Ontology Makes Strategic Investment in Social Video Platform Vid
Ontology is pleased to announce a strategic investment in Vid Inc., a social video platform scheduled to launch publicly later this year. Vid is a social video platform focused on video editing. It allows users to use its platform to create videos and record their precious moments based on blockchain technology.
As part of the deal, Vid will use Ontology’s blockchain technology to power transactions within its application. In addition to technical support, Ontology will assist Vid with various promotional and marketing campaigns across the Asia Pacific region.
Li Jun, Founder of Ontology, met the founders of Vid (Jag and Josh Singh) in Korea earlier this year on the set of BlockBattle, a popular TV show in Korea that highlights the most lucrative blockchain-enabled projects around the world. Li Jun was a judge on the show and Vid was a contestant. Vid finished the competition in 2nd place as the runner up, and Li Jun was impressed by Vid’s vision and ecosystem model. Jag and Josh Singh also learned about the high performance of the Ontology public chain and expressed their interest in using Ontology’s platform and technology to provide more functionalities for global users.
When asked about the strategic nature of the deal, Jag Singh said, “We are delighted that Ontology sees the value in what we are building at Vid. Our platform is showing early signs that it could be one of the largest consumer-facing integrations of blockchain technology to-date. With Ontology’s help, we believe we can make that vision a reality. Their entire staff has been supportive and energized as we march toward our public launch. This partnership will surely help both Vid and Ontology build a reputation as trailblazers in our respective industries.”
Li Jun added, “Ontology is devoted to providing the infrastructure to help companies in different sectors adopt the blockchain technology easily and efficiently. Vid’s vision, which is giving the ultimate control of data back to its users, fits well with ONT ID, our decentralized identity. With its popular video application and big user base, Vid can also help us reach more users. I believe this investment will prove to be a win-win for both sides. On a side note, recently, we held the Korea Media Conference and shared our new vision of ‘TRUST Redefined’. Vid’s popularity in Asia can, therefore, be very valuable for us. We look forward to seeing good results coming out of this investment and welcome more partners to join the Ontology trust ecosystem.”
About Vid Inc.
Vid is a next-generation video journaling application that gives ultimate control to its users. Data is secured through zero-knowledge encryption, so only the user can access their content. Blockchain technology powers the company’s internal VID Token, which is a digital currency used to transfer value across the network. Content creators can earn VID Tokens when other users view their videos. Brands and advertisers can also pay content creators directly with the VID Token, without Vid taking a cut.
The company has developed proprietary technology that leverages AI and machine learning techniques to automatically edit clips to the beat of the music, identify the most relevant parts of a clip, speed up and slow down content, and apply filters that give the final product a polished and professional feel. Vid holds two patents that protect its technology, with several others are in review. The company is headquartered in Los Angeles, with satellite offices in Korea, Hong Kong, Singapore, and the Cayman Islands.
For more information, visit https://vid.camera.
Find Ontology elsewhere
Ontology website / Ontology GitHub / ONTO website / OWallet (GitHub)
