It’s hard to fight the big giants of tech, Google, Apple, Facebook, Netflix. So anytime I see an ICO coming out which is trying to “change,” “disrupt” or “revolutionize” some part or all of the giant’s lair is full of shit or doesn’t understand the industry. The simple fact is you can’t fight what your grandma can use. Blockchain tech is NOT mass market friendly. It’s HARD to buy BTC. It’s even harder to take your BTC, turn it into ETH, then go invest into an ICO. This is why I don’t believe in mass market apps and products yet…. Unless you are a cat game.
If you are going to have a mass market product, you need to ask your existing user base to do only one thing different, which is buy and use tokens. Preferably, users need to be buying things in your ecosystem already with points or cash. Going from cash to crypto isn’t hard, you can even set up your own exchange to facilitate purchase of the tokens. The hard part is building the user base which uses them in the first place.
It’s for this reason which I actually spent more than a few minutes on Props, a “decentralized ecosystem of video apps.” They are building a platform where fans can directly reward their favorite video content creators with tokens. The system will allow for minimal fees to be subtracted and for instant payment. It’s a good idea that has been replicated by others.
Props is the blockchain evolution of Younow a video platform that allows the viewers to tip or give gifts with an internal currency. With the deployment of Props, a new application, called Rize will be developed and Younow users will be driven over to the new crypto funded platform. What’s good is that Younow already has 40 million signups and more than $50 million in virtual goods sales which should greatly help with the adoption of Rize in the early days.
What I like about their model, is that they will be incentivizing content creators with their token at first. This will be a way for them to bring over their client base from Younow and other video platforms to Rize. Adoption is the only thing that matters and the Props team are staking their reputation on it by transforming the company from a C corp to a B corp and cutting the fees they take by almost 80%. As per Wikipedia “B Corps are for-profit companies certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency.” They are banking the future of the company completely on the rise of the token price, which is a big gamble in these markets. This is the craziest part, going all in, which I respect a lot. The Props team completely believes in the ecosystem and is going full crypto as a bet.
What I like about the project is that they have a working model in place already with a ton of users. These users can be dragged over to their new platform and to purchase their token. Plus, the token is a structural piece where other applications could be built on top. So, there could be a lot of potential to grow in the future. The chat I had with the Props team went well, I got all of my questions answered and they were really open and clear about everything. I’ll be watching to see how the sale goes in the next few days.