ASK.fm is one of the largest question and answer social networks in the world. The company’s recent announcement of the sale of its utility token (ASKT) has left many people wondering why a company that has been around since 2010 would make such a dramatic shift. Now, it has become clear that the company sees an initial coin offering (ICO) as its opportunity to take a leap into the decentralized economy. ASK.fm plans to do this by tokenizing social interactions within its network.
Currently, ASK.fm has 215 million registered users in 168 countries facilitating 600 million questions per month. Known as ASK.fm 2.0, the company’s new blockchain-centric iteration will feature tokenized incentives for users. Influencers will have the opportunity to earn direct rewards for content, in this case, the responses they create. By increasing network activity through an incentivized token, ASK.fm expects to dramatically raise the level of knowledge and expertise on the network.
Once the tokens are implemented into the ecosystem, users who possess them will have the opportunity to participate in a worldwide movement to capitalize intellect.
Here’s how the process will work: Any ASKT holder will be able to pose a question, bidding a certain number of tokens. Those being asked can either choose to answer or decline the question. . The accuracy of responses will be verified by independent moderators.
Each participant benefits from either asking catalytic questions or giving valuable answers. In other words, users benefit from the content they create under the ASK.fm theme, “Your Answer Is Your Asset.”
“We are employing a robust blockchain-based Q&A platform that introduces a new cryptocurrency token,” said ASK.fm 2.0’s CEO, Max Tsaryk. “Our intent in doing this is out of conceptual necessity, not on a whim. Blockchain [technology] enables a more democratic means of economic self-regulation driven by market laws and systems.”
A Tokenized Model For Q&A
The unrelenting evolution of online social media platforms — from Friendster and MySpace to Facebook and Twitter — advancing to integrating tokenized incentives appears likely. In the case of ASK.fm 2.0, tokenizing social interactions is seen as a remarkably new and creative way to build on top of its original value proposition and user base.
ASK.fm currently owns two registered business entities in Ireland and Latvia , a trove of trademarks and other intellectual properties. It intends to boost its presence through tokenization while maintaining a good standing with relevant regulatory bodies.
At present, ASK.fm is conducting a private sale while the details of the presale and public sale are still being worked out. Reportedly, 50 percent of a total 2 billion tokens will be offered to investors and potential users during the token sale at an introductory price of 0.1 USD per ASKT.
The release schedule and the distribution of rules are forthcoming. Funds raised by investors in the private sale, presale and upcoming public token sale will be used to develop and nurture the new platform.
Tsaryk and members of the ASK.fm team believe that the implications of this tokenization effort could be monumental. In its infancy stage, the project is being led by a team of U.K. lawyers, directors and advisors in collaboration with highly regarded blockchain developers from Ukraine. Tied to this are plans on the part of ASK.fm 2.0 to curate a new open online course network employing a gamification-based learning model.
Accordingly, the blockchain is seen as a way to untether ASK.fm from an advertising-centric revenue model. This new model will allow the company to ignite a more expansive community with higher quality responses and increased openness.
“We believe that blockchain technology can boost access to knowledge and how it is assessed through a tokenized social media community where people are incentivized to deliver thoughtful and in-demand responses,” added Tsaryk. “Through this process, the network’s expertise gains intrinsic value and becomes a foundational piece for a new economy.”
In anticipation of the launching of the new platform later this year, Tsaryk concluded, “Once fully launched, it will provide a unique experience for global experts, professionals and opinion leaders excited about the opportunity to monetize themselves and be a part of a growing community of users.”
This promoted article originally appeared on Bitcoin Magazine.