Facebook created a social world centered around personal, public identity. Most applications have followed suit. The problem is that many users don’t want companies tracking their full behavior or owning their data, but they do want access to it personally.
The recent Facebook data breach was an eye-opener. Fifty million accounts were exposed. “This is another sobering indicator that Congress needs to step up and take action to protect the privacy and security of social media users,” said Senator Mark Warner, a Democrat from Virginia. But what if congress moves too slowly?
Video Is the Future
Vid is a life journaling application launching this summer, and the founders, Jag and Josh Singh, believe they have a viable solution. But they aren’t focused on Facebook. Instead, they’re looking ahead to the world of video. All of the current data shows that video is the future. Experts predict video content will account for almost 82% of the world’s total internet traffic by 2021, up from 73% in 2016.
All Your Memories, Safe and Secure…Oh, and You Can Get Paid If You Want
The Vid app allows you to remember your life and monetize your memories at the same time. This is accomplished with a clever API system. They essentially scrape information from 3rd-party apps, like Starbucks, Uber, and Airbnb, to form a digital mosaic of online events that are already occurring in your life. This mosaic can then be searched to uncover memories.
Vid stores the information with ‘zero-knowledge encryption,’ meaning only the user has access to it. The beauty of doing this is that the user can delete or remove unwanted applications over time, while still maintaining their behavioral data from those apps (*hint hint,* if you wanted to get rid of Facebook, for example). Users can also get paid for their videos if they post them publicly, which we’ll come back to in a moment. First, let’s talk about the experience…
Point and Shoot, Then Watch the Magic
Vid’s patented AI system creates short animations of these events, like getting a coffee or taking a flight from New York to Los Angeles, and then layers in video clips that the user takes with the camera on their mobile device (similar to Snapchat or Instagram). Finally, they add music and filters to create incredibly professional-looking videos. The result is, dare I say it, magical.
The Millennial Revolution Is Here
Vid is tackling a space that’s ripe for disruption and plays into the collective psyche of the millennial generation. Millennials are the largest and most powerful generation the United States has ever seen, totalling over 75 million people who will soon have the greatest combined purchasing power in history.
The company has already signed most of the top Influencers onto their platform, with a combined reach of over 250 million followers (and growing). Those influencers have agreed to promote the app during the launch, for the hefty price of zero dollars. Wait, what? How is this possible? It all comes back to the core mission of Vid: fair transfer of value. Their system uses blockchain technology to share revenue with Influencers based on the number of views they generate on their videos, or “vids.” This is resonating with top Influencers, who often feel shafted by the current behemoths in the market.
With a fully-built product, major Influencers prepped and onboarded for the launch, and previously successful founders at the helm, Vid could be one of the major success stories this year for consumer apps using blockchain technology. Get your cameras ready. Just point, shoot, and watch the magic!