YouNow, the global video platform that pioneered mobile live streaming, and a leading platform for token-based financial services CoinList today announced featuring YouNow’s upcoming PROPS Token Sale on CoinList. CoinList connects accredited investors with the highest quality blockchain projects, and PROPS will be the third project, following Blockstack and Filecoin, to be listed on the rapidly growing platform. To extend investment opportunities to a wider audience, YouNow is also collaborating with Republic, the SEC-registered blockchain investment platform, to provide non-accredited investors similar access to PROPS.
The PROPS token sale will open in December with a hard cap of $25 million USD. YouNow is backed by Union Square Ventures, Venrock, Comcast Ventures, BlockTower, CoinFund, Notation Capital, Kryptonite1, Oren Zeev and Chris Dixon.
Adi Sideman, Founder and CEO of YouNow, said, “In 2014 YouNow introduced the first two-sided virtual currency economy in the U.S. that drives revenues for creators. Today we average 62,000 transactions per day and millions in virtual currency sales per month. Harnessing crypto-economics and PROPS’ new many-to-many video infrastructure, we expand beyond live-streaming to new social video formats previously not possible. PROPS is a decentralized digital media network that rewards its users, content creators and developers, based on their contribution to the growth of the network. It puts the value generated by the network in the hands of the people who make it run. We are honored that PROPS is one of the few projects to be carried on the CoinList platform.”
Andy Bromberg, CEO of CoinList, stated: “CoinList was founded to help the digital currency industry achieve the market credibility, financial stability and sustainable growth needed to realize its full potential. YouNow represents what we are looking for in a project: an outstanding team, exceptional partners, a promising business model, and an excellent record of execution. They’ve articulated a clear vision of creating an application token to drive their PROPS ecosystem forward.”
Upon token distribution, PROPS will be immediately available for use on Rize—the first app in the PROPS ecosystem—creating user demand for the token at launch. Rize will be seeded with YouNow’s community of over 40 million registered users, who are already transacting in a growing digital economy that currently generates $24M per year in digital currency purchases. PROPS will be used as the underlying currency for apps in the ecosystem, granting users the ability to promote content and receive access to features, premium content, and status across PROPS applications.
“YouNow will be the first consumer service to launch a blockchain-based business model atop an existing two-sided marketplace transacting with a virtual currency. PROPS is set to be one of the very few cryptocurrencies with immediate existing demand, real-world use cases, and a built-in user base,” said David Pakman, Partner at Venrock.
Philip DeFranco, video blogger and YouTube personality with nearly 6 million followers, who is also an investor in PROPS, said: “Blockchain technologies and decentralized economies like PROPS represent new opportunities for content creators like me to be fairly and transparently compensated for the contribution to the growth of the networks we help create. Decentralization of media is a long journey and a long time coming and content creators should be excited by the opportunities it holds for them.”
Jim Louderback, CEO of Vidcon, the world’s largest content creator and influencer conference, said: “The industry has been searching for a robust, simple and scalable way to create a commercial relationship between creators and their fans that don’t require the onerous insertion of a middleman. A crypto and blockchain solution like PROPS could very well rewrite the rules of fan to creator connections and is poised to deliver outsized value to both sides of the relationship.”