From small startups looking for investors, to professional mountaineers — 2key network’s applications are endless.

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2key
Oct 30, 2018 · 9 min read

The problem of being small

Big corporations that want to reach new markets with their product have it pretty easy. Creating an advertising campaign to reach even the most remote villages in Africa, for example, is simply a matter of budget for the likes of Samsung or Coca Cola. And they can easily afford to do so if they like.

But what about smaller businesses and organizations? What if you have a truly groundbreaking idea but you’re only a small startup? We all know the drill, you need to get investors to know about your idea and this means you begin spending budgets and time in order to search and reach those investors.

Normally, it’s a race against time.

The alternatives available for the long tail of businesses to get people to notice them are pretty narrow. They can use large online platforms like Google or Facebook, which hold the promise of potentially reaching a large audience. These platforms seem to cast a wide net, yet are pretty useless for people searching for specific types of individual investors. The algorithms behind the targeting of these platforms are, well… robotic, and are usually not precise enough to get the message across to the right people. Especially if you’re a small business without enormous budgets to spend on such campaigns.

Now, imagine that you’re still this small startup with a great idea but you can tell people about your it and have a magic way of motivating them to discuss it with acquaintances they believed may be interested in it. And imagine also that you had a magic way of motivating the people who’ve heard about your idea from others to keep talking about it with their circle of acquaintances and so on and on, until a potential investor was found. This would mean that you could have an exponentially growing human network, in which each person uses their social knowledge and intelligence to get your idea to people who may be interested in it.

Instead of magic, there’s now an online tool called the 2key network. The 2key network offers a new type of capability, the power of motivating people to use their social connections to get an idea to the right target audience. This is called ‘social sourcing’ and the idea is pretty simple to understand. Perhaps more difficult to understand is how it works.

Three proprietary innovations combine in the 2key network to make it possible for anyone to use ‘social sourcing.’ Basically, the links on the 2key network have 2 important qualities: first, they’re able to track and record every person who shares them and second, they’re able to carry out smart contracts automatically.

In practice, this means that people can effortlessly create links for campaigns in which they define their desired target and the reward they are willing to pay for reaching this target. Each person who’ll receive the link will know that if they pass it forward to the right people they will be rewarded. Yet, only when the link reaches its target audience (say, prospective investors) and they interact with the link (say, make a small initial investment or leave their details to set an appointment), it will unlock the reward for the campaign and divide it among the chain of referrers who have gotten it to its target.

‘Social sourcing’ is highly practical in many fields of activity. The following are three example case studies.

Use case #1: a small startup looking for potential investors

Let’s go back to the idea of a small start up. Say you’re the founder of a startup for an amazing new medical device that can save thousands of lives. Yet to get your idea off the ground, you’ll have to get investors to invest in your company. This means locating, identifying and then pitching your idea to particularly targeted investors who have the means and interest to invest in her type of project. Not an easy task. Finding the right investors and getting them to invest in your project requires resources and a ton of work.

Many small startups with great ideas struggle at this early stage of their development and too often good ideas disappear for lack of funding.

2key network offers the ideal solution for startups looking for investment. Within a few minutes, you could create a 2key smart-contract with the pre-defined goal of finding investors for your project. Within the contract you’ll be able to define your project (or provide a link to the product’s webpage), define your target investment and define the reward for intermediaries who can link you with the right investors. Next, you could share this contract with your existing group of friends and supporters.

Because the contract automatically carries out the terms defined in it, each person who receives the link will have the certainty that if they share it with the right people and the link that they’ve shared ultimately reaches investors, they will automatically receive a reward for their efforts. This incentivization will motivate people to think about who they may know who has relevant connections with investors in the medical field.

You can imagine that, for example, one person may remember a recent conversation with an acquaintance who talked about a cousin who works in a venture capital firm and send the link to this acquaintance, with a little recommendation about the project. If this sharing proves successful, that is, if this acquaintance passes-on the link on to his cousin who then chooses to invest a certain amount in the project, every person who’s shared the link will automatically be rewarded for this successful intermediation.

Notice that payment to referrers on the network only takes place in case a result is achieved, in this example, when an investment is made. This means that as the founder of the startup you never risk your budget, but only pay when a result is achieved.

