Statista reported more than 2.46 billion social media users worldwide in 2017. The report estimated the number to go up to 2.62 billion this year and estimated the userbase to reach 3.02 billion in 2021. The increasing social network penetration owes to different factors including an increase in the number of people who own smartphones and tablets. These social networks allow people to communicate beyond social and local boundaries. They have also made it possible for brands to share content and to earn from social gaming and social advertising.
Blockchain technology is an innovation that has been growing almost as fast as social networking adoption. There are uses cropping up every other day causing the blockchain to impact all sectors, from the banking and financing industry to healthcare, music, and entertainment. The blockchain has been touted, and rightfully so, for its ability to bring a transparency and efficiency that lacked in traditional systems. The technology owes some of its rampant growth to social media.
It comes as no surprise that the two should merge. As it is, social messaging sites have the mandate to ensure security, authenticity, and safety of users. A blockchain venture would help meet this need, working as a gateway to a new dimension to the scene.
What is Vibeo?
Vibeo is a social application based on blockchain technology. The idea behind it is allowing worldwide access to the blockchain community and economy. As it is, the application is available for download on Google Play and App Store.
The application has an integrated crypto-wallet that will empower users to receive and send cryptocurrencies, participate in exchanges and use their crypto-currencies to pay for things inside the application. Users will also be able to exchange crypto for services and goods with merchants all over the world as long as they are registered. There is a window to allow interaction with the said merchants before making a purchase.
That is not all. Vibeo also allows you, the user to communicate with your loved ones. However, you get more functionalities than applications such as WhatsApp. You can even get travel updates, among other information to your loved ones. With the application, one is able to rely on a strong community that is built on a decentralized economy.
Messaging platforms have been plagued with insecurity. Just recently, Facebook had to deal with the Cambridge Analytica scandal, an ordeal that has created concerns around user data security. Users began voicing concerns with hashtags such as #boycottFacebook on Twitter. Even if recent reports show that few users actually went through with their threats to leave the platform for good, one cannot ignore the growing security concerns and the need for a solution that addresses them.
Vibeo’s solution to this issue is a platform for social messaging that is decentralized and more secure than the existing platforms. Their application will go further than just streamlining communication; it will empower communication with merchants and financial exchanges on the blockchain. The application’s native currency, VBEO, will help to restructure users’ content consumption.
Key Features of the Vibeo App
With this feature, you can make audio and video calls in conference mode. However, you can only share screens with a maximum of three people.
The advanced chat feature tops to the offline messaging functionality and online indicator with a location sharing capability. You will be able to send files, video, and pictures. You can expect to see push notifications.
Users will be able to enable geo-location is their settings as they please. The feature allows them to share their location details with others in real-time.
- Safe trip
Users will be able to depend on this feature in their travels. Safe trip saves your location every five minutes, and you will be able to send this data to a user or group of your choice to ensure your safety.
This feature will allow merchants to sell to users within their location and empower users to locate stores in their locality.
The application has a small timeline blog. There, you can upload pictures of your memorable moments and attach a short article to share with friends and family.
Vibeo will use gamification techniques such as competitions and point scoring to develop loyalty and grow the ecosystem. The more a member participates, the more bonuses and gifts they will get. Every community member gets milestone routes so that it will be possible to see how the most outstanding contributors get there. Everyone has the same bonus conditions regardless of how much they invest.
During the ICO, vibeo is looking to sell 45% of the tokens at a price of 10 000 VBEO for 1 ETH. It is looking to raise 40 000 ETH. All the advisors’ and teams’ tokens are locked for 12 months.
The ICO pre-sale begins on the 18th of September. The breakdown of the sales periods are as follows:
Figure 2: Token Sale Overview
All unsold tokens after the ICO will be burnt as well as all tokens received from partners. The total token supply is 950 000 000 tokens and is distributed as follows:
Figure 3: Token Distribution
Since the VBEO tokens supply is fixed, the tokens may appreciate with demand for the service.
The proceeds will be used as per the pie-chart below:
Figure 4: Allocation of Proceeds
Regulators often assume that most tokens are securities because they see ICOs as opportunities for investment. However, utility tokens are not securities. Their main purpose is to give digital access rights to a service or an application. They are often tied to an API so that you have to buy the tokens to use the API.
Vibeo partners wishing to make use of features such as Vibeo map will have to buy VBEO to use it to buy the API. The token is the only way they can access the API. Its price will be revised two times every year. It will go up depending on how popular the application becomes and how many members it will have. Note that members and registered merchants will use ETH to transact, and not VBEO. VBEO only gives access to Vibeo API.
Pros and Cons
Benefits of Using Vibeo
- Convenience – The application incorporates a messaging platform with financial features giving the user a full experience without having to change from one platform to another.
- Security – All messages within the application are encrypted. They also have peer-to-peer protocols that help to prevent potential manipulation and hacking. Additionally, the safe trip feature protects user profiles and the users in real life.
- Decentralization – Having the application based on the blockchain motivates merchants and users to participate in the digital community without a central authority.
- Saturated market – The messaging market is already filled as it is. What with apps like WeChat, Snapchat, WhatsApp and Facebook Messenger. Vibeo will have to overcome serious competition.
Vibeo Ltd. is a Bulgarian company with a team of 13 members and seven advisors including:
Eric Sebastien Dechaux – CEO and Founder
The serial entrepreneur is also the founder of Nuage 360. Earlier experience includes being a senior analyst at Desjardins and Bank Degroof Petercam. Eric is an IT engineer with more than 20 years’ experience in the industry.
Miroslava Ivanova – CCO
Mira is an ambitious and creative, communications and marketing professional. She joined Vibeo in November 2017. As the number two in the company, her role is to communicate with partners, the media, and investors.
Angelina Borisova – COO
Angelina is also the founder of Anagami Accounting & Consulting. She is a corporate trainer, offering business consulting and payroll services to her clients.
None of the team members has enough experience in blockchain related endeavors. You can find information on the rest of the team here.
Community and Social Media
*Note that these details are as of 27/08/2018
Twitter – 105 tweets, 1227 followers
Medium – 17 posts, 36 followers
Bitcointalk ANN – 331 posts, read 1128 times
Soft Cap: 2 000 ETH
Hard Cap: 40 000 ETH
Token Sale Price: 0.0001ETH
Pre-Sale Dates: 18/09/2018 – 02/10/2018
Public Sale: 2/10/2018 – 31/10/2018
Accepted Tokens: ETH
Tokens for Sale: 450 000 000
Bonus & Prototype: Available
Smart Contract: ERC20
Restricted in: USA and Canada
White Paper: https://vibeo.io/files/vibeowhitepaper.pdf
- Community and Engagement
- Team eligibility
- Value to the Cryptocurrency market
- Token allocation
The idea behind Vibeo is decent. It is well supported by factors such as the growing use of the internet on hand-held devices, the increased penetration of social networking, the urgency to pass real-time information and the popularity of person to person e-commerce. The additional features such as safe-trip and Vibeo map give it an edge over competitors such as WhatsApp, Facebook Messenger, and WeChat.
Still, Vibeo will have to fight tooth and nail to gain the kind of loyalty Facebook users, for example, have to the platform. One may be hesitant to get behind a team whose selling point on their website is ‘we are real… people’ and has broken Facebook and LinkedIn links. They have a very low community engagement on all their social media sites. This is surprising especially seeing that there is a prototype in the market.
What is more, the whitepaper does not have a detailed financial plan; the project is not widely discussed on blockchain news resources. The founders, who have no experience implementing a successful blockchain business, will have to rally to get the otherwise unique trend accepted by the public. The idea has the potential to change the social media scene.