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The major social media platforms of today are doing a very good thing. They are raking money. But they struggle to establish and maintain strong relationships with their most valuable customers: those who create content that inspires others to join and spend time on their platforms.
They retain complete control over the distribution and monetization of content, levy a hefty tax on creators' revenues, and tend to lack transparency to communicate coherent logic behind sources of revenue that join contributors.
Blockchain technology, with its ability to create transparency and decentralize computerized networks, offers the opportunity to evolve an industry ready to be disrupted.
YouNow, the pioneering live streaming company with 40 million users and monthly revenue from its two-sided virtual market, has launched the PROPS project to more equitably reward the platform's contributors for their time, effort and creativity.
The first application of the PROPS platform, Rize, is a many-to-many video application that will be launched publicly in a few weeks. Rize has been living in alpha for weeks and has met with widespread enthusiasm from the creative community.
A cryptographic token based on ERC20 based on Ethereum, PROPS will be governed by the Decentralized Nonprofit Media Foundation. The Foundation will distribute a pool of awards to the PROPS ecosystem, an application group that will reward participants in proportion to their contributions to the network.
An experienced team transforms the digital content space
YouNow, a team of 40 people, has generated more than $ 50 million worth of virtual goods sales over the last three years, sharing the majority of revenue with its content creators. YouNow was the first company to popularize live mobile video in the United States and built a two-dimensional virtual economy built into the application that achieves 62,000 micro-transactions per day.
The Rize application will be seeded with members of the YouNow community, immediately taking over the PROPS token application, allowing benefits such as exclusive access, subscriptions, and enhanced status. YouNow's vast experience uniquely positions them to understand the dynamics of a two-sided market and to put in place essential features that will contribute to value creation on the PROPS platform.
Everything from status reporting to direct compensation will boost demand for the token.
Many-to-many's unique video technology will also allow YouNow's creators to evolve their content and their interactions with fans. They can invite them to join the performance, join them while watching other content, or simply use the PROPS platform as they have always used YouNow. With everyone living all the time and video quality good enough to suggest that you are in the same room, the possibilities for the creators are endless.
A practical deployment of digital media
Decentralized computer networks have not yet been able to meet the demand for video streaming, high-volume microtransactions and large-scale low-latency messaging. For these reasons and a number of other reasons, crypto projects have struggled to attract traditional users.
PROPS offers a solution for the practical decentralization of digital media. Participants will initially join the PROPS ecosystem through applications like Rize.
The vast majority of users will not need to understand anything about the economics of ciphers, security portfolios or other cryptogram-centric topics that may scare the traditional users. They will purchase virtual coins, a fiat currency, to submit virtual goods transactions facilitated by in-app purchases. This will remove barriers to entry for ordinary users.
To create a permanent rewards pool, revenue generated from in-app purchases will be used to buy PROPS on the market. The Foundation will then distribute PROPS as a reward to contributors for their efforts, which will boost engagement on the platform. PROPS unlocks functionality, value and status in the community, making it a valuable token to keep on the platform. For the first time, the platform itself (YouNow is also moving from a C-corp to a B-corp) is completely aligned with the interests of all stakeholders.
YouNow led the movement towards mobile live streaming, and now challenges the biggest players in social media by focusing on the decentralized future. With a new business model, innovative technology and years of experience in managing a two-sided market, they are well placed to challenge incumbents and introduce cryptocurrency to from a wide audience.
Advisors and investors include Union Square Ventures, Comcast Ventures, Venrock, BlockTower Capital, CoinFund and Jim Louderback, the CEO of VidCon.