VI is a digital currency, kinda like bitcoin.
The value of VI is created by users joining Vid and using the platform. Instead of hoarding the value, Vid redistributes it back to the users.
It’s not just Vid, any business can adopt the VI business model and start doing the same. Vid is just the first one. The more you use VI businesses and support them, the more other businesses will be encouraged to give some of their value back to users, as well.
All that pressing the button does is prove your presence on the platform for that day. Everyone who presses the button gets a portion of the VI that is available for that day. The value of that VI you earned depends on the community and VI businesses creating value on the platform.
You can earn more VI by increasing your impact score. Everyone earns the Universal VI based on the basic living wage in their country. The impact bonus you earn is based on your impact score.
Your impact score is based on your contribution to the Vid platform relative to other users. Increase any of these metrics and your impact score will go up:
Reach – the amount of unique views across all your public vids
Consistency – the amount of days in a row you’ve pressed the button
Viewing - the number of Vids you’ve watched
Creating – the number of Vids you’ve created compared to other users
Engagement - the amount of unique views across all your public vids divided by your follower number
Invite score – the amount of people you’ve invited to the app
A more thorough explanation of impact score can be found in the VI Paper.
1. Get an ERC20 Wallet that you can withdraw your VI to a. Metamask, MyEtherWallet, Coinbase wallet are some examples
2. Put your ERC20 wallet address into the Withdraw screen on the Vid app
3. Press Withdraw