Nearly 61% of young adults stream their content (i.e. music, video, etc.), according to a 2017 study conducted by Pew Research Center. Often, this is a one-sided interaction. Users access the content, rate it or comment, and then move on to the next piece of content. They aren’t rewarded for their time; they’re simply entertained. Furthermore, they have to access content across a slew of different platforms. Current Media is on a mission to reward these users by incorporating cryptocurrency and consolidating their content in one place.
What is Current?
In short, Current is an incentivized content platform. Users can access content from all their favorite streaming networks like YouTube, Spotify, and SoundCloud in one place, instead of visiting each app individually. Then, users are rewarded with CRNC, the Currency utility token, for the amount of time they spend streaming on the platform and for the data they share. CRNC can be used to reduce or eliminate the cost of premium subscriptions for services like YouTube Red or Spotify Premium.
Additionally, curators, who often pull together content playlists, are also rewarded for their activity on the platform. And advertisers gain more insight into the behavior of their target customers.
Current offers users a choice about how they want to access and pay for media, and it rewards all parties involved. The platform also introduces the streaming generation to cryptocurrency in an accessible way that requires no prior knowledge or experience.
How it works?
Current hosts content from YouTube, Spotify, and TuneIn. This content includes video libraries, audiobooks, podcasts, AM/FM radio, and internet radio. There are plans to add content from Opus and to eventually allow creators to produce content specific to Current.
Users access Current and stream their usual content through the platform. They’re rewarded based on the way they utilize Current.
- Consumers receive a 55% share of CRNC tokens. Additionally, they have direct access to quality content, a bigger media library than any single app offers, and an opportunity to opt in to an ad-free version of Current.
- Curators receive a 20% share of CRNC for creating themed playlists or channels on Current.
- Creators also receive a 20% share of CRNC for their content shared on the platform. This is in addition to payouts received by the hosting networks.
- Referrers will receive a 3% share of tokens for bringing new users to the platform.
- Currency receives a 2% share for every token mined.
Also, Current will function as a cryptocurrency-powered content network. It will offer free and paid tiers while generating revenue from banner and video advertising. Current will also receive the Curator 20% share, as the company has curated most of the content on the platform.
The problem Current solves
Compared to regular trading, cryptocurrency trading is relatively new and there are many unknowns. Lack of education is a barrier for entering the cryptocurrency market. Current co-founder and CEO Dan Novaes spoke to CNBC about the dangers of jumping in without preparation. “If people are going to day trade cryptocurrencies, and they don’t know what they are doing, they’re going to get slaughtered,” he said. Current offers young users a way to get involved without having to study and understand complex concepts or take uneducated risks.
The team behind Current
Current has been founded by Dan Novaes, Nick McEvily, and Kiran Panesar, all three being successful entrepreneurs with a wealth of experience in a number of different areas, ranging from running multi-million-dollar companies to designing leading software and scalable web services with tens of thousands of users.
The three co-founders, as well as the rest of the core team and contributors, are supported by numerous advisors and investors, which include the famous owner of Dallas Mavericks and chairman of AXS TV Mark Cuban, co-founder of Bancor Foundation Galia Benartzi, or founder of BitQuick Eric Gravengaard, just to name a few.
To learn more about current, It is recommend you visit the official website of this promising blockchain project. There, you can download Current’s whitepaper, one-pager, and business deck to learn even more.