Consentium: The New Kid On The Block
What defines millennials? Probably one trademark would be having conversations on various chat applications such as Whatsapp, LINE and Telegram etc.
Personally, I have all 3 apps on my phone, although I must admit that my fascination over LINE (with its cute Brown and Cony stickers) has ended.
In today’s world characterised by a multiplicity of chat apps, how does one decide which to download?
While doing some exploratory research, I chanced upon a new and relatively unheard-of app known as Consentium that attempts to incorporate a newfangled Chat Community Monetisation (CCM) Model.
This means that besides app developers and sticker creators who can monetise from their inventions, users can now monetise their time and input through online interactions.
Specifically, the size and quality of chat groups formed are important yardsticks. Quality groups consist of a large number of high reputation users, where reputation is in turn computed based on the number and magnitude of transactions in the past 30 days.
For example, to achieve the highest “Ultra” group status, there must be 500 members with reputation 5 and above (out of 10). Thus, unlike other apps that impose a stipulation on the number of users within each group, Consentium encourages the formation and expansion of networks of friends and relations.
So how does Consentium works?
To put it simply (especially for crypto greenhorns like me), each consumer will hold a multi-currency crypto wallet, that allows for transactions in different digital currency denominations, including well-known Bitcoin and Ethereum besides Consentium coins.
With such a divergent incentivisation model, Consentium is looking to expand its consumer base to businesses. Through the incorporation of various brands, products and services, it aims to become one of the top-notch digital platforms that support the growth of businesses, similar to established platforms such as Alibaba and Amazon.
There will be a 1% nominal fee levied on every transfer, where the giver and receiver will bear 0.5% each. All transactional fees will then be amassed in a distribution pool and redistributed proportionately in accordance to Consentium’s predetermined guidelines.
Furthermore, for individuals and companies with concerns about privacy and security, Consentium has already given its word about chats and transactions being highly encrypted with an advanced technology known as the SHA-256 hash algorithm.
With all its latent potential, the app is slated to launch in late 2018. You can check out the Consentium website in the meantime!
