empowr, the patent holder for inventing virtual currency, has announced their plans to transform its native virtual currency into cryptocurrency. Their ICO will be used on the empowr platform that already has 800,000 alpha users who conduct millions of transactions within the platform every month. The transition from the internal coin to their cryptocurrency, called the empowr coin, will take place in Q2 2018.
“We’ve been monitoring the growing momentum of blockchain technologies, staying on the sidelines due to concerns around scalability, transaction costs and regulatory uncertainty,” said Brian Woosley, the democratically elected president of empowr. “Now, given recent pronouncements by the U.S. government, especially the CFTC and SEC, and the work being done by the Ethereum Foundation, we’re convinced that blockchain will be ready for the big leagues in 2018.”
empower embracing blockchain is a big endorsement for the application of this technology solution to a broad set of industry sectors.
Users have been earning virtual currency by simply posting, liking and sharing content; selling or sharing physical or digital goods and services; and much more. When the transition is complete, users will earn empowr coins for the same activities. empowr is a democratic social economy that works by having the crowd reward the crowd for their content.
“From the beginning, empowr’s mission, overarching goal, and approach have been to distribute economic value and governance to its members,” said Michael C. Pousti, co-founder of empowr. “Transitioning our virtual currency to a more transparent cryptocurrency is the next logical step in our journey towards a fully sustainable platform that enables opportunity, hope and influence for the masses.”
empowr makes money through transaction fees between the marketplace, advertising, and subscription services. empowr citizens earn from posting content, selling and promoting products and services in the marketplace, or by teaching other empowr citizens how to be successful on the platform. This will be a new and exhilarating experience for new users to the system.