Social Entertainment will be Revolutionized by Blockchain
Blockchain may have once been considered a fad that would pass, but as time passes, the use of blockchain tech becomes ever more present, as the ever-widening number of industries embracing the concept and the technology.
Social entertainment, same as Bitcoin and other cryptocurrencies, has jumped on the blockchain bandwagon, with You42 being the first to develop a platform that brings games, music, video, sports, news to you in one central social space.
For the fans, the single platform brings them ever closer to the artists and authors, while record labels, studios, artists, authors, and creators are able to maxim their earning potential by cutting out the middlemen that eat away at their respective earnings potentials.
In the music and film industries, streaming has become particularly popular. With the likes of YouTube, Spotify and Netflix taking the mass market share, control has essentially just shifted away from the film production companies and music record labels to the new platforms that have benefited from mass audiences, YouTube alone drawing in over 1 billion users.
With artists becoming ever more conscious of the loss of earnings, the power of the larger social entertainment platforms being similar to the record labels and production companies that are responsible for distributing of product to the mass market. The availability of blockchain technology and the arrival of You42 Platform could not have come at a better time.
You42 is looking to bring an end to the days of the record label executives demanding high fees for recording and distribution, by bringing the artists and their audiences together on the You42 platform.
Musicians will undoubtedly be watching closely to see whether You42 is able to deliver on its promise, the greatest significance from an artist’s perspective being the number of users of the You42 platform and the reach to the mass market. The good news is that You42 is a web application built in HTML5 that can be accessed through a browser on any device.
The You42 initial coin offering is scheduled to kick off on 2nd July 2018, with the pre-sale having already taken place back in April. The Beta version of You42 is already available for select users to get a feel of the platform. The platform go-live date will follow the closing of the initial coin offering.
You42 will be issuing a U42 Token through the ICO, with the token being described as a service token used to purchase advertising in a per-use or per-display model based on a rate set by the platform at the time of the purchase. The token is based on the Ethereum ERC-20 token standard.
U42 Token holders can place advertisements on the You42 Platform by using a compatible Ethereum wallet to access the U42 Token smart contract and transfer tokens for services, with top-ranking content creators on the You42 Platform receiving U42 Tokens as a result of their contributions to the platform.
U42 Tokens can also be used to purchase Ucoins, which can be used within the You42 Platform to interact with other content creators.
The You42 Roadmap can be summarised as follows:
- Platform planning and early-stage development – 2016
- Integration of Upload & Search Functionality – 2017
- Social feed & Messaging Feature Sets – 2017
- OTT Content (2017)
- Token Infrastructure: design, economy specs and advertising module – 2018
- Internal Development Team Staffing (2018)
- Platform Launch & ICO – initial platform release and token sale begin – 2018.
The details of the token sale are
- Pre-Sale: April 23rd, 2018 (Accredited Investor Sale)
- Public Sale: 2nd July 2018
- Ticker: U42
- ICO Token Price: 1 U42 = 0.50 USD
- Fundraising Goal: USD50m (USD21m raised to-date)
- Total Tokens: 525,000,000
- Available for Token Sale: 60%
- Know Your Customer (KYC): Yes
- Token Ineligibility: Mainland China & South Korea
- Accepts: Ethereum (ETH)
- Token Issue: Upon Close of the Public Sale.