Vid, a social video platform scheduled to launch publicly later this year, today announced it has received a strategic investment from Ontology, a high-performance public blockchain, and distributed trust collaboration platform. 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.
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.
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. After conversation about Ontology’s capabilities, it was quickly evident to both parties 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.”
“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.”
– Li Jun, Founder of Ontology
Last month, the Vid team also received an investment from NGC Ventures.