VETRI unleashed, EXPERT Mode ON.
VETRI has created a new way to go about our digital lives, enabling any netizen to be in full control of their personal data, to monitor access to it and even to be remunerated for sharing it. VETRI’s DNA was always very much web3 inspired yet it had to be hidden from the big audience in order to overcome technical complexities and to smooth out the edges of our UI/UX brought about by blockchain technology. Until now. We are proud and excited to be releasing our EXPERT mode, that will run on a decentralized and public infrastructure instead of our private blockchain (Ethereum fork to save the pricy transaction costs to our BASIC users). Our smart-contracts will now run on Polygon blockchain, and this article explains what it means for our EXPERT users.
Our new public infrastructure: POLYGON!
After many years of proving the validity of our technology stack and business model using proxy markets and private infrastructure, we are excited to finally be able to unleash our true potential in a public web3 environment.
After many considerations, we decided to enable the EXPERT mode of the VETRI App in POLYGON infrastructure. Polygon has proven to be robust, resilient and offers a rich ecosystem that our users will be able to leverage from. The original version of VETRI was always designed to run on such environment, but the reality of our use-case economics based on micro-transactions and the cost for such transactions on Ethereum, our smart-contract models since 2018 made our life too complex. To the point where we had to step back from some of our principles and original ideas in order to be able to release a viable model with a trunked featured: the BASIC mode, our default app version. That being, this forced us to step up our game and to be competitive in a web2 market while running our smart-contracts. This in return required us to have a smooth and satisfying UI/UX for web2 users that would be on par with the best app of our category out there.
In other words, we became experts in bridging web3 technology in web2 infrastructures, having our DApp (Decentralized Application) released in Google Playstore, Apple Store, connected to PayPal and major gift cards providers in the world. Armed with this experience, our EXPERT mode not only enables genuine web3 users to experience a fully decentralized App, but enables anyone to freely chose and navigate between these ecosystems, using the same App in BASIC or EXPERT mode.
From a high-level point of view, our BASIC mode helps and assists users for a service fee while our EXPERT mode users are fully independent and autonomous, and do not require any additional support from us, therefore reducing the charges to a maintenance cost only.
Expert Mode connected to crypto exchanges
One of the major differences, besides the decentralized infrastructure, is the replacement of our stablecoins (USDV, EURV, GBPV, CADV, AUDV) to our native cryptocurrency, our ERC20 token named VLD, released in 2018, approved and recognized by FINMA (Swiss Financial Market Supervisory Authority) as one of the first hybrid Payment / Utility token.
Our stablecoins were designed to protect our BASIC users from currency volatility while our native VLD token will empower our EXPERT users with the new web3 features that we will be releasing in the near future.
Our first feature will enable EXPERT users to be paid in VLD and execute each of their App deals (surveys or data) directly to a crypto exchange, sustaining a genuine and organic volume of our VLD token. This means that the more users using our VETRI EXPERT mode, the more VLDs will be traded on exchanges, creating its own liquidity. For once, the token liquidity will not be derived from SPECULATIVE activity but will stem from sheer, real-life UTILITY: the use of our product, the VETRI App.
For now, we have connected VETRI App with our historic partner Lykke, via API. Each future listing on exchanges (CEX) will be connected and accessible from VETRI. Next is to enable our holders and backers of our vision to be actively involved with our product deployment and utility. We suggest our community to create a decentralized Liquidity Pool and aggregate VLD liquidity on UNISWAP-Polygon (DEX) as we will be plugging it to VETRI App soon!
In our constant search for maximizing the utility of our ecosystem and provide the best-in-class technology to VETRI users, we have created a bridge between our EXPERT mode and Metamask. This feature enables our users to export their VETRI wallet to Metamask environment, and therefore extends the crypto capabilities of VETRI wallet EXPERT users!
Boost your earnings by up to +50% for each deal!
EXPERT users will receive up to 50% more value for all their activities in the App. This is the consequence of being fully independent and not relying on any support or services.
Indeed, we created the BASIC mode to protect VETRI users who are unfamiliar with decentralization concept (a large majority of internet users today). In doing so, we took on our side a lot of unforeseen tasks:
- Stablecoins to protect against crypto volatility;
- Connectivity to large payment solutions to manage earnings (PayPal, major Gift Cards providers…);
- Support function to manage wallet recovery assistance (support not possible in Expert mode!);
- Creation of marketplace with support function to existing Partners;
- Treasury functionality to allow our users to be paid in real time (management of up to 90 days payment delays).
- Reporting functions to Partners
Our EXPERT mode offers all the advantages of a fully decentralized environment which in turn guarantees full autonomy and independence for its App users. With more responsibility and power for the participants, the less involvement of our team or tech resources. This leads directly to an improved reward, not impacted by our intermediary. Not only EXPERT users will benefit from a fully transparent infrastructure, but on top of it, our workload will decrease. And as we are not designed to maximize profit but rather maximize utility, there is a direct impact (positive of course) in our users’ rewards. These activities can add up to 50% in costs, fees from traditional payment partners (i.e. PayPal) or resources; and this is why our EXPERT users will receive much higher value in return. In other words, our BASIC users are incentivized to educate themselves about web3 (decentralization) and take control over their assets, be it money, data or access to it.
Decentralized Finance (DeFi) enabled!
With EXPERT mode, not only we will connect our App to regulated DeFi providers (open to Partnerships: if you read this community release and operate a DeFi service, don’t hesitate to contact us!), but we will also activate a staking feature where VETRI holders of VLDs earned throughout the App will be able to generate a yield to lock their VLDs for a specific maturity. More on this will be communicated soon once this feature is released.
As a web3 experience, we would like to suggest a new way of calculating a return in the DeFi world. We know that users willing to stake their earned VLDs will create a buying pressure (“Utility Pressure”) on the VLD market without creating a counter-balancing selling pressure on their part. With enough of our users using this EXPERT mode and in a stable environment, this Utility Pressure will lead to a price increase. We could think of a way to provide a X% return of this price appreciation being calculated retroactively, at maturity, based on facts rather than crazy APY promises which would not be sustainable in the long run as we saw too many times in many DeFi protocoles. To launch this initiative, we could get the VETRI Foundation to incentivize the App users in guaranteeing a 5% return for the first periods whilst of course monitoring the experience to adjust these levels on the next iterations. If you want to share your feedback about this initiative, contact us on firstname.lastname@example.org.
The activation of this feature will have to comply with traditional regulatory requirements, and potential licenses might be required prior to this launch.
In our constant efforts to buidl* the future of data privacy for everyone (not only a pure web3 tool for a happy few), we are happy to have created a 360º DApp. All VETRI users can switch from one version to the other: our default version, named BASIC, for traditional users who can rely on VETRI’s team to assist them in the use of their services; and the EXPERT mode, for web3 users willing to take full control and responsibility over their assets.
VETRI doesn’t wish to dictate what’s best for its users, present or future. Our tools should remain simple, efficient and competitive while taking into considerations the market readiness and other potential frictions that might arise despite our dedication to web3 and innovation. Beyond the technology, our mission is to achieve a greater output for individuals, and our devotion goes into making our vision a new reality, not just a fantasy. Together with the VETRI community, we wish to become a genuine alternative to the existing models ruled by big Tech, one that benefits the most.