What is Vyral?
Vyral is a tokenized peer-to-peer advertising platform for influencers. Vyral Smart Contracts power a decentralized advertising ecosystem of blockchain incentive programs from fueling viral growth for crypto token sales to tokenizing reward programs for businesses.
Vyral is the platform that comes to change the world of marketing, bringing ease, security and simplicity to small and large companies.
Over time, many companies have been encouraged to offer reward systems to their users. One of the most famous – and known – used today is the referral system. This system is a simple form of bonus where every referral by the customer generates a value that can later be exchanged for tokens or even other products.
Centralized Referral System Problems
1. Middle men who seize a portion of the monetary value but add limited real value.
2. Fraudulent programs & middle men who have the ability & often times unjustly confiscate funds from referrers.
3. Subset of secret or undefined rules resulting in incentive programs which lack transparency.
4. Lack of liquidity for referral programs where the reward is focused on the system resulting in customers who would like to be brand ambassadors but have limited additional use for an additional quantity of the product to become disincentivized to perform Peer-to-Peer Advertising.
5. Separation of roles between stakeholders, employees & customers & misaligned incentives.
6. Fraudulent activity such as sybil attacks from participants.
1. No middle men resulting in a fairer transfer of value between all parties.
2. Decentralized rules governing the generation of rewards thus resulting in a fair transfer of value for performing specific actions.
3. Clear & immutable laws governing each system leading to full transparency.
4. Liquidity via tokenization resulting in customers who have no use for larger quantities of the brand’s product to have the option to trade tokens on an exchange for cryptocurrencies or to eventually exchange into fiat currencies; this leads to greater adoption and higher incentives for more individuals to participate in a company’s reward program.
5. Integration of roles between stakeholders, employees & customers since customers have the ability to become a brand ambassador which traditionally was the role of the marketing department and due to tokenization of the reward system or a company’s product/service, they also become a vested stakeholder because the value of that token increases as the success of the company increases thus also incentivizing the same customer to help the company succeed.
6. Reward mechanisms which are sybil-proof and not vulnerable to forging identities on behalf of the users.
Vyral Master Nodes
Vyral master node is an Ethereum address which can be obtained during phase one of ICO. Once an address joins the Vyral referral chain, it receive SHARE tokens and transforms into a Vyral node. Each Vyral Node can earn between 7% & 33% depending on the size of its Vyral Tree. Owner of a Vyral master node will be able to recruit influencers, who in turn recruit other influencers of their own.
Each Vyral master node is assigned an ID and this ID is hashed to create the node’s referral key known as a Vyral Key. Nodes recruited by the master node must join using the referral node’s Vyral Key.
The system works in that each contributor during the contribution period becomes a Vyral master node in the system once they have sent Ether to the Vyral token contract. For the first Vyral smart contract, the method was chosen where the reward is split between the two parties where the referred party earns a flat reward for using a Vyral key and the referring party earns a varying reward depending on the number of individuals they have referred.
Vyral contribution period shall be split up into two phases where Phase I will be the Vyral master node phase. Each contributor will have a Vyral master node & because they are early adopters these Vyral master nodes will have an additional bonus attached to them. This phase will be run until the hard cap, the time limit or the set number of Vyral master nodes is reached.
Phase II, the Vyral Reward Phase, will last for a set period of time for the rest of the overall hard cap. Vyral master nodes will be able to refer prospective children to join the Vyral chain. This will provide time for the actual Vyral tree to grow & for the Vyral smart contract technology to be used.
- Lee Pennington – Founder
- Vijay Kandy – Blockchain developer
- Thiago Oliveira – Leading communications
- Kelsen Andrade – Blockchain ambassador
The project is still in initial stage and lacks complete information.
To join whitelist and for further information on the project, visit https://vyral.network/