VIOLET Token Utilisation Series: Use Case #1 — Payment to Merchants with Hedged Escrow System
How does VIOLET token work as a Payment Facility for Merchants on Viola.AI Marketplace
To the Viola.AI Community,
While some of you may be keeping an eye on the daily market price of VAI (VIOLET Token) on IDEX (our first, and definitely not the last, Crypto Exchange Listing), as members of the Viola.AI Community, our Team will be providing you a series of Use Cases (selected scenarios) presented with visual and descriptive illustrations to further understand our Token Utilisation.
The following content was made in reference to Viola.AI’s Whitepaper; available at https://viola.ai.
She’s more than a dating app. Isn’t she?
Harnessing a global, open-source and immutable Relationship Registry on the Ethereum Blockchain backed by an evolving AI Love Advisor, Viola.AI offers the following Core Capabilities for singles, attached and married couples:
- Viola.AI Love Advisor (evolves based on user’s relationship status)
- Viola.AI Recommendation-based Marketplace
- Viola.AI Community and Crowd Wisdom
- Viola.AI Real-ID Verification
- Viola.AI Wallet (with Smart Contracts)
- Open Integration (deployable to third party platforms)
Viola.AI fulfills the universal desire for love and happiness. It is a project that came into fruition with the mission of ‘Changing the World, One Relationship at a Time’ by providing a full-loop, multi-dimensional solution to diverse challenges of its target audience.
Indeed! She’s more than a dating app.
Viola.AI is backed by a business that has been running for over 14 years with proven record in Singapore, Hong Kong, Malaysia (Kuala Lumpur and Penang), Indonesia (Jakarta), Thailand (Bangkok) and Japan (JV).
VIOLET Tokens can be used in buying goods and services through the Viola.AI Marketplace — where merchants enlist their businesses and curated-approved upon signing up on our Merchant Portal.
Token Utilisation Series, Use Case #1 serves as your guide to better understand how VIOLET tokens work in buying goods and services and how Viola.AI pays Experts/Merchants with Hedged Escrow System.
VAI allows users to buy goods and services from merchants. The terms of the purchase will be stated by the merchant if it’s a (1) a full payment, (2) a deposit with escrow, (3) an escrow with milestones or (4) a full escrow transaction.
The user/purchaser will indicate if he or she accepts the payment terms. Viola.AI will then process the transaction accordingly. If funds are to be held in escrow, Viola.AI will use its Ethereum-driven Smart Contract escrow system to hold the funds and distribute accordingly upon the user’s acknowledgement. The escrow fund will be hedged against the value of the content, good and services purchases by using Ethereum and Bitcoin as the holding crypto-currency which will help stabilise the price during this escrow holding period. Viola.AI will make up for any differential in value when the funds are finally released from the escrow into the merchant’s hands.
Important Note: It is important to note that the token value of VAI will be largely determined by the circumstances in the future with no guarantee possible on our side. The best we can do is to simply execute well to create a strong and useful product with good utility for VAI in the future.
USE CASE: Elizabeth Surprises Henry On His Birthday
Viola.AI reminds Elizabeth that it is Henry’s birthday in 7 days’ time. In response, Elizabeth asks Viola.AI for ideas on gifts to buy for Henry’s birthday.
Viola.AI is aware of both Henry and Elizabeth’s habits and preferences, so she presents a list of relevant recommendations. Elizabeth then chooses the ‘Heavenly One-day Spa Couple Getaway’ package to celebrate. The Merchant stated that the payment terms is a deposit with the rest of the payment held in escrow released when they both arrive at the Spa. Elizabeth agrees and uses Viola.AI to send the funds accordingly.
Elizabeth surprises Henry on his birthday and when she arrives at the Spa, she uses Viola.AI to release the rest of the payment to them from Escrow. Feeling very satisfied with the experience at the end of the day, Elizabeth gives the spa an additional small VIOLET token tip to thank them.
VIOLET tokens can be used by Viola.AI users, at their full discretion, in tipping merchants upon receiving quality goods and services.
Tune in for the Token Utilisation Series: Use Case #2 – Community and Crowd Wisdom
Elizabeth Feels Distant From Henry
Lots of LOVE from Singapore to the World,
F R E D D I E | L A C O R T E
Head of Community Management, Viola.AI
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