Ontology and Vid will be a blockchain-based streaming service that will take the world by a storm.
Ontology, the blockchain company has cut in on a one-on-one deal with Vid, a social video platform that is to release later this year. Vid will be running all of its transactional data on Ontology’s blockchain. It’s a religious pact that keeps Vid from associating with other blockchain projects, but that’s a good thing in the long run for both Ontology and Vid.
For instance, the blockchain will help Vid with all its promotional content and the marketing campaigns across the Asia Pacific region.
Where did Ontology and Vid creators bump into each other?
The BlockBattle united both firms. BlockBattle is the Korean TV show that airs with the sole purpose of showing viewers what the world is coming to by feeding them knowledge about blockchain technologies. It’s a show where you can showcase your blockchain-based product.
For Jag and Josh Singh, the creators of Vid, it was a win. They had met Li Jun, a judge at the show and Ontology’s founder who signed them off to his blockchain exclusively. Although Vid finished second in the competition, they were still happy with the outcome.
The VID tokens, sub-native cryptocurrency to Ontology’s blockchain will be used at the means to transfer funds on the network. The network will be backed by zero-knowledge encryption- the gist of which is- that it won’t give access to the data on it except for the owners.
NGC Ventures took an interest in Vid as well, handing them out funds last month to further their goals.
Jag Singh, in an interview, explained the situation that their deal is beneficial for both the firms. The projects are so in sync. We both want the user’s data to be the user’s data. Ontology is not only a blockchain, but it is a distributed trust collaboration platform too.
Li Jun, the founder of Ontology, shares the same sentiments. He looks forward to a good relationship with the makers of Vid that would trailblaze both of these products into a future full of success.