ViValid - every item has a story

thunderbird039 (43)in #ico • 8 years ago

Have you ever found an odd book or coin in your attic that looks old and valuable, and yet you have no idea where it came from or what it is actually worth? You're in luck if there are some experts in your area that can evaluate your item for you, otherwise you are stuck with just trusting the man behind the counter of a pawn shop. There's no count to how many fortunes have been lost this way, as not everybody has the time and money to research every inheritance or lucky find they end up in possession of.

The core problem here is trust. You cannot trust another person with valuables if they have a chance of gaining a profit from your ignorance. This is how pawn shops get the majority of their earnings, so it is quite obvious that there are a lot of people in need of a better service to help evaluate their items.

In recent years blockchain technology has become synonymous with transparency and reliability. If only there was a way to implement blockchain into a system of verification and evaluation, able connect users with experts in a variety of fields, where a community can cross verify evaluations to ensure complete trustworthiness of the reports.

This kind of system is no longer just an idea, an experienced team of developers all across the globe are making it happen. ViValid has developed the Proof of Validation protocol that is based upon blockchain technology and statistical analysis. ViValid will allow users and experts interact independently while remaining decentralized. This way there isn't a third party that is trying to profit from ignorance and deceit.

Let's take a look at hove the PoV (Proof of Validation) protocol actually works.

There are two sides of the coin, one is a user and the other is the expert. Both sign up on the ViValid service through the mobile application or web page. There are five tiers of experts and only people with proof of extensive knowledge in a field can qualify for the higher ones. To be a tier one expert though, you wouldn't need much more than to be an enthusiast. This way many people would be able to turn their hobbies into a stream of revenue on the side.

The first step would be to take a few pictures of the item and send them to the blockchain-based system for initial assessment and validation of potential value. Experts are given tasks according to their tier and interest, then their opinions are collected and randomly but intelligently filtered to form an unbiased report.

The whole system works due to a combination of statistical data and an incentivizing model at the core. On the one hand, the system automatically analyzes the expert's evaluations, while on the other hand, it rewards validators with the highest success rates with tokens or options to upgrade to the higher tier.

When registering with the ViValid service, every user is given a crypotcurrency wallet that can store ViV tokens. The tokens are needed as this service is global and will power all the investments, payouts, transaction fees, payments and tier rewards. The dealing with crypto is totally optional though, the users can just use their PayPal or credit card for any and all transactions in the service, the ViValid can take care of the back-end for them.

It is important to remember that a service like ViValid is not just useful in the off cases that you are not sure if something you possess is valuable. As every single shred of information about the item is stored on the blockchain, transparently and securely, established collector's can use ViValid as a certification of the worth and authenticity of their prized possessions. The system can be used to prove ownership, as well as, with the help of machine learning, detect stolen goods.

And to be clear, you don't need to be interested in the buying or selling things to be involved in ViValid. It can be used to just brag about what you have purchased to your friends, or on the other end – expose how silly your friend is for boasting about something inexpensive.

Worth mentioning is also the community that will no doubt arise from the back and forth involved in the process. People will be attracted to ViValid as they can use the knowledge that they already have for some quick side income.

The possibilities are truly vast for ViValid, so if you are interested please check out their website, announcement thread and social media links below. Of course there is also a token sale and a bounty program that you can take part in.

So what do you think about ViValid as a community? Are you a collector yourself and could contribute to the system? Have you ever had bad experiences with pawn shops? Tell me in the comments below.