As an incentive for the users of this newly launched social media platform, Reveal offers a Bitcoin-like currency of attention. The site pays its users with its own cryptocurrency (Reveal Coin) for using the smartphone app. This turns every member into a user.
Reveal encourages its community to ask questions other members can interact with by responding with a photo, video or text. People can earn Reveal Coin (RVL) by inviting friends to join the platform or by contributing time and content. Reveal developers hope to use the currency of attention to finance and control advertising. This means people wanting to purchase ad space on the site will have to use the app themselves.
This not only gives Reveal users more ownership of their content, it also indicates how digital assets can be used online.
Social Media Cryptocurrencies
The Reveal App Gives Users Ownership with a Currency of Attention
Trend Themes
1. Cryptocurrency Rewards - The use of cryptocurrencies as rewards for social media interactions presents opportunities for companies to engage and incentivize users.
2. User-controlled Advertising - The concept of using a currency of attention allows users to have more control over advertising on social media platforms, disrupting traditional advertising models.
3. Digital Asset Utilization - The integration of digital assets like cryptocurrencies demonstrates the potential for leveraging digital assets in various online activities.
Industry Implications
1. Social Media - The social media industry can explore incorporating cryptocurrency rewards as a means to enhance user engagement and loyalty.
2. Digital Advertising - The digital advertising industry can be disrupted by the idea of user-controlled advertising, shifting power dynamics and providing more targeted advertising opportunities.
3. Blockchain Technology - The utilization of digital assets like cryptocurrencies in social media highlights the promising potential of blockchain technology in reshaping various industries.