The recently launched VIVAConomy is an expansive network of technology, concepts and ideas. Of the many altcoins analyzed, VIVA is by far the most visionary. What sets it apart is that its objectives are based on achieving social good first and using incredible technology second.
The white paper does a good job of describing the project, however, the harmony between all the distinct components can only be appreciated once the system is fully online. In a nutshell, the VIVAconomy is quite similar to a decentralised governance system:
These are the main components of the Viva economy
- Parliament: These are the Crown Holders – They make decisions on the economic parameters affecting the VIVAconomy.
- Treasury: Crown Holders have the right to mint VIVAcoins, which currently has a price target of $5.50 (plus or minus 10%). Similar to the FED (Federal reserve) who has the mandate to maintain price stability by targeting a 2% inflation rate, Crown Holders have the task of keeping VIVA Coins within their established price range. Crown holders in Viva are not related in any way to Crown Coin.
- Citizens: The Vivos: Anyone forming part of the VIVAconomy.
- VIVA coins – VIVA coins are an inflationary currency. They are used to exchange value between the Vivos.
- ATM Network – Remittance Network – A network of ATMs which allow Vivos to withdraw their VIVAcoins in the local currency.
- TradeQwik Exchange – A fully functional online exchange which enables price discovery for VIVA Crowns and VIVAcoins as well as a whole range of crypto and fiat currencies.
- vX digital currency – A token which has a one to one value with the local currency.
- Award Right (AR) – A quarterly grant awarded by a Crown holder to someone deserving. These awards are funded by a percentage of all transaction fees that occur within the VIVAconomy.
- Worker Program: A software that allows you to earn VIVAcoins by leveraging the wasted computer resources of your computer when you aren’t using it.
Banking and Investment:
- VIVA VIP Retirement accounts: – Each Vivo has a longterm retirement account that compounds regularly based on the total number of transactions processed in the VIVAconomy. When in retirement mode, Vivos can withdraw a maximum of 24 VIVA coins per day from this account.
Interview with the Viva team:
The vision for VIVA is very strategic in nature. What are the tools that will enable the VIVA team to implement these components on a tactical level?
Until now most cryptocurrency projects have lived on the fringe of the traditional economy. With VIVA we are inventing a new more equitable parallel economy that coincides and works together with the traditional economy.
Instead of speculative tokens, we are rapidly building an economic platform designed from the ground up to reward entrepreneurs and innovators while at the same time working to solve the problems of inequality in our society. We believe that the whole premise of the conflict between socialism vs. capitalism is bogus – so we through it out.
The VIVAconomy is a whole new paradigm.
For years we’ve been working to leverage the power of blockchain technology to apply it to real world business problems, but every time we approached a problem we struggled to find a platform that could meet our requirements.
That’s why we’ve designed and built VIVA.
The motivations behind VIVA are dual – making the world a better place for all Vivos while at the same time generating wealth for those taking the risks and building the solutions.
Instead of seeing these as conflicting goals, we embrace them as wholly compatible.
Finally, in the end, it’s important to understand an important distinction about how the VIVAconomy works.
Crown Holders have the authority to decide on the fundamental parameters of the VIVAconomy, but they do not own it. A VIVA Crown is a software license that grants you the right to run a mint if you so desire, and it also gives you a vote in the decision-making process.
All of the VIVA business applications like VIVA.cash, Medicaxess, Votabit, etc. are independent business entities that run on top of the VIVAconomy platform.
What is the total amount of funds collected during the ICO?
We raised approximately $642K in the ICO. Given the resources and time that we had to prepare, the whole team here at VIVA is really happy with how it turned out.
Instead of launching on a big platform like ETH, we ran the whole ICO through Tradeqwik. We bootstrapped our marketing with lots of elbow grease and community outreach, and even still, we guaranteed the future of the VIVAconomy.
Which parts of the VIVAconomy will be implemented with this budget?
The funds from the ICO have guaranteed that we’ll meet the promises we made. First, we’re concentrating on getting the basic infrastructure of the VIVAconomy in place and making sure that Tradeqwik is totally up to par.
Over the following months we’ll be rolling out a lot of amazing services – some of them we haven’t even talked about before!
What is the source of the current supply of VIVAcoin?
Right now, the only functioning mint in the VIVAconomy is Tradeqwik. The next step will be getting VIVA.cash going which will be the second mint on the network.
How do VIVA Crown Holders mint VIVA Coins?
