Mark Cuban-Backed Current Media to Launch ICO

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The blockchain multimedia platform Current Media announced on Tuesday that it is holding an initial coin offering from March 14 to April 4.

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The soft cap of the token sale is $5 million, and the hard cap will not surpass $36 million, according to Current Media, whose investors include celebrity billionaire Mark Cuban.

The total supply of tokens will be limited at 1 billion, with 35 percent of all tokens available for purchase during the ICO.

The remainder of tokens are set to be earned through users’ contributions by consuming media (Current Media is a platform where users can earn tokens by consuming content).

“[Tokens are] ‘mined’ when the user consumes media via the Current platform. Upon consumption, the user earns CRNC to apply towards a premium membership (such as Current’s own premium service or Spotify Premium); and the content creator is rewarded, as well (and can even convert his or her accrued digital currency into fiat currency),” the company explained in its announcement. “Similarly, content curators will be rewarded for discovering content that gains popularity. Everyone participating in Current – consumers, content creators and curators – will be rewarded for referrals, which will prove crucial in Current’s spread.”

Partner networks like Spotify or Youtube will retain their ad revenue and user data for content played within Current while also adding to the conversion funnel for premium services, the company added.
Current stated that it also plans to grant CRNC to partner networks for implementing the Current protocol to directly reward users for content consumption within their own host platform.

The Current app is available in the Apple Store, and the company plans to reward anyone who has the app during the token sale period with a small airdrop of CRNC. The Android version will be available during Q3 of 2018.

The token presale launches on Feb. 7, and those interested in participating can learn more at https://tokensale.current.us/.

Photo of Mark Cuban by TechCrunch, CC BY 2.0.

This article is protected by international copyright laws and is owned by Blockchain News.

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About Ken Silva

Ken Silva is a journalist who covers the financial services industry in the Cayman Islands and the British Virgin Islands.

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