• Wed, 21 Aug 2019, 01:10 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Video streaming service YouNow files with SEC to distribute Props token

Thu, 20 Jun 2019, 12:29 pm UTC

U.S.-based live broadcasting service YouNow has filed a public offering with the Securities and Exchange Commission (SEC) for its Props token.

Founded in 2011, YouNow provides a platform wherein users stream their own live video content or interact with the video streams of other users in real time. According to the details on Crunchbase, the company has raised $26 million in funding to date and is backed by Comcast Ventures and Union Square Ventures, among others.

In September 2017, YouNow announced the Props ecosystem, a group of media applications powered by PROPS – an Ethereum-based ERC20 token. The Props team has built a set of open-source tools that enable several apps to join the Props Network, thereby fostering a digital economy that rewards users for their contributions.

In an online post dated June 18, the company said that if approved by the SEC, it would be able to algorithmically reward app users worldwide with Props tokens for their valuable contributions to the Props economy, while ensuring compliance with U.S. regulations. The tokens can be immediately used in apps in the Props Network.

“Props Tokens cannot be purchased as part of this offering. They can only be earned by apps, users, and validators that will contribute to the Props Network,” the blog post added.

YouNow is the first app on the Props network and intends to distribute a considerable portion of its own Props tokens to its users. Tokens could be earned by contributing content, supporting content creators, and actively engaging with the app. YouNow users holding the tokens would be able to enjoy valuable in-app benefits, and participate in the financial upside potential of the entire Props network.

So far, Props has also allocated 70 million Props Tokens for grants towards app development, among other activities, in order to accelerate the network’s growth and advancement.

“Pending final approval by the SEC, there is the opportunity for apps to integrate and ‘mine’ a legally compliant digital token and obtain a stake, for both the apps and their users, in the network they contribute to. This visionary new model is ushering in a new era of transparent and more equitable distribution of value, and sharing that value with end-users,” said David Pakman, Partner at Venrock – one of the project’s backers.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,713.40 (-1.66%)
  • Ethereum (ETH) $194.63 (-3.61%)
  • XRP (XRP) $0.273800 (-2.55%)
  • Bitcoin Cash (BCH) $314.09 (-2.89%)
  • Litecoin (LTC) $74.93 (-2.51%)
  • Bitcoin (BTC) $10,713.40 (-1.66%)
Aug 20, 2019 (Tuesday)
14:02
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:14
HSBC inks agreement to tap Identitii’s blockchain-based information exchange platform ‘Overlay+’
11:59
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:29
Crypto Technicals: XRP/USD fails at 21-EMA, resumes weakness with 'Doji' formation
10:29
Israeli regulator seeks to expedite licensing procedures for fintech and blockchain firms
10:26
Crypto Technicals: Litecoin treads water below 200-DMA, bias bearish
09:26
bitFlyer teams up with Tpoint Japan to rollout bitcoin rewards program
09:03
Crypto exchange startup INX Limited eyes $129.5M IPO, marking the first SEC-registered security token sale
08:00
New York court denies Bitfinex, Tether's lack of jurisdiction claim
07:16
Crypto Technicals: BTG/USD recovery lacks traction, weakness likely to continue
07:15
Ethereum Foundation launches Korean version of its website, announces large-scale translation program
06:39
Crypto exchange BitMEX to block users in from Seychelles, Hong Kong, Bermuda
06:35
Cybersecurity veteran David Damato joins crypto exchange Gemini
05:42
Deloitte unveils demonstrational platform for blockchain solutions
05:36
Crypto Technicals: ETH/USD consolidates break above 200H SMA, potential 'Golden Cross' raises scope for upside
04:36
Crypto custodian BitGo poaches new Chief Revenue Officer from rival Xapo
03:50
97% of South Korean crypto exchanges on the verge of bankruptcy; blockchain startups now want to go overseas: Report
03:41
Philippines' central bank approves 2 new cryptocurrency exchanges
03:38
Association of Cryptocurrency Enterprises and Startups, Singapore rolls out new Code of Practice
Aug 19, 2019 (Monday)
13:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft