means, those users who want to evaluate an article must pay a contribution with ViV tokens.
In the Whitepaper the developers express that it will not be necessary for the interested person to have a thorough knowledge of the handling of cryptomedas since in the case that they do not know how to acquire them, they offer them a service of “micro exchange”. With this service users can pay using Fiat currency and the system will do the conversion.
Evaluators and validators within the system will receive their payments on the ViV token. These tokens they receive can be sold within the platform’s own micro-exchange system or they can transfer it to an Exchange where they accept the token. As a business model, the platform will keep a small commission on the payment made to the evaluators. This commission will include the “gas” tariff for the use of the Blockchain network and ViValid’s own profit.
The maximum emission of tokens for this project was set at 200 million tokens and 140 million tokens have been earmarked for sale, 70% of the total. Developers have priced their token at ETH and for general sale they stipulate a price of 1 ETH = 1800 ViV. They are only accepting ETH as a payment method.
At a minimum, this project expects to raise $4,100,000 and a maximum of $28,750,000. These quantities were calculated at a base price in ETH on 7 April 2018. The team actually set the minimum number on their own tokens and stipulated 20 million tokens as the minimum sales number and 140 million as the maximum number.
Team behind ViValid
The company behind ICO is VIVALID OÜ, a company located in Estonia. They have a team of 14 people to carry out the project.
The CEO of this project is Emilian Semczak, a software architect with more than 20 years of experience in the web industry. He has worked with companies dedicated to mass production and has specialized in the management of Big Data.
The CCO will be Sebastian Zerniak, another experienced in the world of technologies who is also involved in the world of Blockchain in Australia and elsewhere in Asia. Manages major projects within the world of technology for large multinational companies.
Adam Komorowski will be ViValid’s sales manager. He is an Administrator who has focused for years on sales in technology companies. In his experience we can see that he has worked with companies such as Microsoft and Hewlett-Packard.
ICO Start Date: July 18, 2018
ICO ends Date: December 31, 2018
Do they own a Minimally Viable Product (MVP)? No. They don’t have an MVP they can show to the public yet.
Reading the Roadmap, we could see that the project is expected to be ready by the second quarter of 2021. For the month of September of this year 2018 they expect to have the alpha version of the mobile application of the platform. Between the first quarter of the year 2020 and the third quarter of the same year they expect to have already available to the public the application by means of the application in Beta version.
Pros of ICO ViValid
Power to the user community
The Validation Test Protocol that allows the participation and evaluation of the community itself makes this project an ecosystem that makes good use of Blockchain technology to achieve its construction. In addition, it allows the holder of the article to receive an objective evaluation of his or her property, which is very important for achieving correct pricing and is undoubtedly the main attraction of this project.
The ViValid service offers the possibility to monetize the acquired knowledge. Whether you dedicate yourself full-time to this task or if it’s a hobby, ViValid pays for your experience. To be more precise, the market value of positions in the system is evaluated, and the higher the level at which you work, the greater your reward.
Cons of the ICO ViValid
A project of long development
The project is expected to be ready by 2021, making it a long-term investment. However, the fact that it is a long-term investment is not the most worrying thing, what really worries is the issue that in a year’s time the developers’ tokens will be released, that is, they would get them by 2019.
According to the Roadmap, by 2019, the platform would still not have a beta version for the public, nor would the development of the Validation Test Protocol be completely ready.