In recent months, there has been a marked uptick in ICO’s, as well as the development of blockchain-based apps, which seek to implement the technology in new and exciting ways. One of these apps is Current, a content meta platform, which aggregates media from various well-known sources, and offers it to its users all in one place, based on detailed recommendations.
Naturally, Current has implemented its own Token, to be used in in-app transactions, which allows for a seamless user experience. However, the difference between CUrrent and other content aggregators is the fact that Current proposes paying its users for consuming the content it provides, but the innovations don’t end there.
In this piece, we will be taking a look at the Current Token in detail, to see the implications of this approach for the overall functioning of the ecosystem.
In order to construct its system of incentives in the most efficient way possible, Current has defined a list of stakeholders for the app, which all interact with one another in particular ways. Defining stakeholders in this way allows for an equitable distribution of payments, so that all sides are happy.
First on this list is the Consumer, the person who is watching or listening to the content provided by the app. They receive a certain amount of tokens based on various different factors related to their contribution to the overall network. The exact amount received is calculated based on metrics too complex (and boring) to get into here, but it is important to note that a majority of the overall tokens (55%) has been allocated for this purpose.
The second stakeholder is the Curator, a person who organizes various playlists and brings content into the system from various media sources. The Curators are responsible for administering their own special Channels of content, and are paid based on the view time their channel has been able to generate. The allotted percentage of tokens for this purpose is 20%.
Creators are the third stakeholders defined by Current. Though Current relies on outside content at present, it plans to allow for direct upload of content to the network in 2019. The people who upload this content will be paid in the same way as Curators, based on the total view time of their content. As with curators, the allotted percentage of tokens for this purpose is 20%.
The final stakeholders are so-called Referrers, people who have brought somebody else to the the network. They receive rewards based on the activity of the people they’ve referred, and the total allotted percentage for that purpose is 3%.
Finally, users can spend tokens on premium content on the network, as some popular channels may opt to be paid this way for their content. Furthermore, users will also be able to make donations to channels or people they like on the network. As time goes on, the tokens may even expand into having the ability to facilitate the purchase of physical goods such as tickets or merchandise.
Parties wishing to advertise on the platform will need to purchase tokens on the open market in order to pay the developer for the ad space they are awarded. Naturally, that means that all persons who own tokens will be able to sell them on those same exchanges for profit, which finally brings the system full circle.
Having broken down the incentive system in the previous section, it is also very important to examine how it improves on the existing way we consume media and advertising.
As Consumers, we have gotten used to not having to pay for the media we consume. Furthermore, we have also gotten used to the idea of not getting paid for our attention, or for the information harvested and sold by the company which presents the media.
Current fixes both of these problems, since Consumers must pay for the content they consume using tokens, but they also receive tokens based on their watch time. This sort of equilibrium may seem as though it simply zeroes out, but such a system allows the other stakeholders to also get their fair share, which may not currently be the case.
All in all, Current has a long way to go in terms of its overall development, but the developers have laid out detailed plans far into the future, which is a great way to bolster investor confidence. Ultimately, the extent to which the developers are able to stick to their promises will decide the future of this enterprise.
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