Vid, a social video platform scheduled to launch publicly later this year, is pleased to announce a strategic investment from Ontology. As part of the deal, Vid will utilize Ontology’s blockchain technology to power transactions inside its application. Besides the technical support, Ontology will assist Vid with various promotional and marketing campaigns across the Asia Pacific region.
Founder of Ontology, Li Jun, met the founders of Vid, Jag Singh and Josh Singh in Korea this Spring on the set of BlockBattle. BlockBattle is a popular TV show in Korea that highlights the most lucrative blockchain-enabled projects around the globe. On this show, Vid was a contestant and Jun was a judge. In the competition, Vid ended up in the 2nd place as the runner up, but they were happy with the result since it led them to Jun.
They had a discussion about Ontology’s capabilities and it was quickly evident that a partnership would be mutually beneficial.
When asked to put some light on the strategic nature of the partnership, Jag Singh said that they were delighted that Ontology sees the value in what they were building at Vid. Their platform was showing early signs that it could be one of the largest consumer-facing integrations of blockchain technology to-date. With Ontology’s help, they believe that they can make that vision a reality. The entire staff of Ontology has been supportive and energized as Vid marched toward their public launch. This partnership will surely help both Vid and Ontology build a reputation as trailblazers in their respective industries.
Li Jun said that Ontology is dedicated to providing the infrastructure to help organizations in different sectors to adopt the blockchain technology easily and efficiently. A vision of Vids to give the ultimate control of data back to its users fits well with ONT ID and decentralized identity. With its popular video application and big user base, Vid can also help Ontology to reach more users. They believe this investment will prove to be a win-win for both the companies. On a side note, recently, Ontology held the Korea Media Conference and shared their new vision of ‘TRUST Redefined’. Vid’s popularity in Asia can be very valuable for Ontology. They are looking forward to seeing good results coming out of this investment and welcome more partners to join the Ontology trust ecosystem.
Vid is a next-generation video journaling application that gives ultimate control to its users. Data is secured through zero-knowledge encryption so that only the user can access their content.