ASKfm, one of the biggest Q&A social networks worldwide, launched its own cryptocurrency token to reward users whose answers are well received on its platform, Monday.
The company says that Blockchain will enable it to take advantage of the internal economy by offering members real rewards for their responses and creating a more vibrant community on its platform.
Maxym Tsaryk, CEO at ASKfm says:
“We are settling our high-loaded blockchain Q&A platform — that’s why we are introducing a new cryptocurrency token not on a whim but out of conceptual necessity, as without it, the product wouldn’t be able to exist.”
ASKfm’s platform hosts more than 600 mln questions monthly and has more than 215 mln users, the company says.
Users will have the option to switch to ASKfm 2.0, register a wallet, and receive tokens. The community will also be able to take part in ASKfm’s ICO event upcoming this year. In total, the platform plans to sell $100,000,000 worth of tokens.
Maxym Tsaryk adds:
“Blockchain opens a path to democratic environments, to self-regulating economic models governed by market laws and mechanisms. We do not see the future for ASKfm, technologies and social networks without Blockchain.”
The company is developing an educational aspect to the platform that will enhance users’ experience with incentivized challenges including tutoring, online courses, and other informational activities to provide educational opportunities for children whose families use the social media network.
A private sale is already ongoing with minimum amounts starting from $1 mln. Dates and terms of the crowd sale are yet to be determined, the company said.