The VETRI Foundation celebrated its 2nd birthday just over a month ago. If our journey thus far hasn’t exactly been smooth sailing, yet we are happy to finally announce that our product is not only live with stellar user traction, it is also much more robust and reliable. Indeed, we have spent these last months investing heavily in the VETRI App, still focusing, for now, on the vast and rapidly growing Insight Technology market. Doing so will allow us to grow our user base quickly and to a significant scale. We are already ranking as the number 1 survey app in the US, our key market, as we are delivering on our promise to be the highest paying survey app, hands down. Our success will surely pave the way for our next cases and the realization of our full vision: to become a true peer-to-peer platform enabling the monetization of individuals’ anonymized personal data.
Our latest developments fall within the 3 categories that help optimize or enhance our platform: user acquisition, user retention, and app performance.
User acquisition
The integration of PayPal as a payout mechanism was a long due feature and a bit of a game-changer for VETRI’s growth prospects. Also considerably enhancing our overall product offering is the integration of the InBrain platform, recently acquired by Dynata, and one of the top three leaders in insight technology. Thanks to InBrain, our available survey inventory more than doubled. Last but not least, we integrated in-app reviews, thereby significantly boosting both our overall score and the number of reviews provided by users.
User Retention
User retention is typically quite low in the sector, yet we are seeing very high levels of retention within our latest builds. To enhance it even further, we’ve introduced tactical features such as must-have self-sovereign account (wallet) recovery and in-app messaging. The next sprints will deliver new features aimed at gamifying the overall user experience such as Sweepstakes and Daily Check-ins. We are happy to also announce that a new version of our APP will be released soon, benefiting from a major upgrade of our overall UI & UX!
App performance
Consistent bug fixing, new device integration, performance optimization, and software updates are just a few of the tasks continuously performed by developers. Besides these, we also implemented an onboarding verification process to provide our Data Consumers with greater framing for users’ targeting. These functions, whilst far less news-worthy, nevertheless constitute a key investment if we want to procure our ecosystem to the level of reliability and trustworthiness we strive for.
Next – Focus on new markets
Thanks to our constant efforts to integrate new partners, VETRI will offer one of the most comprehensive offerings out there, with the ability to be relevant in markets far beyond the existing three (USA, Germany, and UK). The new country roll-out will be gradual and announced in the coming weeks.
Next – Focus on the coin
Perhaps antagonistically to many of our peers, we at VETRI always prioritize business over token appreciation. One would necessarily lead to the other, is our thinking, while things don’t work quite as well the other way around. As we are now entering a period of significant, sustained growth, the time has come to start paying attention to our token. Staking is the first of our initiatives to be rolled out. But our efforts will also be geared towards the marketability of VLD’s and that includes introducing it to new popular exchanges. There are many great features we wish to be able to provide to our users, unfortunately, these come with trade-offs: centralization/decentralization vs scalability vs security. We are currently working on finding solutions for our Smart Contracts to work on either affordable Layer 1 solutions (other protocols than Ethereum) or to bridge our current setup with Layer 2 solutions. We are in constant conversations with protocol creators and service providers on this matter. These upgrades will be key to bringing either a decentralized approach to our interim solution (we currently use our private blockchain to avoid the outrageous gas costs for deploying our smart contracts) or at least, a trustless solution to emphasize our commitment to the direction we are taking.
Conclusion:
If we are here to challenge the competition, we also carry the cost of wanting to do it differently and with a plethora of complexities. Holding on to our values and our promise to our users, we manage to run this entire activity without having access to our users’ data. The Fair Data economy won’t be built in one day, but this first success allows us to confirm our vision, and the possibility to grant our users full control over their data while being able to remunerate them fully for its full value. We are very excited to see what comes next, we hope you are too, stay tuned!
