The blockchain revolution has always been about finding community-driven solutions that make the need for corporate, centralized systems obsolete – but the industry is still in a pretty early stage. We haven’t seen that many useful platforms launch yet, as of late May 2018, but there are certainly some launches on the horizon that we can already tell will be something average people would find incredibly useful. A new project called ViValid (VIV) is proposing something that we believe certainly falls into that category.
While a lot of startups take blockchain technology and look for a solution to use it on after, ViValid (VIV) has taken the reverse approach and is working on something that a blockchain network would intelligently solve: getting realistic values for our stuff.
What is ViValid (VIV)?
We all have some stuff lying around homes that we don’t like, and would absolutely sell if we got the chance – but selling things involves a lot of work. Not only do you have to go through the trouble of placing an ad online or taking it to a pawnshop to exchange it for some cash, you also have to shop around online and figure out roughly how much it costs. Apart from that, who can you trust to tell you exactly what a fair price for your item is? Can we really trust pawn shop attendants with that?
That’s why the central proposition of ViValid (VIV) works: it uses a community-driven system that aggregates a bunch of trusted valuations from different experts all over the world to provide you with a fair and accurate price for whatever it is you are trying to sell.
Users would simply need to photograph their vinyl record, piece of jewelry, car part, shoes (or whatever else they are trying to sell) and upload it onto the blockchain. That is when the intricate ViValid (VIV) architecture does its work – after each user pays one small fee per item to be evaluated (which they say will be a fraction of what you would have to pay typically).
The path to accurate valuations
So, how does this system churn out realistic, accurate and fair prices for your goods? This is where things start to make more sense – and makes you wonder “why hasn’t anyone thought of a system like this before?” The community-driven approach to ViValid (VIV) means that people are rewarded for participating (providing their professional opinion on the value of your item) – but they don’t let just anyone evaluate any items.
Price assessors are chosen at random, but intelligently so that their expertise is funneled in the right direction. This ensures that valuations are fair and come from knowledgeable experts.
From the other side, it’s a good way for people to make money evaluating prices of things they love – like limited-edition sneakers or antique coins. If you want to be what they call a “validator,” you can, but then you have to prove yourself with a track record of solid valuations. Starting as a Tier 1 Validator, you can then move up the ranks (where only the most skilled price assessors can rise to).
The other main draw to this project is that objects and sellers/buyers are all tracked on the blockchain. That means that the ViValid (VIV) ecosystem maintains a history of value and ownership – so every item has a story.