The most detailed VIDYX FAQ — organized by VIDYX Insider Group

Author: Collected by VIDYX Insider Group, our group is the strongest supporter of VIDYX.

From: The content comes from VIDYX’s Telegram, Medium, Twitter, etc.

Thanks to the community volunteers for sorting out.

Telegram group: https://t.me/VidyXIndonesian

Twitter: https://twitter.com/VidyXIndonesian

What is the mission and goals of VIDYX2.0?

Basically, VIDYX is trying to build a new paradigm of fan engagement to closer bond fans and brands emotionally and commercially together via tokenised fan benefits. Fans buy brand tokens to support their favorite brands while brands provide on-chain benefits that fans can enjoy including allowing fans to vote to make decisions, to buy NFT merchants and many more. Sponsors and advertisers can do targeted marketing through reward system which is very accurate thanks to the fan token holding addresses and ‘brand engagement hubs’.

The logic behind the whole thing is, the better branding value a brand has, the more brand token fans are willing to hold. Thus more advertisers will jump in, making the brand on-chain benefit to grow, and the added value comes back to the brand tokens in the end.

Please refer to VIDYX2.0 litepaper on Medium for information in detail:https://vidycoin.medium.com/introducing-vidyx-the-gateway-to-web-3-0-712b87c7e02a.

What is ‘Brand token’?

A Brand Token is an ownable, tokenised proof of benefit issued for a brand. A ‘Brand’ can be any kind of entity of influence, a celerbity, a sport team, a commercial brand that literally anything with significant influence. It is not limited to a certain type niche but can cover the whole Media & Entertainment industry. VIDYX is more like a platform and management protocol provider to enable brands to harness the power of blockchain to better engage with their fans.

In the past few months, we’ve seen quite a few NFT projects.What advantages do VIDYX have over them?

NFT is a very promising new industry in itself which can basically be categorised into two genre: blockchain-native NFTs, and IP NFTs. Blockchain-native NFTs are NFTs that are originated from the crypto community and highly valued and widely accepted by crypto community, for example, CryptoKitties, CryptoPunk etc. .

Many projects from both genres have tried very hard to penetrate the market, however, very few can be called success. Most NFT projects are marketplaces, which is a good niche to try with. But the truth is that the NFT market is still in its very early stage and the trading of NFTs are not of high frequencies at all. The better issue shall be solved is why people would be attracted by these NFTs and why they would like to stay. It calls for strong IPs and high fan engagement.

That is exactly what VIDYX is strong at, through leveraging on the partnership network of VIDY, VIDYX have already signed up with some world’s best IPs. The specific IP is unable to disclosure though some among them are: European’s top football clubs who have mutiple UCL champion titles, one of the world’s most popular toy brands, and European top gallery with over 200 artists and more. These brand IPs are extremely valued by millions of people worldwide and can surely pump in huge traffic. And, what if VIDYX isn’t just helping the brands to get into NFTs but issue brand tokens to their huge fanbase? This is something that no one in the crypto space ever did and or ever be capable to do, only VIDYX.

So what will the product be like for VIDYX? In which way the new VIDYX product will be connected with the current Vidy product?

The new VIDYX product is still under development but it has some certain features. First, the new VIDYX fan engagement platform is going to be fully decentralised in the form of a DAPP. It will support the following functions:

1. Brand Token Offering & Swap: a decentralised launchpad and swap that fans can acquire brand tokens for the first time and exchange with other brand tokens and $VIDYX

2. Governance Module: fans holding brand tokens can vote on-chain and decisions made will be recorded on blockchain and be executed by brands. This is very much a DAO-like governance toolset which might be the first fully on-chain solution for ‘fan tokens’.

3. NFT Merchants: NFT minted for licensed IPs. An NFT merchant will not be limited to be only graphic products, but can be audio or functional. Imagine if you are a European football club fan and you can get an ownable season ticket in the form of NFT that is exclusive to brand token holders only. That would be awesome!

4. APIs: The APIs are provided to external parties, including sponsors, advertisers etc. The APIs can provide necessary data access to them to provide tokenised rewards to interact with fans with $VIDYX, brand tokens, or even NFT merchant, utilising the Vidy pop-up video reward technology. This is how VIDYX can be connected to the current VIDY pop up video layer system. Actually, VIDY brings influencing brands to the game and connects it to the proven-to-be-successful Vidy Reward System, pumping in more value to the ecosystem.

