An overview of VIOLET token: How does it work?
In this article, let’s take a look at VAI Token and understand how it works in the Viola.AI Ecosystem.
The blockchain is transforming everything around us including finance, banking, education and so on. And now, blockchain can be used to improve your love life! Viola.AI aims to use the power of machine learning and blockchain to solve the numerous challenges related to love and relationships. Both single and couples can use it.
The Official Token Name of Viola.AI is VIOLET, named after the face of our brand, the CEO & Co-Founder of Viola.AI — Violet Lim. It’s Token Symbol is VAI, with its letters combining the Token Name and ‘Artificial Intelligence’.
There are three core capabilities of Viola.AI. They are the AI Engine, blockchain technology, and marketplace. All of these core capabilities are important for the ecosystem to thrive and improve the world around us. The AI Engine, for example, uses artificial intelligence, coupled with natural language, enabling it to give highly personalized relationship advice.
VAI token, a native utility token is used to power all its core capabilities. It also acts as the currency within the Viola.AI ecosystem. In this article, we will take a look at it and also understand how it works.
VAI Token — An Overview & How It Works
VAI Token powers the ecosystem as well as the Viola.AI business model. The token will be used for multiple purposes. Let’s list them below.
- Payment method
- Community usage
- Revenue Share
- Advertising Fee
VAI Token can be used as a payment to merchants. This means that the user can purchase paid content, services and goods from the sellers such as merchants and experts in the ecosystem using the token. As it uses blockchain, almost every aspect of the deal is decided before it takes place. For example, the seller and the buyer have to decide on whether the payment will be done in full, escrow deposit, escrow milestone or full escrow transaction.
Ethereum powers the escrow deposit powered Smart Contact which means that it is 100% secure. The value is stored against the value of the good, content or services using the two most popular cryptocurrencies out there, i.e., Bitcoin and Ethereum to stabilize the price during the escrow holding period.
Without community involvement, it is hard for any platform to grow or sustain. Viola.AI understands the community importance and has completely integrated the use of VIA token for community usage. This means the user can reward VAI token to partners or merchants for the services they provide. For example, if someone solves a user’s relationship problem by giving simple advice on what to do and what not to do, the user can decide to distribute tokens to them. The Viola.AI bot will also actively help you by providing concrete steps based on its huge DB analytics.
The use of VAI Token to award for participation behavior can easily lure hundreds of partners, experts, and merchants. The token can also be used to tip great ideas and content.
A revenue share for each transaction will take place on the platform to ensure that the Viola.AI ecosystem sustains. For example, when a partner or merchant makes a transaction, an amount equal to 1–10% will be shared for e-content and e-goods purchases. In comparison, only 1–5% will be shared for services and good purchases.
The collected revenue is then split further within the Viola.AI Ecosystem. The foundation will keep the 40% for maintenance and development. The rest remaining 60% will be split into the reward pool(10%) and commission(10%).
The Viola.AI’s advertisement program uses VAI token for payment purposes. To ensure transparency, the advertisement will be clearly labelled for users. Also, to improve advertisement partnership, a 5% of the advertisement commission will be given to the referrer for bringing merchants on the advertisement platform.
Last and not the least, VAI token will also be used for rewarding purposes. Rewards will be given when the user performs a favorable action.
● New Verified User → Tokens will be given out to new users.
● Gamification → To ensure proper participation, the platform will be gamified.
● Bug Bounty → Anyone who helps improve the Viola.AI platform will get bounty using Viola.AI payment system.
● Referral → Referrals will be rewarded with VAI tokens.
VAI token can be used both as a utility and currency within the ecosystem. VAI token will be native to the platform and will ensure that every user can participate in the platform, be it a content creator or an advertiser. Overall, a great project with an amazing vision. Viola.AI already have an established user base, and hence the early adopters can make the most benefit out of the platform.