II.3. The VLOCITY blockchain
The approach with VLOCITY was to create an accessible, customizable and scalable blockchain for the social distribution of content on our platform. The VLOCITY blockchain supports different types of media which means that any developer can use it to create its own social system with a simple setup just by following our principles.
The VLOCITY blockchain is functional, but still a work in progress. We will update a lot of aspects of the token model, add new features to the video platform and increase support for the VTV token so that is simpler for viewers to obtain and convert it.
The principles of a social blockchain inherited from Steem are not optimal because the user has to deal with a lot of complexity. We agreed to use the principles of the Avalon blockchain as this is better choice with improved customization. Such principles consist in increasing user adoption by simplifying the process for them, increase retention and give an incentive for contributing with different activities that are not rewarded other platforms. This will be accomplished as follows:
- Simplifying user experience: The only token that has monetary value is VTV and spending voting power and collecting rewards is a straightforward process. Creating an account is also fast.
- Increasing retention: You can stack voting power for a long time to reward returning visitors and there are no caps for accumulating it in case of inactivity of the user.
- Supporting long term growth with an adjustable inflation: The VTV rewards are positively correlated with the active users so the incentive to join the network remains constant.
Improving the content diversity and quality for viewers
An online video platform achieves its objectives based on the quality and quantity of its content. Competing with major players is not a simple task, but is something that can be accomplished. This is why we introduce new monetization and sharing features:
- The share links feature: Viewers will not only be able to curate videos from the platform but will have the possibility of sharing links from any video publisher. This also works on platforms such as Facebook and Reddit with good user reception. The viewers will be able to import the content that is relevant simply and quickly.
- Curation rewards: On Steem the reward pool was split between creator and curator rewards. The majority of our userbase consists in voters so we will allocate most of the reward pool to them. The creators will also be rewarded as they will be allocated the first vote as soon as they post content on the platform.
- No caps for the monetization window: We will have no time restrictions for monetizing content, as opposed to the maximum of seven days on the Steem platform. This is a good approach for video content.
A decentralized media platform has to support an increasing user base and a fair governance for mainstream adoption. It has to address the issue of scalability to improve its viability and future prospects.
The Vlocity blockchain is a decentralized organization that is governed by the community and its leaders. It is simpler to arrive at a consensus and implement changes if all the stakeholders have similar interests. This is different to Steem where 400 apps share the same blockchain and framework but with different objectives and priorities.
The advantage is that the VLOCITY blockchain is solely dedicated to our platform and this allows it to have a greater bandwidth and handle a larger number of transactions. The apps on the Steem blockchain need to share bandwidth and this limits their capacity. The system that we created surpasses such considerations and hurdles to guarantee performance.