Social Media App to Reward Users For Their Time With Cryptocurrency
An upcoming social network is taking on big players by offering no censorship, rethinking advertising and paying 90 percent of a post’s revenue to content creators and fans
A new social media app powered by Blockchain is vowing to turn procrastination into profit by incentivizing users for creating and liking content– rewarding social media users for their time and creativity spent online.
APPICS is going to be established as one of the first Smart Media Tokens (SMT) on the Steem Blockchain, where the concept of transforming likes into cryptocurrency has already been explored through the Steemit platform. And, if the age-old mantra of “time is money” is true, would-be users could be in for a payday, with research from the Global Web Index suggesting the typical person now spends two hours on social networks per day, with mobile usage increasing drastically worldwide.
Social accounts become bank accounts
APPICS says it wants to reward users for their time spent online, as well as to give them full control over their content, unlike other networks where freedom of speech can be curtailed and monetization is an uphill struggle.
The network is proposing that 65 percent of the revenue generated from content would be returned directly to creators, with 25 percent being pocketed by the users who supported their post by liking it meaning they can benefit without creating content themselves. The final 10 percent would be reinvested into the platform and to support the ecosystem.
Unlike conventional social networks, not all “likes” will be equal. Voting power and influence is powered by APPICS tokens, the platform’s currency, and how many they have in their account. When voting, a “like bar” will enable users to decide how much support they want to give to another post. To prevent an influential account from liking content en masse, daily voting power would be finite.
There will be 15 different categories of content within the app- ranging from lifestyle to tech, music, gaming, fashion and more.
Selected influencers who are experts in their field and have gained a reputation and following on traditional social networks already will act as category judges and have a significant voting weight through their APPICS power. Their likes would boost the rewards given to users, promoting high-quality content and rewarding users who have shown exceptional effort.
Tackling the downsides of social networks
APPICS looks set to be on a collision course with big players such as Facebook and YouTube – especially when it comes to issues surrounding censorship and advertising.
In its white paper, the company claims users are being “taken advantage of and leeched dry” by the way other platforms use personal data to attract advertisers. APPICS says it wants to give content creators a chance to monetize their online activities independently without needing to depend on third parties or brand deals.
APPICS also argues that censorship is limiting the expression of content creators, with smaller channels on YouTube seeing ad revenue withdrawn in some cases. The social network would see to counter this by being censorship free – but moderation will still be enforced and “violent, hateful, racist or detrimentally harming behavior towards others will not be tolerated.”
Bringing cryptocurrency to the masses
APPICS seems to understand that ease of use will be vital to its success, and so it aims to make the platform and its cryptocurrency element accessible to the masses without any need for an upfront financial contribution.
A wallet for APPICS tokens is generated with every new account opened, enabling users to transfer cryptocurrency to friends instantly with negligible fees. It visualizes that APPICS tokens will be able to be “traded and exchanged for any cryptocurrency or fiat currency” creating a bridge to traditional tender.
The token sale will run for four weeks with discounts for early investors. The company claims a pre-sale of tokens worth $1.5 mln sold out in 26 minutes on Dec. 26. Its full initial coin offering takes place on March 28, when 120 mln tokens will be available for $0.15 apiece.
Users are being given the chance to earn free XAP tokens through the APPICS bounty program, which rewards people who spread word of mouth about the project on social media.
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