Sapien is a social news platform that is also operating via the blockchain while running its very own digital currency. For many, this is offering a different approach to other cryptocurrencies that are out there at this moment in time but as it is tapping into the world of social media, then it may very well have a significant amount of potential if all of the appropriate technology is in place.
The Sapien presale just concluded with over $2 million raised. The official crowdsale is set to start in 2 weeks:
The Basics of the platform.
Operating as a decentralized social news platform, the company states that they are able to offer content creators a different avenue for them to go and explore. The cryptocurrency token will then work as the main backbone for the entire platform.
The creators state that they are operating via social media due to the way in which current companies sell user data while they cannot offer any sense of rewards to those content creators that produce anything of value. However, Sapien is looking at changing that.
They are looking at offering rewards to creators as an incentive to produce quality content. They will be rewarded with tokens which they can then manage in their digital wallet. The tokens can then be used within the digital marketplace that is available via the Sapien platform with different physical and virtual goods being made available to the users.
The rewards are also going to be dependent on the value of the content which is voted on by other users in order to then lead to individuals being able to build their reputation. They also state that this voting system is going to reduce the chances of the network being taken over by trolls and fake news leading to a place where things can be trusted once again.
The Technical Aspect of Sapien.
When it comes to the technical side of things, then the basics remain the same as with other blockchain technologies. The platform is another one that has been built on the back of the Ethereum platform, and the token is another ERC20 token which obviously means that any Ethereum based digital wallet can be used rather than downloading the one created by Sapien.
As the creator is rewarded for their content, they can then make purchases of goods via the blockchain with the transaction being verified via the decentralized network. The transaction is kept transparent at all times so in this respect it does indeed operate in the same manner as the other digital tokens that offer products via a marketplace.
They also plan to open up a developer platform that will make it easier for additional integrations with a variety of apps that can then be used to serve the community. External apps will also be allowed to use the user data that is available via the platform while they do state that they will allow users to switch between public and private modes. This also applies to the blockchain aspect where transactions can indeed be anonymous should the user wish to take this approach.
The Advantages of Sapien.
There are a number of clear advantages when it comes to the Sapien digital currency. First and foremost is the fact that they offer incentives to content creators with tokens as rewards which they can then use as they see fit. Creating this economy is a proven method to generate success and as long as they are able to establish themselves as being a cryptocurrency that can be trusted, then there should be no difficulty in them then being able to grow.
Of course, being on Ethereum is another advantage due to the stability as no content creator is going to spend time using a platform that is unable to deliver on what it promises. They also use a proof of value protocol on their platform and they state that their network is fully autonomous and run by the community rather than the way in which the curreny social networks tend to operate.
The Financial Aspect and the ICO.
The creators of Sapien have announced that there will be a total of 500,000,000 tokens produced with 215,000,000 being made available for sale during the ICO. For the ICO, they accept both ETH and BTC with their soft cap being 50,000,000SPN and the hard cap being $30,000,000.
It should also be noted that during the ICO there will be a rate of 1ETH equating to anywhere between 6,000 and 7,200SPN depending on exchange rates at that time. The bonuses that are available during the ICO start off at 45% with them dropping as is the norm as time progresses.
The Conclusion About Sapien and the ICO.
To conclude, getting a cryptocurrency that rewards content creators in a stable environment is certainly something that is worth exploring. This industry of creating content has exploded in recent years, but there are a number of creators that are certainly rather unhappy with the way in which the industry is heading.
To provide them with a stable and unbreakable transaction method that cannot be a victim of fraud and where everything is transparent will certainly be attractive. For that very reason, it does mean that there is a good chance that people will pick up on the token and run with the idea especially if the way in which they are being given an incentive to produce good content comes to fruition.
The ICO is also not too complicated to understand, and considering the industry that they are aiming for it does also stand to reason that the market is large enough for the coin to increase in value. From an investment point of view, as long as the content creators are made aware of the digital currency, and remember that they are generally up to date on the latest technology, then this is a coin that could go from strength to strength.
As long as they can push the content side of things, then the platform could be more than capable of establishing itself as one of the key alt-coins to appear in recent times.
Check out more details on their website and in their whitepaper.
Whitepaper: their whitepaper
ANN Thread: Ann
Bitcointalk profile: Bitcointalk