A collaboration worth noticing

Published in

Crypto Bacon Club

3 min readJul 11, 2018

As written by Aloysius Loong, 20 May 2018 that can be viewed here!

With the ever-increasing hype and the hustle and bustle of digital currencies in the world, it is no surprise that there is a constant influx of new entrants of coins by Initial Coin Offerings[1] (ICO), with novel ideas and creative ecosystems to sustain the growth and survival of each coin. Of which, notably, Consentium is a new coin which has created much buzz, being Asia’s first multi-digital currency and group monetisation chat application, they managed to raise a total of $20M to date with this pioneer Fintech Chat App. Additionally, they have collaborated with MegaX (MGX) to enable their coins to be made as payment for items listed on MegaXStore.com. Okay, tons of technical terms here so let us break it all down.

So first of all, what is Consentium exactly?

Consentium is a chat application that will reward users based on groups and community, and these rewards vary by the size, as well as the quality of users in the group. Rewards will only be given to quality conversations, above your typical “man, the weather is hot” if you are looking to get incentivized get ready to participate in thought-provoking discussions! With such a unique revenue model, it poses high potential, pushing for user-generated content to another level, with tons of possibilities; companies and friends alike can take up Consentium as their new chat application and in turn be rewarded. Rewards are generated from the 1% transactional fee between users on Consentium (equal bearing of 0.5% each by transferor and transferee).

So why is it worth hyping if their coin is listed on MGX?

MGX has been promoted as a movement focused on a millennial-driven retail token, developed for them as a fresh, emerging retail network. Why should we even trust them? They are partnered with Megafash, a lifestyle shop hosting various lifestyle products ranging from well-known manufacturers to independent, upcoming design brands. With their speciality area being to feature and support local and independent makers from all regions as a platform for these brands to tell their stories, the result is a wholesome, aesthetically-pleasing collection of items. Or known as “basic”,“step”, “pretentious” to the millennials but most probably wildly unnecessary and high priced to us. Showing their response to trends, MGX hosted mega retail-events that have been wildly successful, the famous Artbox, for the crowd, heat and sweat, had a massive turnout of 600,000 consumers over only 2 weekends. Now with Consentium listed on MGX, it poses benefits for holders or potential buyers of Consentium because there is additional utility to the coin. Furthermore, things found on the MGX store are definitely worth signing up for, loaded with unique items that are relatively harder to find in your average store. To be fair, there are other venues to purchase the items but are definitely harder to locate.

That is all I have analysed, Consentium certainly has an exciting incentive programme with a potentially high uptake, coupled with its enhanced utility now with MGX, it is definitely a coin worth looking out for. Why don’t you view them and judge for yourselves if these coins are worth investing? I will be getting them myself for now, decide and get onboard quick!

References:

https://megax.io/
https://consentium.net/
https://drive.google.com/file/d/0B0G2NEQVoA1ddGNWZnNSSFBONVU/view
http://www.the-blockchain.com/2017/10/27/singapore-retail-group-ifashion-closes-megax-token-presale-raises-usd-2m/
http://shopsinsg.com/megafash-design-stores-in-singapore.html
https://www.linkedin.com/pulse/why-i-believe-consentium-future-morgan-lim/
https://cointelegraph.com/press-releases/consentium-raises-additional-us-10-million-to-build-first-of-its-kind-fintech-chat-app
https://medium.com/consentium/pay-with-consentium-coins-on-megaxstore-326ef16cee9

[1] An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks.

A collaboration worth noticing

Written by Crypto Bacon Club