Currently, the world’s largest social Q&A community with a traffic of over 600 questions monthly and 215 million users globally, ASK.fm has, in a giant leap, decided to tokenize knowledge and its exchange. That is its latest blockchain-based upgrade!
It will provide monetary incentives for people such as professionals, influencers and experts whose answers are well-received and demanded. This is an effort to assign value to expertise by creating a ‘question-answer-reward’ mechanism and thereby, creating a self-sustainable knowledge economy.
The new version is called ASKfm 2.0 and the users will have the option to switch to the newer version after registering a wallet. The upcoming public ICO will see a sale of USD 100,000,000 worth of tokens (ASKT) at a price of 0.1 USD per 1 AKST while a private sale is already under way. The company will accept Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC) and fiat currencies (cash) for its token.
Tokenizing the platform can help onboard high-profile users, subject matter experts and opinion leaders. It will also help make the platform more democratic by allowing the community to decide the best source of information independently and fairly with prices regulated by market forces.
How will it work?
Users will be able to participate in the internal transaction economy and earn tokens in exchange for the valuable answers that they provide. They would also get to be the source of superior quality knowledge in exchange of tokens.
A person who holds ASKT may ask a question and bid an amount in tokens i.e. the user who seeks an answer will set the initial reward. The user being asked either chooses to answer or declines and may accept the reward or suggest their own. The smart contract will release payments in the form of AKST once the pre-set conditions by the asker are fulfilled by the responder. The tokens released to the responder can use them either within the ecosystem or exchange them for another cryptocurrency. The accuracy and suitability of the answer will also be validated by independent moderators. The maximum reward for answering a question will be capped at 10 times the ASKT balance of the respondent.
Your answer is an asset
The main intention is to create a decentralised high-quality user-generated content based Q & A community that incentivizes quality and expertise while allowing it to become a democratic and ad-free platform.
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