My blogs rarely have two articles on one ICO and when they do, it’s because they are special in innovation, potential and have a great background. Current is such an example backed by an investor like Mark Cuban and a great team, working product with great ratings and innovative by utilising blockchain in integrating media. Earlier we talked about Current, it’s main features and we also talked about its hype and briefly went through the iOS app. In this article, we will be discussing the tokenization process — the utility of holding CRNC tokens, how they are spread out and what’s different about these tokens compared to other firms.
If you didn’t know already, Current creates an easy to use platform that brings traditional media networks onto blockchain technology, adding immediate value to the media company as well as Current, while bringing them up to date with consumer expectations. Current is able to bring value to all media in your hands and own the landscape of how media interactions are rewarded, regardless of the platform. Rewarding not only for the creators, but all other stakeholders in the media industry.
Current aims to accurately and transparently compensate contributions using recommendation algorithm with tokens “mined” when a user plays media within the platform. Each token that is mined is split amongst the the creator, curator, consumer and potential referrer.
Consumer
The person playing the media will earn 55% of the tokens mined through media consumption. These can be spent within the Current platform or external partners or traded on exchanges.
The amount of tokens earned by the user is reliant on their contribution coefficient and the number of referrals. What’s contribution coefficient? It identifies the most influential contributors to its network and is calculated with data points from the Current platform. Some measurements include attractiveness of user based on attributes learnt on data from advertisers and in-platform analytics, likelihood of user interaction and clickthrough with ads as well as verifying play legitimacy so views aren’t simulated to earn tokens. The last point is crucial as many YouTube views do get simulated and people easily earn subscribers.
Curator
The curator is the person organizing the playlist or bringing the content into the network from an external source. The curator earns 20% of tokens which can also be spent or traded. The channels created by the curators act as “folders” of content from multiple media networks such as Spotify and SoundCloud. Current will reward users who curate popular channels (similar concept to YouTube) within the network by measuring the amount of time spent on their media by users.
Creator
The person or group responsible for the content being played is the creator. Current will be allocating 20% of each earned token to the creators of the media consumed within Current regardless of the media item’s source network. All earnings are held in escrow until the creator joins the network and claims their wallet.
Referrer
The person responsible for bringing the consumer onto the platform - A user may invite others to Current and earn up to (3%) of their distribution value of tokens each new user earns in perpetuity. Current may implement a split of the 3% where both the referrer and the referee each get a (1.5%) share of the tokens the new user earns.
Growth Pool
The pool of tokens that ensures liquidity and proper supply in the total token
supply pool. 2% of the token percentage split is allocated here. To eliminate the need for issuance of future tokens and increase the value of tokens, Current creates a user growth pool where the growth pool tokens gets put back into the miners reward pool after each block cycle rewarding users for their contribution. There will also be a decay rate for long-time inactive users to not depreciate the value of Current.
Competitors
Pindify
Pindify is a blockchain based online market platform for providers of music, art & media and aims to become the ‘Amazon’ of music, arts & media. Benefits include delegation of subscriptions, facilitating shared ownership of rights and protections and curating content. Pindify acquires 9% of all subscription and 40% of total membership fee as revenue. Fighting over the customer base in the entertainment, Pindify is a competitor to Current in the media industry although Current boasts a more experienced team and successful brand awareness strategies.
Potentiam
Potentiam, similar to Pindify, already has over 5000 independent artists from all over the world and aims to become a voice to emerging artists. Aimed at untapped talent, Potentiam targets the media-centric audience albeit focusing on creators rather than combining mainstream media applications like Current does.
Comparison with Pindify
Now Pindify can be named as a direct competitor with Current. Although they aren’t exactly the same type of protocol, Pindify focuses on rewarding artists, or creative providers with tokens. Pindify doesn’t just focus on media, but blogs like Steemit. The holders of Pindify tokens, called Pindex, have the right to use their tokens for subscription packages with Pindify e.g. Year 1. 10% of subscription cost can be paid using Pindex and this discount increases as time passes by. It doesn’t provide as good utility as Current in the sense, CRNC can be used for advertising, has a decay rate and rewards all 4 types of stakeholders as mentioned above. Hence, I believe Current has the upper hand in this aspect.
Comparison with Steemit
Instead of focusing on another direct competitior like Potentiam, let's look at how Steemit compares wit h Current. Now STEEMIT is not directly a competitor as they operate on different platforms i.e. Steemit focuses on content writers and blogs whereas Current focuses on media. But what they do similar is payout writers and readers with tokens like Current. STEEM is the base liquid currency token in the platform. STEEM can be powered up into STEEM Power, traded for Steem Dollars, and transferred to other accounts. When you are paid on the website Steemit, you can choose to be paid 50% in STEEM Power and 50% in STEEM Dollars, or 100% in steem power. While Current doesn’t complicate as much as this, the token purpose is similar — to reward not only creators but readers when they upvote or comment.
Conclusion
I hope you understand how useful the token and the dynamic of tokens in an ICO are. The greater the use, the more worth the tokens are. This is underlined by Current with various uses of CRNC whereas competitors like Pindify haven’t quite explored the full potential of tokens.
Other Details
https://current.us/
ANN Thread
https://bitcointalk.org/index.php?topic=2829644.0
Telegram
https://t.me/CurrentCRNC
Author
neverloggedin
https://bitcointalk.org/index.php?action=profile;u=1457262