Viewo is a video sharing network that operates on a blockchain-based rewards system. All participants in the Viewo network are rewarded for their actions, big or small. Rewards come in the form of VEO Tokens, a block- chain-based utility token that has value in both the Viewo network and outside the Viewo network. Unlike current video sharing websites that operate on a self-serving basis, Viewo operates on a user-based approach, rewarding each individual user for actions completed and giving incentives to both viewers and content creators. Viewo is the only incentivized video sharing network that has the support and backing of a significant number of contemporary influencers.
Viewo is a revolution in the landscape of online video sharing. The website will act as a decentralized video-sharing platform with its own cryptocurrency, VEO Tokens. Users within the network will be rewarded for their actions, big and small. Actions include creating and uploading videos, sharing videos, commenting on and rating videos, moderating the site, and even the simple viewing of videos.
Viewo’s user-centric approach to video sharing is a complete paradigm shift from the way traditional video sharing destination websites operate. For example, YouTube, currently the world’s largest video sharing platform, is centrally controlled by the Google’s Content Delivery Network (CDN), and content sharers and viewers are not credited for their actions.
Viewo will implement unique algorithms designed by advanced mathematicians to give preference to videos according to the desires of the Viewo community, while at the same time rewarding all constituents in the Viewo ecosystem proportionately for their actions.
Viewo’s incentivized economy will create a system in which users will want to complete actions within the Viewo ecosystem, because actions drive rewards; in turn, rewards will drive more new users and actions.
Rewards come in the form of VEO Tokens, a token that has value both in the Viewo ecosystem and outside of it. Within the Viewo network, participants can use VEO Tokens to buy access to private videos, join online courses, bump videos up to featured positions, and shop on the site. If a participant does not wish to use the VEO Token on the site, the participant may be able to obtain liquidity for the VEO Token on an exchange.
Viewo is seeking to fund development of the Viewo Platform through a token sale campaign, in which a percentage of the VEO Tokens will be sold to early backers and investors.
The founders of Viewo are strong believers in the availability of tokens with real use applications to the masses, not only to limited communities of people with technical knowledge.
The funds received from Viewo’s token sales will be used for:
The creation of the Viewo platform (front-end and back-end development)
Acquiring unique high-quality content from top global influencers
Building a physical studio in Los Angeles where influencers can film their videos
Creating a custom global cloud-based CDN (content delivery network) in conjunction with P2P delivery
Sending massive targeted traffic to the Viewo destination site
Viewo has already teamed up with Peer5, one of the largest and most respected P2P video distribution networks in the world, which will increase the quality of video playback and reduce CDN costs.
Viewo has also received sponsored support from over 150 of the most popular social media influencers, who have a combined following of millions of fans. (A partial list of influencers and celebrities that have endorsed the Viewo platform can be found in Section 9).
Viewo’s unique combination of a decentralized and incentivized video sharing platform has the potential to surpass YouTube as the world’s leading video sharing network. The following pages will describe in detail how Viewo will operate and actualize its potential.
WHY VIEWO
Viewo was born as an answer to the problems currently facing today’s video sharing industry. Whereas today’s industry ignores the needs and voices of participants, Viewo will reward every participant for actions they take, big or small. On a reward-driven platform, users will be motivated to share content, comment, and generally be more active watching content. This, in turn will increase the popularity of their rewards (VEO Tokens), which can be used to make in-site purchases.
OUR TECHNOLOGY
Viewo is using GPU servers combined with our specialist software technology, for live and on-demand video broadcasting. This allows us to deliver content at incredible speeds. The industry calls this Ultra Low Latency Streaming which we like to call Bufferless Instant Video Playback. This allows us to provide the worlds fastest complete solution for high resolution streaming.
In realtime we can stream live broadcasts with localised ads which are embedded into the video stream and stops popup blockers from removing ads.
Our powerful servers can switch from GPU to CPU based on our streaming needs. We can encode videos on the fly allowing content to play immediately after upload; no more delays like on competitor websites.
Editing software utilizing AI technology to enable content producers to improve videos.
Custom off-chain micropayment technology integrated with a web wallet.
Ecosystem Participants
The following participants will be rewarded with VEO Tokens on a weekly basis, as per the
mathematical formulas shown in Section 4:
Content curators: Defined as constituents who upload videos to the network
Content sharers: Defined as constituents who share videos via encoded links
Moderators: Defined as constituents who verify video ranking and patrol the network for manipulators and participants attempting to “game” the system
Video commenters: Defined as constituents who comment on videos
Video raters: Defined as constituents who select a 1-5 star rating on videos
Video watchers with no other actions: Defined as constituents who watch at least 1/3 of a video.
Ethereum and Micropayments
Viewo has chosen to work with Ethereum to create its blockchain-based network. Ethereum is a cryptocurrency developed by former Bitcoin programmer Vitalik Buterin. It went live in 2015 and is a public, open-source, blockchain-based (peer-to-peer), decentralized platform that runs applications in the form of code-based Smart Contracts (scripts), which is essentially a programming language that automates the execution of tasks that would otherwise be executed manually.
