Vid, a new social media platform that has been programmed to fully launch its first operations publicly later in the year, just recently formed a partnership, which will be a form of strategic investment, with Ontology. Vid was originally a contestant in the recently concluded set of BlockBattle, which is a well- known show in Korea. This show helps in placing a focus on a number of block- chained enabled projects that are quite lucrative in the world. Vid, as a contestant, came second place in the competition, however this competition created an image for them before Li Jun who was a judge in that same competition.
Vid is a new- generation video journaling platform that hands over full access to its users. It was created in such a way that the only individuals who have direct access to its contents are its users, this was done by using blockchain technology as the basis for its creation. The company also utilizes the use of other innovative technologies such as Artificial Intelligence and Machine Learning technologies to give an overall professional finishing to the quality of the video contents created and edited.
Jag Singh, one of the founders of Vid, gave his comment on this strategic deal by the two parties, he 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 towards our public launch. This partnership will surely help both Vid and Ontology build a reputation as trailblazers in our respective industries.”
The details of this deal has been found to be mutually beneficial for both parties. Vid will benefit from it by using Ontology’s blockchain capabilities to power its own operations including various publicity strategies across Asia while Ontology will be present with a bigger platform for reaching out to more users.
According to Li Jun, the founder of Ontology, “Ontology is devoted to providing the infrastructure to help companies in different sectors adopt the block chain 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.”
Ontology is a known high performance public blockchain and distributed collaboration platform. Using this technology, they help their clients to achieve a secure and well- experienced communication platform for business.