Every quarter each VIVA Crown Holder receives what is called a Treasury Right (TR) for each whole Crown they possess.
These TRs can be used in one of three ways:
- Operate a mint and create VIVA Coins.
- Lease their TRs to an existing mint.
- Hold the TRs until the end of the quarter when they will be deposited into their VIP account.
How are VIVA Coins minted?
Basically, each TR is a smart contract which can be used to create VIVA Coins. Once the mint software is finished, any VIVA Crown Holder with a legitimate business venture will have the right to use this software to run a mint.
The white paper states, “Only 10,500 VIVA Crown coins have been issued, of which 6,500 are available for the ICO either by mining a Crown”; The difference of 4,000 Crowns is held by the management team.
What is the intended use of these Crowns?
As the VIVAconomy expands and grows we will be using the existing Crowns as a means of financing all of the VIVA Business Applications that we have announced. It also states, “All VIVAcoins that are minted in the VIVAconomy are first borrowed from the global investment pool. The investment pool charges the mints interest for this and maintains a spread between what it charges in interest and what it pays in dividends.”
How long do Crown Holders need to pay the interest for?
This interest is paid when the TR is executed.
When a Crown leases out its treasury right, who pays the interest the Crown holder or the TS owner?
That is part of the smart contract. However, if the price of VIVA Coins drops below its established range, each VIVA Crown Holder’s VIP balance acts as a guarantee for the
negative minting required to bring the price back into range.
In this case, it is the original Crown Holder who is responsible for the negative minting of any of their TRs.
Will Crown holders manage their rights through a special wallet?
Yes, this wallet is part of the basic VIVA infrastructure that we’re working on right now.
What are Awards Rights and how do they work?
This is one of the coolest aspects of the VIVAconomy. You see, a percentage of each transaction processed is automatically contributed into the Awards pool. At the end of the quarter, this pool – large or small – will be divided between all of the Vivos who have been nominated by Crown Holders.
The money will go into the recipient’s VIP account and they will be able to begin retiring funds daily.
Do ARs expire?
The fund is split up each quarter and then starts over. Crown Holders can nominate an awardee for each whole VIVA Crown they possess.
How will the identity of ARs awardees be verified?
The awardees will need to provide their VIVA id in order to receive the award. VIVA Crown Holders can use their ARs as best they see fit. However, the nominations are public, so
consistently awarding to unworthy candidates would be very embarrassing.
What is/will be the URL of this platform?
The VIVA Social network is still a ways off. We don’t have a name or URL yet.
Will this resemble more Steem or Facebook?
Our goal is to harness the best ideas from all of the existing platforms and then build on top of that.
How many developers are working on the technical side of VIVA?
Since the ICO has finished we’ve been hard at work building a powerful team. We just announced the incorporation of a new COO and now have about 6 full-time members of the technical team.
We are just getting started!
When will Crowns be able to mint Vivacoins?
We hope to have the mint software available within the next 3 months.
The white paper states that in the 12 months following the ICO, 1000 ATMs will be installed. What is the time line of this target?
Right now we are hard at work putting together the plans for the ATM network. We have the hardware infrastructure pretty much figured out and are laying out the changes we need to
make to our current software stack.
I don’t know if we’ll reach the goal of a thousand ATMs in the first year, but we’re going to do our best to be as close as possible.
Is the VIVAconomy the bridge between capitalism and socialism?
What a great question!
Like I said earlier, we truly believe that both sides of this political debate are wrong. It’s a false argument that plays perfectly into the hands of big corporations, especially in the financial sector.
At the end of the day, we are capitalists who understand that our technology can simultaneously reward hard work and diligent effort, while at the same time providing a longterm recurring income for those who are being left behind in the traditional economy.
It’s not a zero-sum game.
What are the most challenging aspects of building and growing VIVAconomy and how is the VIVA team creating solutions for such challenges?
Frankly, I think the biggest handicap we have to overcome is the “it’s too good to be true” argument we hear so often. We’ve broken the established paradigm and that’s hard for people to believe.
How are we going to overcome this?
By doing more than talking! Those readers who are skeptical are welcome to sit back and doubt. Meanwhile, we’re building this out step-by- step.
The old refran says, “the proof is in the pudding” – and we love pudding!
Anybody who’s interested in VIVA or who would like to become a VIVA Crown Holder, should visit www.vivaco.in and download our executive summary.
We thank the Viva team and in particular Dennis H Lewis the marketing manager for the interview.