VETRI App has been ranking in the top 10 Survey Apps in the USA for months now, attracting 100’s of thousands of users to our ecosystem. As expected, only a few of them have actually heard about blockchain, wallets or cryptocurrencies. Yet, all of our users managed to use our web3 tools. Yes, they manage a crypto-wallet, earn cryptocurrency and execute smart contracts on blockchain without knowing it. In our constant efforts for providing the best technology and utility to all kind of users, we are announcing the birth of our new App modes.
Many of our users have asked us about the value of the “credit” they earn in our App, the so called VLD, our native cryptocurrency. The reality is that we wanted to simplify the concept of cryptocurrency, by providing a fixed price for our inApp token, believing that its inherent volatility would be confusing to most of our App users. We therefore took an arbitrary fixed value, so that our users’ earned money would be similar from one day to another. Consequently, this move also implied that our crypto aficionados could not understand the discrepancy between our tradable token on crypto exchanges and its fixed value in the App.
With this in mind, and in order to maximize the usability of our App to users, we are integrating new cryptocurrency coins, pegged to the local currency price, for our web2 users. As we are live in 6 countries with 5 different currencies (USD, CAD, AUD, GBP and EUR), we are releasing USDV, CADV, AUDV, GBPV and EURV that will all follow their local currency value.
Does it mean that I cannot claim my rewards, as a Basic Mode user, with VETRI’s very own cryptocurrency anymore? Absolutely not! Our Basic Mode users will be able to exchange their stablecoins for our VLD tokens in their “Assets” section of the App. Together with Paypal and major Gift Cards providers, they will have the opportunity to claim their rewards in VLDs.
Another important point is that, we will enable our Basic Mode users to shift to Expert Mode when they feel they are ready. To the end, we have designed an onboarding Quiz to make sure that our Expert users understand web3 tools, such as managing a crypto wallet, understanding that a cryptocurrency is by essence volatile and what it means to own such a risky asset, etc… It is of the utmost importance to us, in such crypto market conditions, that our users understand the responsibility that comes with our non-custodial wallet solution. In other words, the ability to control these valuable assets comes with complexity and we want to make sure that everyone gets it. Of course, we will take all the necessary measures in order to educate and train our users throughout the transition the process, whilst also highlighting the many advantages that come with web3 (read the Expert Mode below).
Following the integration of our new blockchain ecosystem (will be announced soon!) to allow a cheaper execution price of transaction, we are enabling our Expert Mode, that allows our users to navigate fully in a web3 ecosystem. As for the Basic Mode, our services will remain similar but the offering, in terms of business opportunities, will be much greater. The deals being offered are still smart contracts, with the big difference that they are run on public blockchain. In this fully decentralised ecosystem, our Expert users will receive 100% of the deals they take compared to the 80% distributed in the Basic Mode. Given the latest turmoil in the web3 world, we are still investigating which public blockchain infrastructure will be most appropriate and practical for us to use in this Mode. Layers 1 and 2 are under considerations, and the selection of this ecosystem will have many dependencies to the services we will be able to offer to our users. We will communicate on this specific and critical decision as soon as we are ready, so better stay tuned!
Below are the set of services each mode are enabling.
What’s the role of the VLD token in Basic Mode?
This opportunity to chose between an in-App token with stable value or our real VLD token somewhat diverges from our original tokenomics. Just like the environment in which we operate, we are having to evolve and pivot wherever necessary. To promote our services to a greater number of users, we are integrating the stablecoin concept to facilitate the adoption of our products. With this in mind, we want to stick to our web3 DNA and roots. In order to capture the usage of our network, the value generated in stablecoins throughout the App will be locked out from the public markets. In other words, for each stablecoin earned from our users, we will commit the equivalent in VLDs, in a smart contract held by the Foundation. This mechanism will reflect the organic demand for our network, and create genuine appreciation of our VLD, generated by real users. With this, our Basic Mode (web2 model) will contribute to our web3 vision, as much as our Expert mode, without the hassle from our partners nor users.
With the release of these 2 ecosystems, we aim at offering blockchain services as a tool to non-web3 users, without compromising our DNA, nor the promise made to our ICO investors. Our technology stack is leading the way in terms of mass adoption. We cannot force users to embrasse web3 complexity, and we are not ready to miss-out on our product’s potential, to any digital nomads.
At the first light of this project, we thought of our tool in an exclusive web3 language. The reality is that users are willing to benefit these tools but not yet the decentralisation, complexity and responsibility it entails. We will keep on educating people about our technology and values that set web3 appart from what we have experienced till now, and in the meantime, we will contribute in being a bridge to allow web2, web3 and any of these variations to our ecosystem (web2.5? 😁).