? Ethan CEO of Crowdholding - Earn Crypto by giving feedback

By Cyril | ViableToken | 24 May 2019

$4.57 tipped


Today the presentation is from Ethan the CEO of Crowdholding.com - Crowdholding is a marketplace connecting startups, projects, and businesses with the community, the crowd. People can get paid, in crypto, to help the different projects listed on the platform (☕Questions and answers below⬇)

? Presentation

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Hi, I'm Ethan Clime the CEO of Crowdholding.com 

Originally from the US, (the state of Maine - located northeast) and started crowdholding in the Czech Republic in Prague.  So I've been living in Europe for 10 years, originally working the United States Peace Corps in the Republic of Moldova.

Then I came to Czech Republic and started Crowdholding but have experience with doing Crowdfunding campaigns and Kickstarter for a number of companies. So it got me interested in crowdsourcing as well, which really derived the project I'm going to showcase you today.

So let's begin!

What we really are, is an open collaboration network. You might be familiar with the project Gitcoin. Gitcoin is an open-source reward-based software development application. So developers of projects put work that other developers can do, and they get the reward in crypto or tokens of those projects.

So, in a way we're a little bit similar, instead of us working with Coding/ Development, we're an open collaboration and reward base for business development. So these are micro-tasks that go out from the businesses, that can be: Market promotion,  Product testing, Market research, Competitor analysis, and many different subjects that can support the business, on their strategy, how to improve their product, and what they're doing.

In a way, we're like almost fitting in between Gitcoin and Quora. And as you're familiar with Quora it's a question-and-answer website. We have a lot of similarities with quora, with the question forum and answer typestyle.

Where we are different is that the businesses putting out these type of question/tasks, that they need help with -  They get all the users to contribute, see their submissions and then vote the best ideas for that business.

How does it work? 


1) Project Creation
They create a new project and then they have the ability to publish all sort of business and marketing tasks. What we call bounty tasks, feedback tasks, as well as surveys. Those tasks are then shown to the crowd.

2) Community engagement
The crowd becomes engaged, learn about the project, they pick what tasks they are familiar with, and focus on the ones they know best so they can help with. On average our top users actually spend 1 hour per task. So there's some important time involved in research that they do to help the business out, basically saving time for the businesses who submitted the project.

3) Idea Validation & Promotion
The community is then validating the different ideas for the businesses. They're voting for the best concepts coming from the crowd

4) Reward Distribution
The rewards get distributed by the rankings of the votes. So as a contributor you actually get rewarded for voting what you believe is the populous vote, as well as the commenter, the person that put the time in, gets rewarded for how high they're ranked in the task.

 

A little bit of the results so far

We're still pretty small, but we're slowly growing especially in the bear market where we're staying alive, and have activity:

  • 101 businesses that have posted tasks
  • 38,000 signed up users
  • 1,500 users
  • 500 ideas/feedback submitted weekly

 

Examples of the tasks available on the website 

On the "Projects" page, you can see a list of all the projects (100+) who submitted their tasks on crowdholing. You see the number of tokens and rewards they have given out. The algorithm is ranked by most comments and most recently posted tasks - So projects go up the list when they become more popular. Here are a few examples:

Wiwildo is a language application and they need help with what type of video content topics you should pick from.

CryptoMood which does sentiment analysis is actually getting feedback on their new release, they have a new feature that they released, as well as UI improvements

 

Afrocenchix is the task of a product base for hair, they are looking for some feedback on their website.

 


Birdchain is a cool application that you get rewarded by looking at ads and they needed help to create discussion threads. Support discussions on Reddit.

 

Tasks, rewards, and rules

After clicking on a specific task, we can see the amount up for grab as a reward that is allocated to that task. Every project/businesses wanting to submit a task first purchase an amount of YUP to post the task and upload their own token into the Crowdholing system, so when a new user comes on.

Voters get 35% of the reward and commenters get 65% of the reward. Voters only get rewarded if their vote is among the top half populous votes by the community. They don't see the votes of other people until the task expires, which help them go through the content and really select, out of the 12 upvotes they get, what they believe is the best answers.

If they're selecting the top answers, they're earning from that. This allows us to accurately rank crowd decisions, on strategy and on business development, that the business is asking for support on.
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I hope you enjoyed this presentation, feel free to join our telegram chat, happy to answer any questions from anyone. 
Crowdholding.com

Cheers thank you.

