Current is an online consolidated platform to stream from your favorite channels in one ecosystem. Your data, money and time spent are rewarded in the form of cryptocurrency tokens which are transparently accounted for using the Current app. In their very own words. the streaming service available on Current is united from famous platforms like Spotify, Youtube, SoundCloud and many more. The platform even uses their combined data usage and streaming history to bring personalized recommendations for the users.
How does it work?
Current is a three-way platform which combines itself with online streaming channels, thereafter presenting a consolidated search and discovery facility for the user. The user spends their data and time in discovering and streaming their favorite items against which they earn cryptocurrency rewards known as CRNC. This system of incentives attracts a greater online streaming audience. The earned rewards can then be spent on subscription fees and payments. Since the value of every cryptocurrency rises with time, the value of CRNC rewards keeps increasing. A user can redeem it against a subscription which means the streaming channels get partially or fully paid in crypto currency depending on the value of the reward.
This complete circle of reward system ensures the flow of currency and rewards while bringing more user base to channels as well as to Current. The user is not entitled to use an earned reward with the same channel but should use it within the Current ecosystem for any trade or against in-app services.
Current ecosystem is quite large with a big team of marketers, advisors, investors and board members. Its core team also presents a history of successful businesses installing people's faith in the success of Current's business model. Their core team is formulated of :
- Dan Novaes, Co-founder and CEO
- Nick McEvily, Co-founder and CPO
- Kiran Panesar, Co-founder and CTO
They have formed a well-knit team of engineers, PR personals, and developers which have helped them through every process of creating the product and achieving milestones.
Their token distribution system is set in place using Ethereum blockchain which uses ERC20 token popularly named as CRNC on Current. The value of each CRNC token is $024. Out of 1,000,000,000 tokens, 35% of the company's CRNC was up for sale and the milestone has been achieved successfully. As the Current ecosystem continues to develop and grow, the stakeholders of profit distribution are established to be the consumers with 55%, creators with 20% and curators with 20%. The remaining 5% is used as a referrer in the system for trading or expenditure purposes or put in the growth pool fund for the company. These token funds are also to be used by the company in order to develop targeted in-app content and promotional campaigns.
The use of this blockchain method makes for a transparent and simplified method of ledgering which is of great use to the partnered streaming channels for an account, tracking, information organizing and more. The online streaming channels also have much to gain with the Current's algorithm. The increased user experience of all in one streaming facility will not only attract a larger audience but the CRNC rewards will create a larger and loyal audience. Moreover, the streaming channels also stand to gain new audience as multiple audience pools will now overlap on one app.
For greater user experience, the platform is customized using an algorithm to create a recommendation list which is a combination of searches made on Current and other platforms. This helps in creating a recommendation list with lesser redundancy each time the user makes a search within the ecosystem. The users are also benefited in the reward system which has a great currency value as mentioned above. The value is redeemable against subscriptions pays made via Current. This means users bear low subscription charges for a streaming channel by using their rewards as currency. The users are also benefited with the open trade system in which they can use the earned CRNC tokens for other exchanges, trades or purchases in the Current ecosystem.
Current's present chart of over 2,000,000 users is a successful growth but it has a long way to go and many challenges to overcome until its final establishment aimed in 2019. Today, Current is a promising step towards the advancement of the online streaming industry.
Their well-written white paper and FAQ available at: https://current.us