In 2016, a film titled “Nerve” was released in which users of an application would be able to compete in online competitions in exchange for real-life prizes. Users would go through a list of “challenges” that were then judged by the general community that used the application. Up until recently, the general film community raved on about a possibility that this might become an actual application.
Eristica, an online FunTech video sharing platform, has done just this, allowing a full-fledged community to place “challenges” which users submit response videos to. The surrounding network “votes” on the best entry, and that user is then rewarded with inclusive cryptocurrency. Although the challenges and games that are offered by Eristica are not as high intensity as the movie, the delivery is still the same.
The platform enables users to be rewarded automatically through the integration of AI. It’s the first example of general consensus being used to reward users with an actual currency that holds value rather than “likes” or “shares”. The sharing platform is revolutionizing cryptocurrency, and making blockchain fun for all.
You might actually be surprised by how in-demand this platform is. Although Nerve wasn’t the first time the idea was thought of (Platforms such as BREAK offered ideas to a similar platform before), it definitely increased the public’s demand for a platform like this. Developers scrambled to create an application that resembled the platform brought about in the movie but to no avail. Many financial laws and technological restrictions put various barriers in the way of developers. Eristica enables users to safely and legally compete in these online competitions for the first time ever.
The onslaught of new content that emerges in the general content sphere every day is overwhelming. It seems to be the same boring content repetitively; and to top it off, there’s no incentive for creating fun videos. High-yield advertisement agencies only reward minimal amounts even for reaching high view counts and user interactivity.
Eristica allows for an inclusive environment to which users can compete with one another and create their own rules. If one user wants to reward someone $1000 for the most interesting 10- second clip of basketball, they can do that. It helps brand awareness in that brands can host events for charity, or even for advertisement exposure. It creates real relationships within a community as well.
New Technological Generation: Blockchain and Cryptocurrency
Eristica brings blockchain and cryptocurrency to the new technological generation in a fun and easy to use way. Many users aren’t aware of the possibilities that come along with cryptocurrency in their everyday activities, such as social media sharing. When you add rewards and incentives, the game is completely changed.
In this way, Eristica brings blockchain awareness to the public. Blockchain and cryptocurrency can definitely be overwhelming at first glance, especially if you’re not the most computer adequate. It doesn’t matter how long you’ve been using technology, some people just simply aren’t great with computers and don’t have the time to research cryptos thoroughly.
Through Eristica users are unknowingly using the positivity of blockchain technology in a fun easy way in which they can actually be paid for completing video challenges.
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Remember the Ice Bucket Challenge?
Take for example the “Ice Bucket challenge”, “cinnamon challenge”, or “toothpaste challenge”, all challenges that became internet phenomenon with the volume of users that were doing them. Users can now be rewarded with cryptocurrency for completing challenges such as these in quality efforts.
Another huge emphasis that Eristica wants to focus on is the quality of these videos. The network is encouraged to vote for higher quality videos; this emphasis will allow for the lack of “high-quality video sources” throughout Asia. This means higher quality videos will obtain higher profit rewards, creating a sort of encouragement for dedicating time to creating videos.
Eristica has focused a lot of time on security as well. Video proofs through the blockchain ensure that videos cannot be edited and must be recorded in real-time to ensure authenticity. A decentralized voting system exists so users cannot “bot” votes, or create duplicate accounts to boost sole video ratings. When undertaking other online challenges, there have been many instances of fraud risk. These are eliminated through the platform.
Eristica has migrated its platform to the BitShares blockchain after Ethereum’s backend showed extreme scalability issues. Eristica has stated that the BitShares platform will assist in processing the 1.2 million users that will be migrated along with the platform. BitShares protocol enables up to 100,000 transactions per second, thousands of times faster than Ethereum’s current protocol. The switch to BitShares also ensures a decentralized inclusive exchange which means that there will be no third party or middleman in the way of Eristica and its inclusive transactions/processes. This evidently means no additional fees or external security threats.
Eristica has a goal of reshaping the funtech atmosphere and enabling a new network of users from the younger generation. It gives blockchain to people in the first way where users will actually be using it rather than talking about it through inclusive tokens that have real value. In many cases, companies will talk about blockchain technology and how they plan to use it to further a project, whereas in the case of Eristica there is already a project that exists; the token simply makes the application easier and better.
The integration of BitShares shows emphasis on security and usage and how the company plans to better the application and expects a large influx of users; the BitShares backend will assist in making sure the large amount of usage goes smoothly. As a whole, Eristica is making blockchain and cryptocurrency fun, and attracting an entirely new wave of “investors” by employing the new generation of technology.
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