PATRON - The blockchain marketplace for the influencer's sharing economy

mylane (44)in #crypto • 5 years ago (edited)

INTRODUCTION
The Social Network Service (SNS) is an online vehicle for creating relationship between people who share an interest, background or real relationship. SixDegree.com was the first SNS and it started in 1997. Today there are wide range of SNS such as Facebook, Google Plus, Instagram, YouTube, Twitter, LinkedIn, Pinterest, Snapchat etc. SNS is of great importance to businesses and as such companies sought the services of influencers to market their products to their followers on social media.

Influencer are people that can affect the behaviour of their followers on social media. They are sponsored by companies to promote their products and in turn are rewarded for their services. Gone are the days when celebrities are paid hugely to promote the products of companies. Today anyone can be an influencer, but the role of an influencer is not as glamorous as one might think as they are sometimes delayed their wages and in some cases not paid for job done. According to Charlie Watson:

"I battle with PR companies to be paid for work, I have to chase them to actually get the money once I've done the work".

Patron was borned out of necessity to address the plight of influencers.

WHAT IS PATRON?

Patron is a platform powered by blockchain technology to support the Influencer's market. It is a highly reliable marketplace of influencers sharing economy. Patron gives Influencers the opportunity to share companies products with their followers and are also rewarded based on their worth. Due to the immutable nature of blockchain technology, it will ensure that all transfers and receipts of value between members of the network are recorded and are unchangeable, impenetrable and transparent.

HOW AN INFLUENCER WORTH IS DETERMINED ON PATRON
an influencer worth can be determined by the three criteria:

Number of followers: This is the number of followers an influencer has which can be viewed on his/her profile.
Engagement level: It is the frequency engagement or interaction between an influencer and followers.
Reputation: This as to do with the review of an influencer from the followers.

PATRON MODEL
The three different user-type that made up the patron network are:

Influencer (Host): Influencers act as brand ambassadors. They enter contractual agreement with sponsors and promote sponsor's products to their followers over a period of time as clearly stated in the contract.
Sponsor (Guest): A sponsor is the company whose product/business is promoted by an influencer. They are guaranteed of attaining a certain following for an agreed period of time. The followers could be persons in a certain demographical setting or target market.
Follower (Fan): A follower is an individual to which a sponsor's product is being promoted to by an influencer.

THE BENEFITS PATRON OFFERS

Patron provides the enabling environment for influencers, sponsors and followers to mutually benefit. A sponsor's product is advertised to a larger network and more profits is made. An influencer is rewarded for a job done and a follower gets a better content, so it's a win win for everyone. Patron ranks influencers around the world according to SNS and genre or area of expertise and by so doing, sponsors can easily deploy the services of influencers. It is also integrated with a calendar function for sponsors to easily check the schedule and availability of an influencer.

BENEFITS OF INFLUENCERS ON PATRON

Influencers market products of sponsors and are incentivized in return. They use their fan base to build a brand around themselves. Influencers can look for buyer candidate with high price and also the exclusive right of an influencer can be purchased for only a sponsor's product to be promoted for an agreed period of time as stipulated in the contract. In order to promote trust and transparency, certain information of an influencer is disclosed such as birthday, goals, dreams, and an influencer has the choice to share social media and contents as well as income ranking.

BENEFITS OF SPONSORS ON PATRON
Sponsors can easily advertise their products and spread their information to large network of persons or certain demographic location quickly with little research and at cheaper fees.

BENEFITS OF FANS ON PATRONS
The followers are fed with quality contents and information on how to get/purchase the products.

THE PATRON TOKEN
PAT is the Patron token. It's an ERC-20 standard utility token that will be used in the patron ecosystem. It will be used by sponsors to pay for services of influencers, fans can use it to promote the contents of influencers they are following through "likes", thus raising the Influencer's rating and it can also be used by influencers to reward their fans in a contest, event or promotion. The PAT token can be purchased with other cryptocurrencies or Fiat currency.

USE-CASE

AZ Wears is a start-up company that deals on female wears and it's trying to create a niche for herself. It has paid exorbitant fees to celebrities in the past to market their products on social media but the desired result could not be achieved.

Cara is an influencer on Patron with about 100,000 social media following. Her content is centered on fashion, lady's wears, shoes, bags etc. AZ Wears deployed the service of Cara to promote their products to her fashion and lady's ware followers. Service fee, time frame was agreed upon and contract was signed. Within a short period of time, she was able to market the company's product across to her 100,000 followers and the company realized greater sales and more profits than they did with celebrities with 10,000,000 social media following.

The Team
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