5. Wallet: To improve the user experience and better support VIDYX/Vidy tech, VIDYX team is going to develope its own decentralised wallet. They will launch its wallet early next year.

Before launching VIDYX’ s own DAPP, there will be a minimum viable product with VIDYX’s partners on Binance Smart Chain.

In regards to the VIDYX token, what will be the use case and how will it ‘moon’?

There are quite a few use cases of $VIDYX. First, all brand token offerings will be done with $VIDYX, and so do all swaps. Brand tokens will have their liquidity against $VIDYX on decentralised exchanges(DEX). Second, VIDYX can be used as a fee for advertising and reward for advertisers and sponsors.The bigger scene for VIDYX fan engagement metaverse is that it brings huge value to advertisers and sponsors to make influence and to brands to monetize, one very good way is to reward fans with $VIDYX and brand tokens. For ‘moon’thing, there are so many utilities for $VIDYX tokens, so brand token value grows with increasing brand token holdings by fans, which is a big measure for external sponsors & advertisers to pay for the channel. This will pump the brand tokens too, and more advertisers means more benefits to fans so they will hold more $VIDYX which is the medium for all brand tokens.

We all know that collaborations and partnerships are important for adoption. Can you tell us about VIDYX’s plan for partners, and what everybody stands to gain from these partnerships?

As is mentioned above, VIDYX have partnered with probably the most well-known IP owners and influencers in the whole crypto market by now. Apart from that, VIDYX also needs channels and blockchain partners to execute its big ‘go-to-market’ strategy. That’s why VIDYX partnered with RARA, the rising NFT value discovery system on Binance Smart Chain. They are backed by a strong team with innovative NFT mystery box launchpad product and marketplace.

What would be the difference between $VIDY and $VIDYX?

There are a few reasons that the dual coin system exists:

First, if you are with $VIDY early, $VIDYX pivoted. As the landscape of crypto changes everyday, projects have to adapt to the change. With over 1 year of effort and preparation, VIDYX is ready for fan token & NFT, which is a big promising future for crypto mass adoption. This brings opportunities and challenges. $VIDY has already been well accepted by major online publishers and has done successfully in terms of being an embedded layer of online reading experience. However, $VIDYX is more of a choice by VIDYX’s partners in NFTs like Binance or Vogue, due to its low cost deployment, more flexible configuration and product plans. So $VIDYX provides a choice for fan token and NFT by its partners.

Second, due to legality issues, $VIDYX is suitable in legal context where $VIDY may not be an option. Traditional publishers still prefer $VIDY as their very good vehicle for increasing reader engagement, while $VIDYX is more used to target the ever changing, quickly growing NFT and fan token market. So, in one word, $VIDYX is now trendy and is going to have a blast when the NFT wave hits very soon led by Binance, Vogue, and their ecosystem. Good news for the VIDY ecosystem as a whole. On the other hand, $VIDY will continue to be accecpted by traditional online publishers while becoming more a solution to other blockchain applications, like on-chain content creation platforms, which will require different infrastructure like Dfinity. So both $VIDY and $VIDYX will create big influence, but in NFT and fan token, it’s more $VIDYX.

Is there gonna be any yield farming opportunity for VIDYX? When does VIDYX start staking?

Once VIDYX is luanched on BSC, the yield farming will probably open. However, since VIDYX 2.0 has released so many wonderful token use cases, holders may find more opportunities in VIDYX NFT market instead of putting all of tokens in a pool.

Can I start buying VIDYX now?

Everyone can buy VIDYX on Indodax and gate.io, but they only have VIDYX on TRON blockchain. For VIDYX on BSC, it is said that the VIDYX team is doing the smart contract audit of BSC for security reasons. Please wait for the official release, it won’t take long time.

Will VIDYX list on more exchanges?

It will be. Listing information is always the top secret, it cannot be released in advance. Stay tuned for official release.

Who will be the first to launch its Brand Token on VIDYX?

No public announcement yet, but the debut will be something really well-known and loved by millions of young people all over the world. It is sure that the first Brand Token launched on VIDYX shall bring massive attention even from the world outside crypto.