Ethan

 

? Questions

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What is the best example of a project on your platform?

The most recent one I would say would be CryptoMood. We've been doing a lot of product development with them, so our users are doing beta testing for them. Through the microtasks, they are actually making some adjustments from the feedback and ideas they received.

We even have developed a widget for them on their product. You can check here on "pro.cryptomood.com" we have a crowdholding button where it displays their tasks, that users directly on their product, can participate and give their feedback on micro-tasks.

What is the average amount that a user can expect?

So right now the amount is low due to our market cap being low. So you know, we're talking about $5 $10 bucks for the month. Users are doing it first because it is enjoyable and it's fun to be able to support the business they love and learn what they're doing. But also because they see the long term value in the YUP token and want to hold it.

And for the projects, the same way business communicates with their employees, right now they'recommunicating with the crowd which is kind of cool. 

What are the companies that are similar but not in crypto?

  • Stack Overflow but that does more a little bit more development.
  • Amazon Mechanical Turk but it's really it's costly and doesn't it's not open for everyone to join right or even every business so
  • Quora has some similarities as you can see there too - you could even you know these are I would consider more indirect competitors
  • You could even put Producthunt a little bit in there too -

How do you select the project? Is there a selection process? 

Yes so when a business wants to get listed, we have a slide form that gets submitted to my team. We have a four-day policy, during which  we review the projects, if it's not like a scam and if we like what we see, we discuss things with that company on what micro-tasks they want to do, then we make the project go live and we always give support to the businesses, we have to also educate the businesses.

How do you explain the YUP token to non-crypto businesses?

Yeah, so that's interesting that you brought that up because you know the whole focus was originally connecting blockchain companies to crypto enthusiasts. A lot of our users are crypto enthusiasts, but because of the bear market, we decided to start exploring outside crypto. Because our system can work both ways.

Actually, the whole original idea of Crowdholding from two years ago was: We wanted businesses to offer future shares of revenue, to the crowd to work for them. So the idea was creating what we called a "Crowdshare" - that was what we wanted to call it.

The crypto industry is the perfect market to join because it allows the creation of your own digital asset on the blockchain - It can be a utility loyalty, equity, etc.. It's also important to expand outside of crypto because these businesses will also be interested to get some influence as it's a way to promote their businesses. 

What are the tasks you really like to see on the platform?

I like to see companies that have their own token asset. Because users are more attracted as they receive a higher reward by getting the YUP tokens, plus the tokens of that company. Regarding the tasks, review of whitepapers and tokenomic models are quite fascinating, the users like to review and give their feedback and ideas on how their token can be utilized. Because we have crypto enthusiasts, the most popular task is to work on the tokenomics system. 

Do you think some people would be able to live from it?

That's the end goal. The end goal of this project is to allow people to earn disposable income. That's the idea yes.

What about listing the (YUP) on some exchanges?

Yeah, the YUP token is listed on IDEX right now and yes we plan to put it on new exchanges. But as we're a small market cap project, it's still pretty expensive these days to be listed, and what the big issue, the exchanges that are free usually want $100.000, worth of your token or take $60.000 registration fees. So 

What are your biggest problems and your current focus?

Actually, that is kind of the issue what I just mentioned, how it's difficult for us to go and get more exposure in different exchanges, because I want the money for the development and getting more users. First getting an actual use case that is scaling.

If I would just go crazy and spend all our money on exchanges then we will be... you know kind of stuck in the water a bit. So that one of the challenges.

The focus currently is on building our new tokenomic model, because right now we're taking 10% cuts of all the tokens, in our application. What we're looking to do is to give a dividend out to all holders of (YUP). Because it shows value if you're holding the (YUP).  Hodlers will consistently earn something, as a dividend. And so, this is where we're thinking how we can really improve the(YUP) without spending hundreds of thousands of dollars just trying to get on "Binance".

What do you need exactly to move on to the next step for this project?

We could be better at marketing I think a lot of our community members have told us that in the past ?. We do a lot of growth hacking because as you know, ADS aren't allowed in crypto, so a lot of our marketing is sharing, promoting.

Getting some influencer would be great, at the same time the budget is only a specific amount for marketing because I'm focusing on the product at hand.

But I would say overall just more something like what you're doing right now, getting more interest from people to see actually what we're doing which is quite unique and quite interesting. And we have an active user base, which is for some projects, rare in the scene. 

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