Ethereum is not merely an alternate payment method; rather, it monetizes its own workings to enable developers to build and run applications,
Practically speaking, this means that when a SmartContract is run on Ethereum, it is paid for with Ether, the cryptocurrency tokens that power the application of the decentralized network. Clients of the platform essentially pay the platform to run the app. Not all code-based SmartContracts are the same (some require more computing power), and thus, cost more Ether.
The Problem with Micropayments on Ethereum
The problem that any company faces when using a blockchain-based token is that the transaction costs (gas fees) are independent of the amount being sent. This means that a user can complete a transaction of $0.25, and the seller might have to pay a gas fee of ETH worth $0.15. This is not a viable solution.
Viewo creators have come up with a solution: payment channel technology with an integrated wallet. This technology allows users to complete transactions without committing all the transactions to the blockchain. This enables frequent, fast, and free ERC20 (the Ethereum token standard) token-based micropayments instantaneously. In terms of transaction costs, it means that unlimited payment transactions can take place without incurring high gas transaction fees. All the transactions occur off the blockchain.
Then, the payment channel groups all the funds together so that a blockchain only sees two transactions:
Opening a channel
Closing the channel
At the current ETH costs, a payment channel becomes economical for 10 or more transactions. Viewo has written a payment algorithm that can switch from a normal transaction to a payment channel using our custom ERC20 integrated wallet system (see 2.3 below).
Viewo off-chain transfers are performed instantly; as soon someone receives an off-chain transfer, the transferred value now belongs to that person.
This is very different from an on-chain transfer which depends on block time and the time it takes miners to pick the transaction from the pool of pending transactions.
Wallet System
At the time of this writing, a web-based wallet system that supports regular payments and payment channels does not exist for general use.
Viewo has developed a web-based integrated wallet system for our ERC20-based tokens, VEO Tokens, which will work with virtually all ERC20 compatible wallets (wallets that support tokens issued on the Ethereum blockchain).
The Viewo Wallet will be one of the first Ethereum wallet systems that supports payment channels. Our wallet is browser-based and lives in an iframe, allowing users to access it on all devices and without the need to download a browser extension and store private keys encrypted in the browser’s local storage.
Viewo's payment channel uses Ethereum's own security, only the sender and receiver are identified by their private keys, thus allowing them to interact with their channel, both on-chain and off-chain.
Transaction Privacy
Since the micropayments are performed off-chain, the token transfers are private. Balances are hidden from the public until the payment channel is settled, which means that it is extremely difficult to trace on-chain transactions. This will keep users’ video watching history private.
Security
Viewo will use AES encryption to store wallet data, with passcodes to store all private keys. AES (Advanced Encryption Technology) has been called the “gold standard” of encryption and has been a federal government standard since 2002. It is also the most popular algorithm used in symmetric key cryptography, which is used for SSL and TLS data transmission.
Viewo Wallet — Ease of Use
The Viewo team understands that most existing wallets are great for techies but confusing for common users; as such, the Viewo wallet system will be designed with simplicity.
VEO Tokens will be stored in an integrated, user-friendly digital wallet created or white-labelled by
Viewo, where users will be able to see their real-time balance both online and via the Viewo app that will be available on both Android and iOS devices. Users will also be able to send VEO Tokens to other Viewo users via the online wallet system and app.
VEO Token Campaign
Viewo currently has 2,000,000,000 pre-minted VEO Tokens. 564,062,500 VEO Tokens will be released during the private sale, pre-sale, and token sale. No new VEO tokens will ever be created.
As reported in Forbes, the popularity (and success) of token sales in startup funding has been on a “meteoric rise,” with nearly $2.3 billion raised through token sale campaigns, most of which took place during the first half of 2017.
Token Details:
Only send ETH directly from a private wallet such as MyEtherWallet, Parity, Ledger, etc.
Set gas to 250 000
Do not send ETH from exchanges including but not limited to Coinbase, Poloniex, Bittrex, etc.
Campaign Dates and Pricing Model
Expected pre-sale dates: November 10, 2018 to December 10, 2018
Expected token main crowdsale dates: December 11, 2018 to January 11, 2019
Token Pricing Model:
VEO Token Distribution
Advisor Vesting: Advisors will be subject to a holding period of at least 3 months from last day of the Token Sale.
Founding Team Vesting: The Founding Team will be subject to a twenty month total holding period with 5% of each founders tokens becoming unlocked per month.
The remaining number of unreleased tokens after the token sale is completed will be distributed on a weekly basis to active users of the platform over a period of 10 years, minimum.
The rate of VEO Token release is dependent on the number of actions and verified users.
As the number of actions and verified users increases, the number of tokens that will be released every week will also increase (though not necessarily in the same proportion).
The number of actions is proportional to the number of verified users.
The number of users is expected to grow exponentially, as opposed to linearly.
Viewo wants to give an advantage to early adopters, which means that the rate of releasing tokens will be slower than the rate of new users in the system.
Breakdown of the Weekly Distribution
The premise of Viewo is that participants are rewarded for any action completed within the ecosystem. This includes uploading videos, offering MOOCs, selling private content, and even simply watching someone else’s video.
Below is a chart that shows the general breakdown of token distribution per action. Each section of the pie chart has its own unique formula, which we will not disclose here in order to avoid any attempt at manipulating the system. We will, however, share the general way we determine the distribution of tokens within each group.
Roadmap
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Author Asarab:
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- May 20, 2018
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