Current.us is a platform for viewing and streaming all kinds of media from multiple sources. Music, videos, podcasts, TV-shows, and all the rest is available on a single decentralized blockchain-based platform. Using its own CRNC cryptocurrency, Current.us makes premium subscriptions cheaper and allows earning on streaming media. This multimedia ecosystem is designed to improve and facilitate the process of sharing and enjoying media. The application was launched in March 2017 and already made a few public and private integrations with other media platforms.
About Current.us
This project was created to unite numerous third-party multimedia platforms in one environment. Instead of visiting multiple websites and opening a huge amount of applications, a user can enjoy favorite audio, films, podcasts, and shows using single media ecosystem. What’s the point in using Current.us for media creators? They can turn free subscribers into paid users and get rewarded for streaming and publishing content, even if it’s done with the help of third-party platforms, for instance, Spotify. The number of integrated platforms is growing constantly, which makes Current.us convenient for users from all over the world.
Who Can Use Current.us?
This platform is equally attractive for users and creators of content, as it simplifies the process of content consumption, and yet allows earning on ready assets from third-party sources. There are several types of users:
- Consumer – a person who plays media and pays for the subscription.
- Curator – a user who organizes playlists and uploads/streams content from external platforms.
- Creators – users responsible for content being played.
- Referrers – users who attract consumers and customers to the platform.
This media ecosystem is equally available for all people from all corners of the world – there are no age, gender, or geographical restrictions.
How Does the Platform Work?
Curators and Creators upload content on Current by integrating it with other third-party platforms and control its quality, the consistency of playing, complying with author rights, etc. Primary users, so-called Consumers register in Current.us, have a personal wallet generated right away, and pay for media subscriptions.
Active participants (both contributors and consumers) are rewarded for both playing and uploading media files. The reward of all participants is calculated according to numerous factors (variable), including consumer’s involvement (number of plays, time spent to consume media), clicking ads, contribution coefficient, and others. Each customer has a level of attractiveness (from 0 to 1) that shows the degree to which he or she is integrated into the network, and the possibility that consumers will notice the ads.
Consumers are motivated to stay active by the decay of CRNC tokens: those who stay inactive for 6 months and longer have tokens on their wallet decay gradually (-10% per month). The tokens withdrawn go into the common pool to incentify active users.
Technical realization
Current.us is based on Ethereum blockchain that allows for integrating CRNC wallets with other token systems and is pretty flexible. The platform accepts NEO, ETH and BTC cryptocurrencies for payment. Every newly registered user will have a personal CRNC electronic wallet generated – it will be used to pay for subscriptions and getting rewards.
Since Current.us is a decentralized platform, media files are encrypted and stored in InterPlanetary File System (IPFS) - a peer-to-peer distributed asset system that established a connection between various computing devices with the single file system. After sending a request for a media file, user gets a decrypted IPFS hash asset, as opposed to centralized platforms where media is stored on one server. Alternatively, Current users can order additional storage measures as Filecoin or IPFSstore systems, where creators will have to pay to whoever hosts the content for the network according to tariffs.
Current.us Team
Current.us is a USA-based project that’s being developed by tens of specialists in the sphere of software and IT, blockchain and cryptocurrency, mathematicians, marketing & social media experts, economists, and engineers. Current.us is supported by well-known advisers and investors. 4 years of experience have already helped the team to generate more than 10 mln app downloads, and make several million in revenue. Recently, Current was ranked in Alexa’s Global Top 500 most trafficked websites.
ICO
Token presale started on February the 7th and ended in March with reaching the hard cap of $36.000.000. The main sale is organized from March 14th to April 4th, 2018. 1 CRNC (inner cryptocurrency) equals $0.24. The minimal cap is 0.03 ETH – a normal sum, but investments are available for holders of cryptocurrency only. The maximum cap wasn’t stated, which is an evident disadvantage – the number of contributors can be potentially restricted.
Judging by the fact that creators have managed to finish their crowdfunding goal within a month, the project has drawn international attention and promises to become a new buzzword in the sphere of online media.
Distribution of Tokens
Overall token supply (1 bln tokens) will be distributed the following way:
- mining rewards – 35%;
- token sale – 35%;
- team – 12%;
- community development and strategic partners – 10%;
- advisors – 5%;
- Current foundation – 3%.
Funds will be allocated for research and development (40%), marketing and platform growth (30%), business and corporate development (25%), legal and administrative issues (5%).
Bottom line
Although the idea of Current.us isn’t a revolutionary one, this project has raised hype around the world, which is proved by the fact that the crowdfunding goal was reached within less than a month. Current’s application was launched on the App Store in March 2017 and now is claimed to have 200,000 users (from Canada, UK, Australia, New Zealand and a few other countries). The business model of Current seems to be effective only in the case if many users register – it can potentially make media consumption easier and cheaper.
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I am going to check this platform out thanks.
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