Narrative Network (NRVE) - A Steem Competitor with Ongoing ICO, Just Announced an AirDrop for NTV (Native) Tokens!
Narrative Network is a rewards based social network platform that is due to launch soon and it sounds like it is aimed at directly competing with Steem/Steemit. The system they use is apparently a generic rewards system called 'Native' and it sounds possibly something that could compete with Smart Media Tokens by allowing existing websites to integrate the rewards for their customers. Today they announced an Airdrop for NRVE holders!
Narrative Network
Narrative describe themselves as:
A social media network that rewards content creators, moderators, and everyone
who positively influences the quality of content on the network.
85% of all revenue is distributed to users.
They aim to have a beta live by the end of this year. Their ICO is ongoing and currently has 2 weeks left.
Native
According to today's blog, Native is being developed by the same group as Narrative and is used by Narrative:
In Narrative, one of the cool features is that we pay rewards to network members based on their overall activity and that those members can redeem those rewards as either crypto or fiat currency. The underlying technology for that part of the system is the basis for Native, which we envision as being a Stripe-like service for rewards, where our partner companies use APIs to disburse and manage reward payments to their customers.
This technology can be used for all sorts of use cases- community/social network projects like Narrative, donation-oriented services, and, of course, commerce apps where consumers purchase goods and services. By taking an API-based approach, Native’s mandate is to make it as easy as possible to integrate with other applications.
The Partner can decide how it wants to reward its end users. For a commerce company, rewards might be earned with each purchase made or perhaps only when a certain purchase threshold is met over a certain period of time. With Native, the Partner can literally design any kind of reward model it likes; Native is the toolkit/system that makes it simple to invoke rewards in any manner and to track those rewards in an immutable ledger.
Two-Token Model
Native will run on the public NEO blockchain and utilize two tokens to supports its service. The Native (NTV) token will be the primary currency for reward payments and the PEP token will be used for the transaction fees of the system.
There will be a maximum of 200 million NTV tokens and PEP tokens. We plan to airdrop between 40–50% of all NTV tokens, with the remainder retained by our company for future use; the distribution plan for PEP tokens is still to be determined.
How Native Will Work
Native partners will maintain a reserve of tokens to pay their customer rewards. When they use the Native API to invoke a new reward request, Native will transfer the corresponding reward from the Partner reserves account and credit it to the associated customer.
Each reward request requires a transaction fee, payable in PEP, equal to a percentage of the value of the reward.
The end users/customers can accumulate rewards from all Native partners they use. Thus, Native operates as a rewards network, allowing users to consolidate rewards across many partners. They can see their rewards totals from each Partner and claim those rewards as crypto or fiat whenever they like.
In addition to rewards paid directly by Partners, Native pays end users a separate Global Reward, based on the aggregate of all of their rewards for the previous month. This is funded using a portion (20%) of the transaction fees paid by the Partners, as well as through the minting of new PEP tokens over a 26 year term. Thus, end users share in the revenue of the system, based on their overall activity across all partners. To be clear, these rewards are not based on number of tokens owned, but on the amount of rewards the consumer earns through our parters.
Consumers earn rewards directly from Native’s partners, but also via the Global Rewards system that Native manages.
For more details, please read the Native White Paper.
Native Air Drop for Narrative Token Holders
Air Drops are basically free coins in a typically new currency type that are issued to holders of an existing currency for free. In this case NTV tokens are being gifted to holders of NRVE at a rate of 0.6 : 1, so if you buy in to the NRVE Initial Coin Offering, you will receive an additional bonus of these tokens too.
I have no idea if this is a good investment or whether this project will succeed or not, but it could be something interesting for those of us interested in seeing a competitive space being opened for rewards based social networks!
Wishing you well,
Ura Soul
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I actually envisioned this- that other rewards based platforms will spring up in due course . I would say it's something good because as we all know, competition eliminates monopoly and encourages perfection
I was thinking about competition vs co-operation earlier as I generally prefer co-operation and think that competition is only seen as good because of a lack of real co-operation. Open source code is an example of co-operation being used alongside competition. I realised that one of the problems with competition in creative business is that it often ends up with whoever started their project first just stealing and 'borrowing' ideas from their competitors and if their philosophy is totally different to what is really needed, they will often just adjust the appearance of their business so that it 'looks like' it competes with or matches with their competitors, when in fact it doesn't. The result being that the best things about competing services get twisted and lost, while the competitors lose out (and so do we all). A perfect example of this is in the music industry, when innovators and fresh musicians get copied and diluted by the big labels - resulting in less interest in the actual geniuses and more money for the big corporations. It's a big problem for creativity.
But anyway, yes, competition is better than monopoly at least!
That's interesting and in my opinion now Steemit have to work on SMT's as soon as possible because then Steemit can take the full advantage of SMT's in my opinion otherwise once the competition is increased then it will not be easy to compete but in my opinion for now Steemit doesn't have any competitor. Thanks for sharing this Airdrop news with us and wishing you an great day. Stay blessed. 🙂
you are welcome! this year will be eventful, for sure!
Yes.
Ahh, time to pull out that dusty old neon wallet and see what it do! Good info @ura-soul
Steemit be like... I'll shoot for the moon but um too busy gazing the stars... Um not afraid...
Thanks for informing us about other platforms; it will be interesting to see what this one does. I recently became aware of Mithril, but it only works through Android, making it less interesting for me as I don't use phones. Greetings!
Oh ok, thats' a new one for me - I don't use phones either, I have no idea why people would design such a system and limit it just to phones!
Maybe it's because in the future it may be the only thing people have; even a homeless person may be able to get a prepaid phone.
Feed me more....
Buy all of it ... Bitcoin litecoin ...😝😝😝😝
We have an infinite supply of new coins, thou shalt not go hungry! lol
I never hear about them before but from what i can see in you post they have very big potential i will look anther look about them , as i think i will take part in this ICO
Thank you for sharing this with me
You are welcome!
Native is being developed in tandem with the Narrative platform, and will provide the basis for a system in which Narrative users are rewarded based on their overall activity, redeemable in tokens or fiat. Partners will have the flexibility to design custom reward models such as payment on purchase or payment when certain thresholds are met....
Yes, so it is a bit more flexible than steem is currently.
I think that's great news.
Competition will only make it better for all of us..
Well new things coming up, giving a tough competition to steemit, steemit should do something about it so that they will not get that much succeeded, I think this too is a good thing for us, the platform will think about us more.