Recently, Cointelegraph was lucky enough to get the inside scoop from Amos Meiri, Co-Founder and CEO of CoinPowers - the world’s first crypto-crowdfunding platform. It allows people to issue their own coins based on the belief that a single individual or group of individuals carries a current/ future value generated by experience, ideas and goals.
Cointelegraph: What inspired you to launch coinpowers?
Amos Meiri: I looked at all the trends in current Crowdfunding where the backers left with a book, a T-shirt and don't have the chance to take a real part in the success. I had this idea before I heard about Bitcoins more than 2 years ago but the technology didn’t exist at the moment. And when I heard about Colored Coins and the Bitcoin 2.0 concept, I knew it was going to be big.
CT: Many people have been saying that cryptocurrencies will change how we look at crowdfunding and fund raising in general with the recent launch of Tatiana coin. What has the response been so far?
AM: People love the idea! Coinpowers gives the backers much more value and the users love it. To explain, I will borrow something Adam B. Levin (CVO, Coinpowers) wrote that I really like: crowdfunding has become popular in recent years, but it has a problem. What if you like the idea but don’t want the product? What if you don’t even like the idea for yourself but think it will be important and want to gain from that predicted success? We are currently in the Beta stage of the system and we are looking for the best matched projects.
CT: When a user on your website decides to make their own cryptocurrency, how do you ensure that it gains value? How can it be bought/sold?
AM: We don’t. The backers receive a token (see: chart below). They could take part in the crowdsale and be the first to get the project coins or they buy/sell it after at the decentralized exchange.
CT: Have any other artists shown interest in creating their own artist coins?
AM: We have about 15 coins down the line but we decided to take it slow. We want to simplify the system first and try to expand beyond the Bitcoin community. I will give you a scoop: we have a very well-known athlete planning to start his campaign in July. Our vision is having the user using Bitcoin 2.0 without even knowing it by making it as simple as possible.
“We have a very well-known athlete planning to start his campaign in July.”
CT: What are the advantages of creating your own coin in comparison to traditional crowdfunding methods like going on Kickstarter, Indigogo etc.?
AM: I will say that with common crowdfunding, the whole thing ends after the project reaches its goal and the T-shirts are sent out. With coin powers we are building a whole new system where the backer is able to connect, help and advise with the creator - a place where he is able to use the powers of the coin.
CT: Tatiana Moroz said “The ‘Tatiana Coin’ is only the beginning of what Bitcoin cryptocurrency can offer.” What other future applications do you envision for ‘project coins’ apart from fundraising?
AM: Project coins could be use for many things, people could use them as tickets, for shopping, voting and much more. The fundraising part is not the most important part of how we envision Coinpowers in the future.
You can find more information about Coinpowers here.