BlockV – What is it?
BlockV is a digital goods blockchain platform built on top of Bitcoin, Ethereum and other blockchains to enable scarce interactive digital goods and objects that can be valuable, tradeable, programmable and even collectable.
Examples of use some cases for scarce digital objects are unique trading sports cards (e.g. baseball cards), individualised corporate vouchers (coffee or food coupons enabling discounts or free items) and even interactive, personalised messages from celebrities, to name but a few.
With every type of media on the internet being copyable, BlockV enables a new type of digital good or item the can have value due to it being truly unique or scarce. This is what the BlockV team are describing as the Blockchain’s ‘Interface moment’.
App Store ‘Interface Moment’
An equivalent interface moment seen with recent technology adoption was the advent of the iOS App Store, which enabled developers to create a new type of more personalised and functional software on mobile connected devices. Another interface moment was the introduction of the internet browser in the 90s which took the internet from a black and white command line interface to an image rich more interactive experience. Despite all of the blockchain innovation and speculation to date, there really hasn’t been a widely adopted real life example of blockchain technology in use today. Enter BlockV’s vAtoms.
vAtoms are essentially the virtual atoms and building blocks of the digital goods that BlockV enables. Think a visual Coca-Cola coupon in a mobile app or unique interactive and functional 3d digital object of Rick and Morty that can enable a free Mcdonalds Burger or fries.
Blockchain goes Mainstream
Could this really be the catalyst for blockchain to go mainstream? It is possible as the BlockV platform has been in development for the last two years and has a live working product and App currently downloadable in the iOS and Google Play stores. But how will it achieve this? It is quite an undertaking so the key lies with enticing developers and lots of them.
BlockV needs to create a vibrant development environment with strong economic incentivisation where experienced blockchain developers and those within large organisations are encouraged to develop on top of BlockV s platform to create these digital items. This incentivisation can be achieved through the VEE tokens.
The utility VEE Token is the mechanism by which rewards and collaboration can occur within the BlockV ecosystem. All BlockV operations will be powered by VEE, which enables developers and creators to be incentivised and experiment with the use of the technology. Economic incentivisation is the building block of Bitcoin and public blockchains so if Block V succeeds it could truly become the catalyst for the revolutionary leap in blockchain adoption every speculator is waiting for. The VEE token was recently available during the BlockV Token Generation Event, sometimes also referred to as an ICO.
Token Generation Event
The BlockV Token Generation Event raised the equivalent of approximately 22m USD in ethereum contributions, which was considerably under the hard cap target of 40m USD. In comparison to some other more recent ICOs, this ~22m USD initial market capilisation could be seen as low, especially considering the potential of the BlockV development platform and the team behind it.
The BlockV management and development team includes some of the most experienced and well connected individuals in the crypto space. The team has the rare blend of having been around at the dawn of bitcoin development and having launched numerous successful projects. Their advisors consist of some of the most influential in crypto and the public blockchain sphere. This leaves them in a perfect place to outpace the competition.
There is plenty of competition in the digital goods realm of crypto currency but no other projects are as seemingly far along in their development roadmap as BlockV. This combined with the team’s strong network of personal connections should ensure BlockV can become an enormous success in this massive opportunity.
Indeed, there is a big opportunity for BlockV to have first mover advantage in becoming the dominant platform for the inevitable adoption of this new digital asset class enabled by blockchain technology. After all, the technology underpinning Bitcoin enables scarce unique bytes of data that are not copyable so applying this trait to digital items will provide them with value. This has such a wide array of applications but initially the focus for BlockV appears to be the digital advertising and promotions market.
With one senior BlockV team member having worked a career at Coca-Cola there seems to be a likelihood that this corporate giant could be one of the first companies to trial a promotional coupon campaign using BlockV. With a massive digital advertising budget and the ongoing concern of paying for fake clicks through Facebook, Google etc it seems apparent something could be under discussion. Corporate deals such as these are hard to get completed but there would be little risk in Coca-Cola potentially trying out the platform. This would only give BlockV more exposure and they are certainly using the Coca-Cola branding in some of their own promotional material.
BlockV has a standout product and team that is already live and developed so the funds raised during the Token Generation Event can only assist the team in creating even more intuitive development tools for others to help build out the platform more quickly. This is for sure a project to watch that could even become ubiquitous in our lives without the need for the users to ever really understand that crypto and blockchain underpins it all. If the BlockV team outpaces the competition and successfully encourages developers to create real world value that enriches peoples lives then there could be no stopping mass adoption of BlockVs platform for the use cases it serves.