VR Technologies – VRT – has announced the launch of its decentralized global platform for virtual reality, which will bring together developers, consumers, and investors from across the globe in the VR sector. With VRT platform, the intent is to provide content creators, media buyers, developers, advertisers, and storage and service providers, with a set of tools to enable them to generate, test, distribute and collaborate on content and ideas.
The project hopes to capture a significant share of the VR technology market, which is predicted to increase tenfold in coming three years to a total of $150 bn by 2020. Alongside this its structure is expected to shift from the current dominance of hardware, to content and software solutions. VRT believes it can mitigate current issues withholding development of small and medium size players, including high capital expenditures, and a lack of module solutions and standardized infrastructure.
Eventually, VR Technologies aims to establish a global, unified and easy-to-access ecosystem that could serve as bedrock for VR adherents worldwide. Key elements of the new VRT platform would include a VRT marketplace where content and services can be bought, sold, or rented, blockchain and smart contracts for the paying mechanism and securing intellectual property rights, anapplication programming interface and software development kit for content creators, an IPFS-based decentralized storage for all of the platform’s content, and an emulator where developers will be able to test their content for comparability with various VR devices and applications.
The platform will operate based on blockchain technology to enable all the benefits of decentralization. The blockchain solution will facilitate a fair distribution of funds between content creators and content markets, making the end product more affordable for consumers and providing a high level of trust and transparency. Avoiding third parties and commercial intermediaries will result in higher margins for all producers. VRT ecosystem employs Solidity and the Ethereum blockchain.
The company also revealed details of its public crowdsale, which is set to run from the 20th of February, 2018, to the 20th of March, 2018. The company has set a hard cap of US$16 million, with 30% of the proceeds to be used for creation and promotion of the platform, 25% to be spent on creation of SDK and upgrading technology, and 18% and 15% to be allocated for content creation and marketing activity respectively.
A total of 100,000,000 tokens will be generated ahead of the offering, to be sold at a price of 0.002 ETH per unit. It is expected that a total of approximtely 32,500,000 tokens will be put into circulation. The remaining tokens will be eliminated upon the conclusion of the crowdsale. The team will be granted 15% of the total tokens in circulation, which will be subject to two year lock up period; 5% of the tokens will be used to set up VRT Fund vehicle; 3% will go to the Bancor organization; and 2% will be distributed as a community reward.
Konstantin Negachev, CEO of VR Technologies, said: “We are pleased to announce commission of VRT project. Our team has been on the front line of VR sector development since early 2015, and has witnessed all stages of adoption of this technology, from early rise through unreasonable expectations to temporary disappointment. It is our strong believe that as of today, VR solutions have potential to become a part of every person’s day-to-day life, including communication, education, industrial applications, and, most obviously, games and entertainment. VRT has ambition to become one of the cornerstones of this newly born universe.”
As a part of the project, VR Technologies has developed its own concept of local VR parks with one outlet to be opened in Moscow in December, and four more openings coming on a franchise basis. Furthermore, the company has signed a partnership agreement to expand the network to Europe, with 30 targeted locations to be constructed over the next 18 months. VR parks will represent an essential part of the project, providing framework for developers’ dry runs, tests and simulations, as well as serving as nodes for the decentralized network and supporting circulation of project’s internal token.
VRT CIO, Dmitry Livshin added: “Our token is designed as a multi-purpose utility token which provides its holder with a solid set of opportunities, franchise payment being the most important of them. Our network of franchisees is expected to expand globally, and demand from franchise users will drive the price for the token upwards,”