Sphere is a new decentralized social media network that is currently in the ICO phase. I am very interested in blockchain based social media websites and i think they have huge potential, just have a look at steemit.com for example, it has over 650,000 users and has a current market cap of around 198 million.
The social media market is currently worth around 500 billion per year, and around 3 billion users worldwide are using social media today.
So i thought i would take a look at this new platform along with it’s key features, and find out if it would be worthwhile investing some of my hard earned bitcoin into this platform.
So what is Sphere?
Sphere aims to be a social media network where people can share stories, ideas, photos, videos and other media content. The main idea behind this project is moneytizing data sales. Big corporations like Facebook and Google make big money from selling your data. They find out what products and services your interested in, what you click on, what you watch, who you like, who your friends are and much more. Sphere aims to take this data back and share the revenue with the users.
Sphere already has a working app on the Google play store, which is currently in beta stage. They also plan to release a debit card, where you can spend your SAT tokens anywhere that accepts VISA.. this will be a great feature and make spending your cryptocurrency very easy. It will also create demand for SAT tokens, as users will purchase SAT tokens to fill up their ATM cards when they want to spend in fiat.
Another very interesting feature of Sphere is the referral program, it allows you to get 100 free SAT tokens for each person who signs up. They only need to input their email and create an account, no purchase is necessary. If the coins ever do anything like steem, they could be worth around a buck each.. so there is great potential if you promote this website to your friends.
Sphere has had over 200,000 registrations, so this is a great way to generate a userbase before the site is launched. It will cost the company alot of money in terms of tokens given away.. although this will lead to mass adoption. Instantly they will have hundreds of thousands of users using this token.. a fantastic marketing ploy, and one i hope to see more ICO’s use in the future.
Here is the Sphere ICO promotional video, worth watching.
Blockchain based social media sites are the future, and have proven to be very popular so far. Sphere has a good team behind it, a working product along with a great marketing approach. I will be watching this ICO closely and share the results with everyone here on the blog.
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