A First Look at Kred's Social App Crypto.Kred in Action!

For those who aren't aware, Crypto.Kred is an upcoming social app used to create personalized crypto-based coins (Kred Coins) designed for connecting and sharing. The Kred Coins are a new type of digital asset based on the ERC20 protocol (used to denote Kred's CKr units of value tied to each coin, which currently equate to $1 USD) and the ERC821 protocol (the protocol used to denote the metadata sleeves used to store data on the Stellar blockchain, including the Kred Coins). CKr is a fungible Ethereum backed unit of value that can be stored and traded on both the Ethereum and Stellar blockchains, and it can be converted to Ethereum.

The Kred Coins are very similar to the Smart Media Tokens being developed to run on the Steem Blockchain.

The Crypto.Kred platform is currently under development and I've been given a chance to get involved during the early testing stages. The image at top showcases an example coin I created for my social networking organization "Strategic Social Networking." Another article is in the works for the Kred blog that will better explain the many ways in which the platform can be made use of. For now, I want to focus on how the platform works in a more generalized sense.

The Kred Coin not only has a real-world tangible monetary value, it also has social value! Crypto-Kred is wholeheartedly a social platform, and the coins are used as a means to build community and make new connections with others. Each time you pass a coin to others, anyone who views the coin will see all the public comments made with it. Likewise, you can add a comment to any coin upon its initial creation to help others understand its purpose.

Coins gain value based on engagement. The passing, liking, and commenting upon coins, all help to increase their value.

A few things to note, when you signup for the app (once its ready), the user name you choose upon signup is used to create an associated name.kred address that will be associated with your account. Likewise, you'll want to choose your user name wisely, as all coins you create will reflect the user name on the back of all coins you created. If you're creating a branded coin, you may want to consider using your brand name as your user name.

Also, your user name and associated name.kred address are used to share and receive coins from others. You can also generate a share URL to share coins with others through email, private messaging, texting, etc.

Coins can be gifted, sold, or auctioned off to the highest bidder. The auctions are a Dutch auction, where the value decreases over time; with coins starting off with the sellers highest price, slowing dropping in price the longer the coins are up for auction.

The platform will feature an auction market place where users can buy, sell, and bid on current auctions. Here's an example below:

All being said, Crypto.Kred is a work in progress, but should be ready for show time very soon! I will be publishing an updated article to the Kred blog in coming weeks that better showcases real-world working examples of how the platform is being used; and how we're making use of it ourselves as a means to promoting our media based brands.

Additional info from Kred: http://www.crypto.kred/

Written and published by Daniel Imbellino, co-founder of Strategic Social Networking! Connect with me on Google+:
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