People are spending more and more time using chat applications, and the instant messaging ecosystem has been dominated so far by a few players like WhatsApp, Facebook Messenger, and Telegram. Now, Consentium plans to revolutionize instant messaging through its own chat application solution with built-in cryptocurrency functionality.
The Consentium team, based in Singapore, launched its beta app this month, so now is a great time to look at this platform in depth.
Consentium is the first chat app to allow users to monetize their contributions, time, and community growth, according to Chief Technical Officer Chris Low. It offers in-built cryptocurrency transactions and rewards users for engagement.
Cryptocurrency meets chat app
Through the chat app, content creators and group leaders earn rewards for their contributions in proportion to the quality of their content and size of their groups.
For example, leaders of “ultra groups” (or groups of more than 1000) will be highly incentivised in the app. Content creators earn Ethereum-based Consentium tokens.
“We hope to transcend current chat apps,” said Low. This is possible because Consentium allows users to connect, transact, and monetize all at the same time by means of cryptocurrency.
The team has also developed a proprietary Chat Community Monetisation Model (CCMM). Through this model, the platform will redistribute transactional fees among members through a rewards program.
Redistribution of rewards
Consentium will include a multi-currency wallet, while offering support for the top 10 cryptocurrencies and conversion from Fiat.
The team believes that having cryptocurrency-based functionality within the chat app will help businesses grow and allow Consentium to emerge as the leading platform for communities.
“We will change the business of community”, said Co-Founder Hal Bame.
The overall ICO bench score for Consentium at the time of writing is 3.4. Notably, one of the team’s advisers is Ekaterina Skorobogatova, who was previously Growth Manager at WhatsApp and Head of Growth (Russia) at Facebook. However, the fact that there are only four advisers likely contributes to a relatively low team score.
The current price for 1 Consentium token is $1.73.
You can show support for the Consentium project via their Twitter, Facebook, and Telegram channels, and download the live beta of their app at consentium.net.