Vyral has been designed as a peer-to-peer advertisement platform for influencers in the digital space. It is powered by tokens known as Vyral Smart Contracts. The entire concept is based on the decentralized blockchain network. This is in line with other blockchain tokenized reward programs for serious business-minded people.
In short, Vyral is poised as the next revolution in marketing. It is bringing simplicity, ease, and security to the market for large and small companies. Over time, most companies have started to offer their own unique reward systems to marketers. A common reward system is referrals. This is a type of bonus where for each customer referred, the marketer gets some kind of value. This value may later be exchanged for other products or tokens.
What Problems Does it Solve?
Centralized referral systems have many shortcomings. One of them is middlemen, who capture a portion of the monetary value without adding any real value. The other is fraudulent programs that can unjustly confiscate funds from their referrers.
The other issue is the existence of a subset of secret rules that have no transparency. There is also the problem of liquidity with these programs. For one, the reward is focused on the system. This leads to customers that would love to be brand ambassadors, but have limited use of the additional quantity of the product. This prevents them from taking part in further advertising.
Another common problem with referral programs is Sybil attacks. The result is that companies may end up paying for non-existent referrals.
Vryal has solutions to most of the problems mentions above. For one, there are no middleman to eat up part of the cost between the two parties. Besides that, since the rules are decentralized and open to scrutiny, it leads to a fair transfer of value provided. Since the rules are clear and immutable, there is no risk of anyone swindling anyone else.
The other solution Vyral offers is liquidity. They are paid in tokens, which can be converted into actual fiat currency. It causes a higher rate of adoption by advertisers who feel incentivized to participate in the referral programs.
It creates a relationship between employees, customers, and stakeholders. Now customers have an incentive to market the company since the value of their tokens depends on the success of their efforts. They have a genuine desire for the company to succeed.
Additionally, the blockchain used by Vyral makes the reward mechanism impervious to Sybil attacks.
The Team Members
- Lee Pennington – Founder
- Kelsen Andrade – Blockchain ambassador
- Thiago Oliveira – Leading communications
- Vijay Kandy – Blockchain developer
Vyral has not yet launched an ICO. However, it already has a pre-ICO sale going on. This will be used to raise funds for the development of the company and the ICO. The pre-sale has very few rules. You just need to ensure that you purchase at least one ETH for the pre-sale, but with a maximum of 500 ETH.