ImmVRse is a decentralised website, iOS and android application which utilises a standard Ethereum based ERC20 token to create its own eco-system. Therefore it is neither considered nor classified as a crypto-asset. Although tokens are designed to be traded in multiple exchanges across the globe, this does not necessarily provide a guarantee or an immediate increase of price. The sale of the tokens constitutes the distribution of a fully legal web and mobile application under the laws of the United Kingdom. ImmVRse will be treated and utilised as a DAPP TOKEN and will respectively be integrated as a form of payment. This whitepaper should be used for general understanding of the concept and does not constitute nor intend to provide any form of professional investment advice to the contributors either new or experienced in the world of cryptocurrency. Anyone willing to participate in ImmVRse ICO will therefore independently be required to understand the risks and implications. Details of terms are set aside by the company’s appointed law firm, regulated by the Solicitor Regulation Authority in the UK. For ease of understanding for potential users and ICO participators, this whitepaper is available in multiple languages.
BUSINESS APPLICATIONS OF VR
VR technology is rapidly transforming how business is conducted and is due to become the next biggest platform in consumer technology. The momentous leap towards the future will revolutionise the art of interacting with the world around us. Facebook, Google, Microsoft, HTC, Samsung are just a few of the companies that have manufactured VR headsets and are striving for continuously improving quality, which can be seen by the huge investments in research and development by major global corporations. Forecasts by Goldman Sachs indicates that the VR technology has the capability to grow into a $90 billion industry by 20251 . When Mark Zuckerberg invested $2 billion into a VR start up in 2014, only a handful of people believed in the potential of virtual reality2 . Since then, they have experienced the achievements of multiple milestones in the development of VR, as technology giants swiftly move into this disruptive industry. Oculus Rift, Samsung VR and HTC Vive were some of more notable headsets that have been released in the recent years. Experts believe that the industry will outgrow expectations in the next five years. It is also predicted that almost every household will own a pair of virtual reality headsets as the concept will gradually infiltrate a number of industries.
MARKET SCALE FORECASTS
Virtual reality is currently estimated to be a $1.6 billion market, of which most of the HMD (head mounted displays) are smartphone-based devices such as Google cardboard, due to lowers costs and availability. Although it compromises quality, price point is a very important factor for VR end users. VR headsets such as Oculus, Vive and PlayStation VR, three of the biggest current players on the market, will account for an estimated 3 million units in 2017 and will increase to 5 million in 2018 . Research conducted by business Insider shows positive forecasts for virtual reality. BI Intelligence (2016) states that the adoption of VR and AR headsets will grow slowly after the launch of mobile and PC VR, followed by mainstream adoption of stand-alone headsets . While research conducted by Goldman Sachs shows exponential growth, as the total revenue for VR software industry will grow from $28 billion in 2020 to $79 billion in 2025, as the combined hardware and software revenue will grow to $90 billion.
TYPE OF BUSINESS
ImmVRse is a mix of B2C and B2B, connected & decentralised blockchain VR video-sharing platform, where VR content producers are able to showcase their talents to a broad audience. Brands can hire content producers and also directly advertise to viewers on the platform. Viewers are able to interact with the community by liking, commenting and sharing videos, in addition to receiving rewards as an incentive.
Target audience for ImmVRse is primarily those who are involved or would like to be involved in VR content production and the age range is between the ages of 16 to 45. The corporate target audience varies from small businesses, start-ups and medium enterprises to large consumer brands and internet personalities.
DISTRIBUTED APPLICATION FUNCTION
The ImmVRse application will have the following characteristics in order to be decentralised:
- The application will built entirely on open-sourced blockchain protocol and function autonomously without any mediation from a financial controller
- The DApp will allow users to create an Ethereum address and wallet within the application, resulting in a direct connection to the Ethereum mainnet
- The DApp’s data and records of operation will be cryptographically stored in a public, decentralized blockchain so as to avoid any central points of failure
- The application will use a cryptographic token as a form of payment to initiate smart contracts between two parties, enabling a peer to peer hiring process without third-party mediation
- The token will also be used to reward the users, using algorithms on the blockchain that will allow users to be rewarded and thus resulting in better user adoption
- The system may adapt its protocol in response to proposed improvements and market feedback.