In recent years, more and more traditional media have been developing on the web. Blockchain technology is also providing new features for these media. Find out how VersoView is improving community engagement using blockchain and its VVT token
A kiosk in the blockchain
In recent years, digital has increasingly overtaken traditional physical media. Whether it’s music, film, books or magazines, no industry is immune.
Various platforms have therefore developed to meet the ever-increasing demand for online content. This increase in supply leads to competition, and the best way to stand out is to develop the ergonomics of your platform.
This is how VersoView distinguishes itself, firstly by offering easy publishing for publishers from a simple PDF. The application has an artificial intelligence that allows it to adapt the file directly to the publication format.
Secondly, the use of readers is made easier. Indeed, the evolution of the digital format requires simple access, with just one click. This is why VersoView offers the possibility of accessing content on a single page, thus putting an end to untimely clicks to turn the pages of one’s magazine.
Several business models are available to publishers:
- Offer free content that will be paid for by ads;
- or allow users to pay a subscription fee in the traditional way.
Overview of the VersoView application
Rewarding user engagement
The platform’s goal is to bring together communities of readers. To do this, it relies on a programme that it summarises in three key words: “Publish, Engage, Reward” (PER).
Once published, readers can react to magazine articles and provide feedback. This community engagement can, for example, take the form of recontextualisation in an educational magazine, which provides added value for readers.
This brings the virtual kiosk closer to a social network, giving the impression of chatting with users who read the same articles and have the same interests.
The most involved users receive “Social Tokens” as a reward. These can be adapted by brands and publishers, both in form and function. VersoView also plans to launch a decentralised exchange platform for these tokens in the second half of 2022.
A use of blockchain tools
There are indeed various known instruments in the cryptocurrency world. As we saw earlier, the VersoView application provides its users with “Social Tokens”, which are similar to the classic token model.
Another technology could appear on the platform: non-fungible tokens (NFTs). If we take the case of a journal that wants to publish a limited edition, it will only need to create the number of NFTs it wants to ensure that digital copies are limited.
The transparency of the blockchain also provides security. It protects the content published and guarantees the rights of the creators.
The VVT, a multifunctional token
Another blockchain technology used is the VersoView Token (VVT). The platform has turned to an ERC-20 token from the Ethereum blockchain to perform various tasks.
Its first function is to serve as a means of payment on the platform. Transactions and fees will indeed be present on VersoView, whether it is for the purchase of an NFT or to take out a subscription to a journal.
Its second function is staking. As a reminder, staking is a common investment method in the cryptocurrency ecosystem, where the user locks in their tokens in order to receive a reward periodically. A portion of the platform’s fees will be used to reward VVT token holders for staking.
Staking reward scheme on VersoView
In order to keep the number of tokens limited, VersoView will regularly burn through its VVTs to meet a maximum capitalization of 200 million VVTs. To do this, the platform will send a portion of the tokens to an address where the tokens are unrecoverable.
In addition, users will be able to obtain VVTs in exchange for their “Social Tokens” at the launch of the decentralised exchange platform
Conclusion
VersoView is an innovative platform for news reviews and community engagement. It brings a new social dimension using different blockchain mechanisms.
Rewards for active readers could attract more and more users, making the platform attractive for publishers and brands looking to build an engaged community.
The official launch of the platform is planned for 2022, and this virtuous circle will contribute to the development of VersoView and potentially make it a reference in its field.
