Contentos Live AMA Session with Binance Turkish Community
On December 30, our Co-Founder and CEO Mick Tsai had an AMA session with Binance Turkish community and introduced Contentos’s current projects, future goals and launch plans in the Turkish market. Zac, VP of Product, also joined the AMA and answered the community’s questions.
Read the full AMA text below. (This AMA has been edited and condensed for clarity.)
Oguz: Hey Mick! Welcome to our amazing Turkish community! It’s really nice to have you here with us. Feel free to introduce yourself.
Mick: (Video) Hi what’s up guys! This is Mick from Contentos. It is my pleasure to join the Binance Turkish community AMA. I hope you guys like my answers. Let’s get started!
Oguz: Nice introduction Video! It’s excited that Contentos is finally here in Turkey. Could you briefly introduce Contentos and the COS projects?
Compared to any other similar content blockchain, Contentos has real content products that support photo, live streaming and video, millions of content creators and a large number of potential users worldwide, these three unique advantages provide Contentos with the chance to stand out among any similar projects.
Oguz: Thanks for your answer Mick! I noticed the campaign #COSMyTalents are running in Turkey, and it believes that COS.TV can help people better in showing their talents to the communities than YouTube. Can you explain why a person should try COS.TV instead of just YouTube?
Mick: Great questions! Here are a few points:
● Fast/easy to create account on COS.TV and upload videos● COS.TV supports content creators to get exposure, no dictatoring content censorship (e.g., YouTube banned crypto content recently)● Revenue made from video directly, in additional to ads.● Watch & engage as an audience to make money● High monetization bar to cash-out money from YouTube● COS.TV run campaigns with the community often to reward creators and audience. E.g., #COSMyTalents Video competition which is on now, over 6,000 TL COS rewards + lucky draws
Oguz: I like the rewards. It is charming to see them in Turkish Lira! My next question is that, can you introduce the path from getting COS to fiat money?
Mick: Sure! this is always one of the top priority tasks to us.
(1) Creators upload video OR audience watch & engage with content (like, comments)(2) Get VEST rewards 7 days after the above behavior generating reward (VEST is 1:1 to COS)(3) Convert VEST to COS on mainnet (on a 13-week basis, converting to COS linearly)(4) Convert and transfer the COS to Binance.com and convert to BTC or USDT!(5) Move BTC to a regional exchange that has a fiat channel to sell and get fiat money.(6) Use fiat to pay
In short: Create content -> Get COS reward -> Trade on Binance.com -> Convert BTC/USDT to Fiat!
Oguz: Sounds like decentralized YouTube, am I right?
Mick: Correct! So if you can produce video, you can become one of the COS.TV creator!
Oguz: Nice! The fourth question is coming. What are the benefits of voting by BP?
Mick: Running a BP and get enough vote is the requirement of being a Contentos BP, and it has limited spots, only the top 21 BP candidates can become the official BP to produce blocks and receive rewards.
But if you are an individual community member and cannot operate a BP by yourself. The best way to participate in the BP election is casting your vote (your VEST) to any BP who promises to share their reward with you.
In order to help the community, we prepare 7 “Community Block Producers” and as long as you vote any BP among these 7 Community BPs, every 7 days, you will get the reward shared by these community BP, we share 80% of reward with the community from these 7 BPs!
Oguz: Thanks! My next question is that, what is the business model for Contentos?
Mick: A true question to every business
As a non-profit foundation, Contentos blockchain itself and our team cannot make profits, but we do have several major cases for COS:
1. Peer-to-peer transaction — such as fans direct donation/subscription to influencers/ creators, which is the main business model on Twitch and Patreon.com. COS will be the token you use to purchase virtual giftings or make direct donations/subscriptions.2. COS will be the “fuel” to run the smart contract system in Contentos. We have WASM virtual machine built in Contentos and we will have many pre-created smart contracts for advertisers to make business deals like ads with creators on-chain. COS consumption is essential in this case.3. COS will also be the vote to elect block producers, similar to EOS design. We expect to see a huge COS “staking” need from here.4. Any DApp developer who wants to build DApp on Contentos also needs to make a COS security deposit into Smart Contract — this makes sure that DApp developers won’t build something that hurts the entire ecosystem.
On top of Contentos blockchain. COS.TV has its business model and collects COS as the payment, we leave this to each DApp team to design the usage of COS. For instance, COS.TV will accept DApp developers’ COS payments for the promotional spot on COS.TV website, today we already have Harmony, Matic and MixMarvel partnered with us to promote their DApps and content on COS.TV.
Oguz: What is the advantages of Contentos compared to other content blockchain projects?
Mick: Contentos is supported by Cheetah Mobile (600M+MAU) and various content-related services including Live.me (live streaming), Cheez (short video), PhotoGrid (image) and COS.TV with over 60M overseas MAU combined. We have a strong user-based before we built in our blockchain projects which make us stand out in content blockchain projects.
Besides our partnership with successful content Apps, our own platform COS.TV is also growing rapidly and reached 10k DAU in October and November.
Data don’t lie, you can see COS.TV global website ranking is going up rapidly in the past 90 days: https://www.alexa.com/siteinfo/COS.TV
Oguz: PhotoGrid? I used to use Photogrid and tonight gonna try COS.TV!
Mick: PhotoGrid is facing photo creators and COS.TV is facing video creators.
Oguz: Thank you for your answers Mick, now let’s move on to the next segment. The community will ask you some questions now.
Q1: A country with a young population in Turkey. moreover, it is the most interesting country in Europe with crypto coins. For 2020, you will continue to organize special events in Turkey? What do you think about Turkey’s market?
Mick: Turkey is a very young and energetic market, and it’s also a new star in blockchain space, Binance also show very strong support to this market. The young population always needs more great content, that’s why we choose to step into this market. In fact, PhotoGrid already has over 100K daily active users in Turkey today as we speak!
Q2: Are there any restrictions for uploading videos to the system?
Zac: Yes. COS.TV respects the creators as well as the audience.
There’s a report function for each video, if you find the video disturbing or violate the laws (violence or nudity), you may report it to us. The inappropriate videos will be hidden if the community confirms it to be NG for Contentos.
Q5: How big is Contentos team?
Mick: Currently, we got around 50 people. Half of them are developers, and we also have a local team in several countries such as the U.S., Brazil, and Vietnam.
Q6: I am a Youtuber. What would be the benefits if I joining the COS platform?
Zac: Hi! We love to have talented YouTubers join COS.TV. COS.TV is rapidly growing, which means we may have more promotion campaigns to attract users. For the creators with great content that fit our promotion events, we definitely will help the content to get more exposure. From another perspective, COS.TV is building more interactive features such as Gifting Votes. We want to make it easier for creators to build their fan community on COS.TV
Q8: COS.TV beta currently exists as a website. When the application will be active. Will users also have a wallet to check their earnings here?
Zac: We want to keep the “beta” in our minds, so we know we need to adapt to users’ needs. We know COS.TV is not perfect but we’re willing to improve it with our users. COS.TV embeds a web-based wallet, so you can check your earnings.
Mick: Hey, guys! I love to have this chance to AMA with everyone here! hope you all enjoy the answers. Please stay tuned with Contentos and COS!
Oguz: That was a pleasure to welcome you and have a great night there!
- Mick, Co-Founder & CEO of Contentos