Instant messaging gets blockchain treatment with Vibeo

September 05, 2018
Chris Wheal

A new messaging application Vibeo is making a play for a very large market of people who use instant messaging as their primary means of communication.

The application claims it will allow them to carry out economic transactions over the platform using blockchain safely and securely while building communities for all users.

 

Plainly, instant messaging is not a novel concept, but Vibeo brings a twist to its app by tackling deficiencies within other instant messaging systems by “building a mobile messaging application that gives access to a Worldwide blockchain economy and community”.

The app will allow users to send and receive tokens from their own wallets to an e-wallet integrated within the app, carry out exchanges within the community of Vibeo users and use cryptocurrencies to make payments from within the application for goods and services with registered merchants around the world.

Vibeo draws attention to current players like WeChat Pay which it says “works, as a closed, proprietary system [and] is vulnerable to security leaks and corruption.

It adds: “Should the other major messaging apps like WhatsApp or SnapChat decide to add payment options, they too will suffer from the same drawbacks of centralisation.”

Its founder and CEO Eric Dechaux, envisions a strong future as a result of its key decentralised feature and said in a statement: “We firmly believe that we will be able to compete with the top five instant messaging apps.”

Community spirit

It would create communities where merchants can receive payments from users securely via the application; users can carry out financial exchanges; merchants can securely interact with customers and carry out transactions, and users and merchants can build a stronger community around the blockchain.

The messaging app has been around since 2017 and to move development along, it is readying the sale of its token VBEO  in September. It is expected that 427 million tokens would be used in the token sale for a total supply of 950 million.

Vibeo says it will use funds raised from the token sale as a grant to enable the company to finance the development of the application, establishment of key partnerships, operations, marketing and customer acquisition.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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