YouNow launches Props Tokens: SEC-approved crypto tokens

Props announced at Vidcon 2019 that YouNow creators can now receive and use Props Tokens, opening up new doors for engagement on the platform.

The U.S. Securities and Exchange Commission recently approved the ethereum-based token a Reg A+ qualification, according to YouNow. Props is essentially an ethereum-based blockchain token that works with platforms like YouNow and rewards creators and users with tokens. YouNow will now begin to reward content creators with Props for in-app activities, meaning YouNow users will now receive tokens for getting engaged on the platform.

Pros Tokens should boost engagement

YouNow is looking to drive up community engagement with the Props. In total, the platform will be rewarding creators and users with a total of 187 million tokens, according to an SEC filing. Also, the platform will incentive users to earn Props by offering VIP status and boost their purchasing power with an in-app currency called Bards. Exclusive items and discounts will also be offered to Props holders That’s sure to get more users involved.

You aren’t bound to YouNow

Most virtual currencies are bound to a single app. Users have to use it for a specific platform. However, with the open-sourced Props blockchain system, that currency can be integrated into other apps through an API. People can export their Props as cryptocurrency.

So, what does this mean? People can use their Props in other apps. So, that means they aren’t bound to just YouNow. Also, as of right now, four apps have become partners for this, one being xSplit.

“Props enables us to turn creators into stakeholders in the network, meaning they become partners in the success of the network. It’s an important tool for us to better incentivize and align with the most important users of our apps,” PeerStream CEO Alex Harrington writes. Props abstracts, for us as developers, the technical and regulatory complexity associated with blockchain-based tokens, through a simple set of APIs that we can use to integrate the token into our apps’ experience.”

Image courtesy Sensor Tower

Sean Berry
Sean Berry
Sean Berry is Videomaker's managing editor.

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