Props is a platform that aims to help Web 2.0 Apps build loyalty programs, which enable Apps to increase user loyalty, financially align with users and add a new revenue stream. It is one of the SEC-qualified crypto tokens for consumers, and can grant Props to both accredited and unaccredited Props Network users in the United States and around the world.
What Is Props?
Props was launched on February 23, 2017 by the live streaming and broadcast app YouNow, which has 47 million registered users and 2.5 million content creators. It provides social and live streaming services on mobile devices like phones.
Props is a platform for deploying and bootstrapping in-app tokens, allowing apps to increase user loyalty, financially align with users and add a new revenue stream. It ultimately aims to build a tokenized digital media economy. Props incentivizes users, video creators and platform developers to contribute to the ecosystem. All participants can share the benefits of platform growth.
Props has completed two rounds of fundraising, exceeding $20 million. It's investors included individual investors like Chris Dixon and Casey Neistat, as well as high-profile institutions such as USV, Comcast Ventures, and Venrock.
How Does Props Work?
Props enables apps to deploy loyalty programs, which can help them grow community engagement and revenue. For instance, content creators earn PROPS tokens when they create excellent videos. Platform developers will be rewarded PROPS tokens as they develop amazing features, and users can enjoy these features by paying PROPS tokens.
Props has already been introduced in 4 apps, including YouNow, Listia, Camfrog, and PalTalk, each with millions of users. Due to the congestion issues on Ethereum, Props migrated in-app transactions to Algorand for a stronger infrastructure to support more Web 2.0 apps.
Who Created Props?
Adi Sideman, the Props Co-founder, is a member of the Props Foundation Public Benefit Corporation Board. Adi is a pioneer in participatory media, an entrepreneur with more than 20 years of experience creating media apps and companies. Adi founded YouNow to provide a live social platform for people to connect, interact, and express themselves.
Another co-founder, Yonatan Sela, is one of the founders of YouNow. Yonatan previously founded Tvinci, an online video/OTT platform, where he served as VP of Marketing and Product Strategy for five years. He led Tvinci to 8 figures in revenue and an acquisition by Kaltura in 2014.
What is PROPS Token?
PROPS is the utility token of the Props ecosystem. It can be used to reward users, content creators, developers and other network participants. The PROPS distribution is as follows:
Token Distribution: 20%
Company, founders and employees: 26%
Rewards for contributors to platform: 40%
Development grant, ecosystem investment and infrastructure: 10%
What is PROPS used for?
As a utility token, PROPS has a number of use cases. It is used to unlock functionality in Props apps and reward developers, validators, content creators and other digital media contributors to the Props Network. On the many-to-many social video app Rize, PROPS are used as incentive tokens to encourage users, video creators and platform developers to contribute to the ecosystem. Props currently has over 8 million token holders worldwide, making it one of the most used tokens out there.
After 4 years of development, Props has been adopted by many Web 2.0 Apps. The achievements in compliance have also made Props standout in the crypto industry, but there is also a question that Props's huge user base is mostly from traditional industries. Can the users of Props accept new things like blockchain, crypto and tokens? We must wait and see.
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