Crypto Project Category: Start-Ups
Vibeo: where instant messaging meets blockchain
With the increasing importance of smartphones, which are now used more than desktop computers, instant messaging services like WhatsApp and Telegram have become an essential part of most people’s daily experience. Mobile messaging apps have more users and higher retention rates than social networks, and users spend more time on messaging services than on other applications.
This popularity has opened up an opportunity to expand messaging services’ functionality to make them even more indispensable. 90% of users of the Chinese service WeChat use ‘WeChat Pay’ to buy goods and services offline. There is enormous potential to further increase user options, including online purchases and inter-user money transfers.
However, while WeChat Pay works, as a closed, proprietary system it is vulnerable to security leaks and corruption. Should the other major messaging apps like WhatsApp or SnapChat decide to add payment options, they too will suffer from the same drawbacks of centralisation.
The need for a decentralised messaging system
Vibeo has come up with a way to get around the inherent problems of a centralised system by introducing blockchain to instant messaging. Vibeo founder and CEO Eric Dechaux says that by decentralising, “we firmly believe that we will be able to compete with the top 5 instant messaging apps.“
The next version of Vibeo’s highly rated messaging app will be funded by ICO and “give access to a worldwide blockchain economy and community.” Merchants will be able to interact with their customers and take payment in cryptocurrency, while users will be able to make and receive financial payments through the application.
One of the main factors holding back widespread cryptocurrency adoption is the lack of user-friendly wallets and easy ways to exchange digital currencies. Vibeo is well-positioned to take advantage of the burgeoning crypto-economy with the addition of a cryptocurrency wallet and the ability for users to make and receive transactions with any of their contacts.
The app also comes with a host of other innovative features. Dechaux says that as a frequent traveller he “felt that something was missing in WeChat and WhatsApp,” so decided with his team to “create another instant messaging app with more functionalities such as the safe trip location feature and an interactive geolocation map.”
‘Safe Trip’ enables users to save their location every five minutes and have it sent it to a chosen user or group, ensuring that travellers off the beaten track can be traced quickly and easily. With the geolocation map, users can share their location in real time, ideal for people trying to find each other in an unfamiliar location.
All partners who want to use the Vibeo API will have to buy the company’s VBEO token to integrate their services. Dechaux explains that, “the Vibeo API has been developed to connect external partners/services to the Vibeo app.” Any “potential partners will need to buy our API with VBEO token in order to integrate their services to the vibeo interactive map.”
Vibeo blockchain integration is planned for version 4, scheduled for release early next year with development funded by the sale of VBEO tokens. The presale starts September 18th with tokens discounted 35%. The public sale opens on October 2nd.