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Ontology Makes Strategic Investment in Social Video Platform, Vid

LOS ANGELES--(BUSINESS WIRE)--

Vid Inc., a social video platform scheduled to launch publicly later this year, is pleased to announce a strategic investment from Ontology. 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 this Spring on the set of BlockBattle. BlockBattle is a popular TV show in Korea that highlights the most lucrative blockchain-enabled projects around the world. Jun was a judge on the show and Vid was a contestant. Vid finished the competition in 2nd place as the runner up, but they were happy with the result since it led them to Jun.

They had a conversation about Ontology’s capabilities and it was quickly evident that a partnership would be mutually beneficial.

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 the Companies:

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 in review. The company is headquartered in Los Angeles, with satellite offices in South Korea, Hong Kong, Singapore, and the Cayman Islands.

For further information: http://www.vid.camera/

Ontology

Ontology is a high-performance public blockchain and distributed trust collaboration platform. As the blockchain infrastructure with multi-chain and multi-system integration, Ontology provides multi-layer, sharding, and multi-VM public blockchain services, and is able to readily customize easy-to-use blockchains that protect privacy through component technology and achieves secure and efficient cross-chain communication using a set of protocols.

As the infrastructure and connector for the Ontology trust ecosystem, Ontology creates a collaboration platform combining multi-dimensional trust and integrated applications through DID (decentralized identity), decentralized data exchange, decentralized reputation, and many other components and protocols for trust collaboration. As a result, Ontology is able to provide effective collaboration between trust sources, secure connectivity of data sources, and other distributed applications, thus creating a systemized, procedurized, and integrated trust ecosystem.

For further information: https://ont.io/

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