VALUS is a blockchain-based platform that connects trademarks, retailers, and customers. Find out how it works today in our review.
What Is VALUS?
VALUS, found online at VALUS.one, is a marketplace built on the Ethereum blockchain. The platform will allow customers to verify items through QR code. Customers can get basic information about items they’re scanning, or they can even register ownership of that item on the blockchain.
VALUS will also have a website certification system that helps customers buy items online. Customers can check whether or not the website from which they’re buying is trustworthy. Existing customers can provide their experience and the trademark can verify that website. Plus, customers can check to make sure a company is buying genuine, verified items. If a company is caught selling fake items, customers can report that company and be rewarded with VALUS, or VLS.
How Does VALUS Work?
There are three main elements in the VALUS marketplace, including customers, trademarks, and retailers. Here’s how it works for each party.
Customers are rewarded with VLS tokens for registering items, reporting fake items, and reporting suspicious websites. They can also scan items, register ownership of items, check if a website or retailer is trustworthy, and report suspicious stores over the platform.
Before a customer can register ownership of an item, VALUS will need to verify that customer. This verification is requested in case an item is stolen. In that case, the customer can be informed when the stolen item has been found.
Item registration takes place through a mobile app via QR code.
Retailers can receive verification to ensure they’re selling genuine items. They can also undergo trademark verification and build more trust for new customers.
Retailers can undergo an online verification process, letting customers know where they can buy items and whether or not a website is trustworthy. Bad websites will be blacklisted, while good websites that sell genuine items will have a better reputation.
Trademarks are used to register VALUS items onto the blockchain. Trademarks can verify if a retailer sells genuine items, or if they’re selling duplicate items.
VALUS will allow customers to enjoy the following features:
- Verify items through QR code
- Customers can get basic information about scanned items through the VALUS Verify module
- Customers can register ownership of a certain item through the VALUS Ownership module
- Customers can check if retailers sell genuine items
- Customers can issue trademarks to reduce the number of manufacturers that sell fake items; in exchange for reporting issues, customers can receive VLS tokens
- VLS tokens can be spent on the VALUS Store, although it’s not totally clear what types of items will be sold at the VALUS store
The VALUS Token Sale
VALUS tokens, or VLS, are ERC20-compliant tokens built on the Ethereum platform. The tokens are priced at 0.10 USD = 1 VLS token during the crowdsale. The token sale takes place between October 13 and November 10, 2017.
By the time the crowdsale completes, the tokens are expected to be priced at $1 USD = 1 VLS token.
There’s a soft cap of $1 million for the token sale and a hard cap of $10 million. 51% of the total supply is expected to be released during the crowdsale. The total supply has not yet been determined, but it will be determined based on the amount of funds collected.
23% of tokens will be reserved for future partnerships; 18% for the team; and 8% for VALUS customer rewards.
No further VLS tokens will be created after the token sale.
Who’s Behind VALUS?
The concept of VALUS was launched in Q2 2017. The platform is scheduled to be released in Q1 2018, with additional features like item ownership and website verification launching throughout 2018.
Key members of the team include founder and CEO Nik Klemenc, marketing manager Rok Kapusin, and CTO and frontend developer Uros Hrastar.
Klemenc is described as “a visionary, a leader and a technological enthusiast” on the official VALUS website. He’s been involved with bitcoin since 2013, and was previously an active forex trader.
The team has official support from the Republic of Slovenia’s Ministry of Public Administration’s Blockchain Think Tank. However, the company, VALUS One Limited, is officially based in London.
VALUS aims to create a blockchain-based connection between trademarks, retailers, and customers. The company’s blockchain platform is based on Ethereum. It allows customers to verify items through QR codes, register ownership of items, and shop at trusted stores. The ecosystem revolves around the use of VALUS tokens, or VLS.
To learn more about VALUS, or to participate in the company’s ICO underway throughout October and November, visit VALUS.one today.