VIDT DAO (VIDT): Enhancing Digital Trust With Blockchain
Due to its system of immutable ledgers, blockchain technology is incredibly secure. VIDT DAO hopes to turn this inherent security into a marketable service for all sorts of businesses. This blockchain validation ecosystem aims to provide people with reliable ways of verifying transactions. In addition to being a great vehicle for securing contracts, VIDT DAO also has some promising applications for investors. Keep reading to learn more about this service and see why it's so intriguing.
Key Takeaways:
VIDT DAO is a blockchain ecosystem run by a decentralized autonomous organization.
It provides timestamping technology that can help to authenticate documents.
Looking to trade VIDT DAO tokens? Bybit now offers VIDTUSDT Perpetual contracts.
What Is VIDT DAO?
VIDT DAO is a blockchain ecosystem run by a decentralized autonomous organization (DAO). It provides timestamping technology that can help to authenticate documents. Members of the VIDT DAO community work together to promote its service and find novel new applications for VIDT DAO technology.
History of VIDT DAO
VIDT DAO was first launched as VIDT Datalink in 2019. The project was led by game artists Marnix van den Berg, Pim Voets and Caciel van Helden. Originally, VIDT Datalink was conceived as a method of combating the many scams within the web3 space. Its founders hoped to create an authentication method that wouldn't be susceptible to malicious actors.
As the project progressed, VIDT Datalink's creators also became interested in decentralization. In 2021, they chose to rebrand their system as VIDT DAO. This transition also included turning the ecosystem from a business run by a few people into a community project to be run by a collective of users.
What Does VIDT DAO Aim to Achieve?
VIDT DAO aims to address one of the biggest problems in modern business: due to the unregulated nature of the internet, many people are victims of intellectual property theft and scams. VIDT DAO hopes to provide a more reliable way of proving ownership. Its timestamp service allows you to prove exactly when a file came into existence, and who created it. VIDT DAO believes its secure crypto system can help people manage everything from compliance audits to patent applications.
Unlike many other security solutions, VIDT DAO aims to accomplish all of this while remaining completely decentralized. Businesses that work with its ecosystem don’t have to give up control to a centralized organization. Instead, they get the benefits of timestamp authentication while retaining all of their personal data. VIDT DAO believes its decentralized organization can provide more flexibility, security and freedom than other solutions.
How Does VIDT DAO Work?
VIDT DAO operates with a dual chain system. Its smart contract designs run simultaneously on both Ethereum and BNB Smart Chain to provide users with optimal security and reliability. On both chains, file data is stored in the form of hashes. A hash is essentially a digital fingerprint in the form of a string of symbols generated by a cryptographic algorithm. The hash is tied to any file, and if the file is changed in any way the hash also changes.
VIDT DAO takes each hash that a user wants to preserve and adds it to the blockchain’s ledger. The hash is stored alongside any relevant data, such as who created it and where it was made. When it's stored as part of a new block on the chain, it's permanently tied to a timestamp. All of the information is frozen in a snapshot that allows users to both authenticate a document and learn about its origins.
Features of VIDT DAO
Though VIDT DAO started with one simple tool, it's expanded a lot over the years, and its DAO is now home to a robust crypto ecosystem with a variety of exciting features.
Timestamping Tech
The primary feature of the VIDT DAO ecosystem is its timestamping technology. VIDT DAO offers a convenient application programming interface (API) that links to any cloud service. Once users launch the API, they can easily create new, timestamped digital documents or check the timestamp on older documents. VIDT DAO lets people confirm who created a document, when and where it was made and whether it’s been altered.
VIDT Community
The VIDT DAO community is part of what makes this ecosystem so special. It consists of multiple Telegram channels, Discord servers and social media accounts that work together to promote VIDT DAO. In addition to raising general awareness about VIDT DAO’s system, its community also collaborates on finding new applications for the platform's technology.
VIDT Academy
VIDT Academy is a platform created to onboard new users into the VIDT DAO ecosystem. People can explore its detailed structure and get step-by-step instructions for timestamping their documents. This feature makes it much easier to discover all that the ecosystem has to offer.
VIDT DAO Road Map
In the past few years, VIDT DAO has gone through many changes. In addition to launching its timestamp authorization system, it’s also transformed from a private business to a public DAO. Most of VIDT DAO's road map for 2024 prioritizes the integration of artificial intelligence (AI) tools. The company plans to release an AI platform that uses VIDT DAO's technology to combat false information in the AI community. It also plans to release a new system that easily integrates timestamping into virtual reality (VR).
VIDT Tokenomics
The VIDT token plays a critical role in VIDT DAO's timestamping process. The creation of each timestamp requires users to submit a VIDT token. In addition to being a blockchain timestamping technology token, VIDT also functions as a governance token that people hold in order to participate in the DAO system.
VIDT exists as both an ERC-20 and BEP-20 token. It began with a total supply of 1 billion, but regular token burnings have greatly decreased the token’s supply. Moreover, 83% of VIDT DAO tokens were distributed to users via private sales and crypto exchanges. The remaining 17% is reserved in a fund for the VIDT DAO incubator treasury.
VIDT Price Prediction
Since its launch in 2022, the VIDT token's price has fluctuated quite a bit. After initially hovering around $0.04, its value dropped to roughly $0.02 in 2023 and stayed there for a while. Since early 2024, VIDT prices have been on a slow yet steady climb. The token reached a high of $0.06 in March 2024, fell briefly and began soaring again in mid-August.
Currently, traders are reporting bullish outlooks for VIDT. Some believe that the utility token might even reach a new all-time high of more than $1 within six months. While analysis of the token doesn't support such a drastic rise, crypto pricing history does support the idea of at least a small rise. CoinCodex predicts the token’s value will increase to $0.041 in the short term and reach almost $0.05 in the long term.
Where to Buy VIDT
Looking to trade VIDT DAO tokens? Bybit now offers VIDTUSDT Perpetual contracts. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the VIDTUSDT Perpetual contracts trading page.
Is VIDT a Good Investment?
As the key utility token for VIDT DAO, VIDT is in high demand. People need to have VIDT in their wallets every time they use VIDT DAO's timestamping technology, so there’s always a market for this token. Its value fluctuates regularly, but has had no outsized price spikes or drops, usually remaining between $0.02–$0.04 no matter what the market is doing. This makes it ideal for investors with a low risk tolerance who still want to invest in some crypto startups.
However, even if VIDT has avoided the unreliability of many other cryptos, it's still important to be cautious. Market volatility can generally cause unexpected downturns. Furthermore, VIDT DAO's system is so specialized that it runs the risk of being outperformed by timestamping services with more security options. Investors who work with this token need to maintain a diverse portfolio and, as always, not invest money than they can afford to lose.
Closing Thoughts
VIDT DAO provides a reliable way to timestamp crypto/fiat payments and secure digital files. Though this ecosystem might seem fairly straightforward, it has a surprising number of applications. Thanks to its thoughtful technology and devoted community, VIDT DAO is poised to become a leader in the crypto security industry.
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