Why I Believe Consentium is the Future

As written by Morgan Lim, 4 May 2018 that can be viewed here!

Picture this for a moment, you wake up to 15 messages across the many chat apps you downloaded a couple of years before and begin replying them before dragging yourself out of bed and going about your daily routine. Sounds like every other day right? What’s different here is that with Consentium, you get cryptocurrencies just by chatting and transacting on the app! All those years you spent replying on chat applications like Whatsapp, Telegram and Wechat, to name a few, could have gotten you some cold hard coins.

For those who haven’t heard, Consentium is a best-in-class chat application developed in Singapore with multi-digital-currency C2C transfers as well as proprietary chat community monetisation model (CCM). It is a new chat application that is first to reward its users with cryptocurrency for virtually any group or community you create. With fresh funding of USD$20,000,000 in time of writing, Consentium aims at geographic expansion including into China, as well as product development. It is also hailed as the first mobile, consumer-to-consumer, cryptocurrency transfer system in the world.

Imagine this, you get cryptocurrencies just by doing what you already do on a daily basis, Consentium allows peer-to-peer (P2P), multi-digital-currency transfers between users. The fintech platform also offers a transactional fee redistribution programme as an incentive to create and cultivate strong in-app communities. Consentium uses a reward system based on creation of quality community groups, comprising both amount of users and on-app reputation of users.

Transfers of cryptocurrencies between users on Consentium will be charged a nominal fee of one per cent. The fee will be borne equally by both transferor and transferee. E.g. $0.01 will be split $0.05 accordingly.

All transactional fees will be entered in the distribution pool via a cold offline wallet. Transfer and storage is done through a secure encrypted environment. From the distribution pool, funds are parse through on a monthly basis and reallocated fully to the community creators and users based on preset criteria.

What does this mean?

I’ve asked myself what a world with Consentium is like and I recently stumbled upon an article on Medium that explains it all. Here’s an excerpt:

Consentium uses the fees from its multicurrency transfers in-app to directly reward the creators of big groups. This is ground-breaking in many ways:

1. Small businesses/influencers can be created around offering strong content to users, without worrying about charging for their endeavours.
2. Businesses with an existing community can use their rewards to further incentivise their following, or lower the price points on their products/services based on their numbers.
3. Non-profits can be rewarded for bringing awareness to their causes within their community.
4. Appealing to the crypto-communities, many of these token/coin communities can make the shift to Consentium, which in turn leads to a higher reward pool for all groups due to a knock-on effect of increased number of in-app crypto transfers.

Read the full article here: https://medium.com/@jeihjeih/the-problem-with-chat-apps-a4ffffc9d1b1

The company plans to roll out support for additional features in the next 12 months and is is currently working on expansion into China, Japan and South Korea. Proceeds from the fundraising will also be used to address operational costs as it completes development of the technology. It will also be used to continually improve the user experience by implementing new features alongside better security and encryption functions.

But don’t believe my words, hop over to www.consentium.net for its whitepaper and decide if Consentium is for you!