ImmVRse CEO Farabi Shayor speaks to us about the project and the upcoming crowdsale;
Hello Farabi, can you briefly introduce us to the ImmVRse project?
ImmVRse offers a revolutionary platform for brands looking to branch out into the new and compelling world of VR, allowing them to hire content creators in a quick, easy and convenient manner. Being built on Ethereum, the platform allows content creators, employers, advertisers and viewers to co-exist in its own autonomous ecosystem. The platform will promote and establish VR content, reward the creators and build a community of users to produce the best of what VR has to offer.
What inspired the need to create a decentralized platform considering the challenges that might arise?
One of the bigger problems with existing media distribution platform is saturation of market. It is very difficult for new media creators to stand out using VR. In addition, banking and payment restrictions in many countries demotivate users to participate. One might argue that the quality of VR headsets is an issue, however, there is little to inspire creators to produce quality VR content, due to the lack of VR a designated marketplace. Furthermore, some the popular existing VR platforms are too centralized and strictly moderated.
A decentralized platform like ImmVRse will solve financial marketplace problems. Firstly, the entire financial process can be accelerated and automated using Ethereum’s distributed ledger technology. This will allow users to create wallet and start receiving payments within seconds using ImmVRse tokens. Secondly, in terms of the marketplace, decentralized platform will allow brands and content creators to connect using peer-to-peer smart contracts, in their own terms. Third, confidential data such as ID and licenses can be stored and indexed using decentralized nodes. Finally, the users will be rewarded after achieving certain accolades. Therefore, users will receive free ImmVRse tokens just by interacting with the DApp on blockchain. There will be no central arbitrator, as the control and power will be shifted towards the users of our ecosystem.
Additionally, if we are fully funded, we also have plans to integrate ImmVRse tokens with external payment merchants, which will add supplementary value to the token.
What is the current market size for your industry and how much of this market share do you envisage to control in 3 years?
At current stage, the total market size of VR is approximately $3.7 billion according to Superdataresearch. However, the market size will gradually increase overtime as VR headset manufacturers will release standalone VR headsets beginning this year. According to Goldman Sachs, considering a base case, the market size will be just over $35billion in 3 years’ time. In 2021, we are expecting around 500,000 active users on the platform, including brands, viewers and content creators.
What unique advantages does the Ethereum blockchain offer that other blockchains cannot offer your project?
One of the biggest advantages of creating an Ethereum standard token is the compatibility across all hardware devices. ImmVRse token can be stored in multiple type of wallets, including popular hardware wallets such as Trezor. Besides, another major advantage of Ethereum blockchain at current stage is the integration of the infrastructure with top cloud service providers, such as Microsoft Azure or AWS. Developers can host their application and integrate public blockchain functionalities easily on both of these popular cloud infrastructure. As a hybrid application, we will be hosting the videos using one of these services, as VR requires fast and efficient VR media encoding. Our CIO Mark Higgins and CTO Peter Gostincar will be planning the project in order to create a sustainable DApp that can be used by millions of users around the world.
How soon will your tokens be tradable on exchanges and any hints of which exchanges will be trading?
We have not announced partnerships with any exchanges yet, however, we are working hard towards integration and planning to be listed on at least two exchanges after the ICO. More exchanges will added later on. Interested contributors can join our telegram group and email list to stay updated.
Briefly run us through the process of your token sale.
We are currently working towards a solution for an easy and intuitive token sale process.
Interested participants must join our whitelist application process in order to be accepted. Only whitelisted addresses will be used to send ImmVRse tokens. Currently, we have plans to accept only ETH, however, we may add more payment options closer to the main ICO.
In any circumstances, the contributors will be able to join the token sale using a secure link on our website. We will not be sharing any contribution address using email/telegram/social media. After agreeing to T&Cs, the users will be able to see the contribution address. Afterwards, the backers will be requested to use MyEtherWallet to send their contributions to the designated address. In case of confusion, users will be able to verify the contribution address using ICO verification app Clearify.io.
Once the token sale is complete, ImmVRse will conduct at least one internal and external audit before releasing the tokens to the public.
Thanks so much for your time Farabi.
Thank you too.
For more details, follow the ImmVRse ICO here.