It’s easy to understand how 2key network enables the expansion of efforts to recruit investment in a way that is simple and rewarding for all sides.While rewards will only be distributed per-result, they’ll be distributed fairly to each and every person who’s passed-on the link and contributed to the creation of productive connections. The system is trustless because it’s completely automatic — the links themselves reward participants in case of a result. Because intermediaries can count on the 2key contract itself to automatically reward them for their efforts in case a result is achieved, so that they don’t have to personally trust the creator of the contract. This allows the start up to scale up the number of influencers and intermediaries that join the effort of finding investors without investing additional time and effort.

Use case #2: reaching customers for highly specialized products.

John used to be a professional mountaineer who traveled the world climbing precipitous cliffs and mountains, until an accident in one of his expeditions forced him to retire a few years ago.

He didn’t abandon his love for mountaineering. Instead, he used his vast experience to design highly specialized equipment for mountaineers and produce them on a small scale. John produces top quality equipment, knowing well that a climber’s life could depend on it. Yet this insistence on quality often means production is expensive and so John’s products are only relevant to a small group of highly professional mountaineers.

The challenge is finding them. John’s circle of fellow mountaineering enthusiasts love his products, but they’re a small group. In order to grow his sales, he needs to widen his pool of customers and yet the customers he’s looking for are very specific.

The 2key network offers the ideal solution for this type of situation. On the network, all John will have to do is take a few minutes to create a contract which presents his products for sale, define his goal (say, selling products) and set a reward for achieving it. He could then send the contract, in the form of a simple web-link, to his circle of existing customers.

The link itself will hold the entire value of the reward. It will track and record each person who shares it and reward each of them in case a result is achieved — in this case, in case someone makes a purchase — the link will reward each person who participated in the link-sharing chain that has led to the purchasing customer. In this way, John’s existing customers will have an incentive to share the information about his products to others, since they will be automatically rewarded in case one of their friends makes a purchase. They will also be incentivised to use their judgement to choose well who to share the link with, since the 2key network penalizes those who thoughtlessly spam others with irrelevant information by gradually reducing their ability to gain any rewards on the network.

As in the first use case, John doesn’t risk anything by setting the contract and since the contract will only distribute the reward in case a result is achieved. An added value is that John will actually be directly rewarding his existing circle of customers for spreading the word, further strengthening the connection with them, instead of paying this budget to some faraway centralized platform.

Use case #3 — Finding a highly specialized expert for your team

Another important application for the 2key network is in the field of human resources. If large organizations like Intel and IBM wish to recruit an expert in some highly specialized esoteric field, they can search every development center from New Zealand to India and to Canada, in order to find just the person they need. Yet smaller businesses often lack the means to go on such far-reaching global recruiting campaigns.

The 2key network offers small businesses and organizations the opportunity to define precisely the type of skills or expertise that they’re looking for in new candidates and use the human network to find just the right person. Obviously, using real human connections to find the right person offers far greater precision and reliability compared with automated searches.

So, for example, if your firm is looking for a project manager with a highly technical engineering background to manage its international projects in the Far East. You’d probably search for someone who’s highly professional and at the same time has a high cultural sensitivity. You could specify exactly the type of person your looking for and let your own employees begin spreading the word about the role. By offering to reward your own employees, you will not only reach more reliable and fitting candidates, but also strengthen the connections across your own firm and it’ll be easier for you to get a more accurate picture of the candidate’s ‘soft skills’, such as cultural awareness, teamwork, or a positive attitude, which often make all the difference.

The 2key Network Is An Entirely New Kind of Online Tool

As you can well imagine, there are hundreds of possible use cases for the 2key network and each person could adapt it to their own use at a certain point in time. It could be used to find people who would like to try new types of medical treatments, find missing children or criminals, sell antique cars or find students who’d like to learn hawk training… the possibilities are truly endless. The 2key network unleashes the power of human social networks to pass-on information and find common goals. The ones to define the goals will be the participants on the network.

If you’d like know more about 2key, visit our website at: https://www.2key.network/

Or join us on Telegram and let us know if you some exciting new ideas for more possible use cases of the network. We’d love to hear from you!

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Re-Inventing the Link

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2key

Revolutionizing word-of-mouth by fusing smart contracts and multi-step tracking into web links

2key

2key

Re-Inventing the Link

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