imgvue - a social media app where users get paid for posting good content.
Goals and Timelines:
Add XLM as an additional digital asset to the app (Testnet beta)
Enable peer-to-peer tipping with XLM on Testnet Finish development of our Photo / Video Editor and video serving infrastructure
- Enable peer-to-peer tipping with XLM on Mainnet
- Enable withdrawals/deposits of XLM using built-in QR-code scanner and address book
- Allow top-up of XLM by letting users easily link their Coinbase.com accounts
- Create an intuitive UI to let users exchange assets on Stellar Decentralized Exchange
- Launch a marketplace within the app where users will be able to spend the XLM they earn on products / services
- Build out our network of marketplace partners
- Launch marketing drive focusing on key target markets
- Partner with selected content creators to drive traffic to our services
- Launch public iOS beta
Please note, this is a resubmission of our previous proposal with adjusted development timelines due to a lack of resources.
Mainstream social media platforms commonly let users ‘like’ or ‘upvote’ each other’s content but this has no real value. A small percentage of users manage to monetize their content but ultimately, it is the big social media companies that profit off the users.
imgvue is a content sharing platform which directly rewards the users. When a user gives a ‘like,’ a transaction occurs on the blockchain sending digital currency to the recipient. The premise behind the app is simple: the better your content, the bigger your earnings!
Every user on our platform will earn digital currency for posting content others enjoy, putting power back into the hands of the users.
We are three months into a live public beta and already have 2,500 monthly active users and have not yet undertaken a marketing campaign. More people are organically downloading our app every day, confirming our belief that the premise of our app is ready to disrupt mainstream social media.
You will see in our goals section that we will launch a marketplace within the app. In order to create demand from mainstream users for digital currencies, we need to create exciting opportunities where that digital currency can be spent. This marketplace will provide a central place for products/services that can be bought with Stellar Lumens.
imgvue’s users will be driven to ‘earn’ digital currency by spending time on our platform and posting content. In turn, they can redeem their earnings in the marketplace. This will be an attractive proposition to bring established brands and partners to the app where they can market directly to users looking for opportunities to spend their digital currency.
Why is imgvue valuable for Stellar?
Our app is putting Stellar Lumens into the hands of everyday users. When we talk with our users, many of them have never held a cryptocurrency before joining imgvue. Our users are excited to earn digital currency for their content; we have also learned that they are willing to share it with others (such as through tipping) and they are always looking for opportunities to spend the digital currency on themselves. We believe Stellar Lumens should be at the forefront of mainstream user adoption!
Download imgvue and see for yourself:
Android Alpha - https://appdistribution.firebase.dev/i/UpzZf15M
Question: Is this app just an Instagram clone?
Answer: NO! Sharing content is the premise of all social media. One of the key differences in our app is that every user will earn Stellar Lumens for their content. Once we have the marketplace within the app, these users will instantly be able to spend the Lumens. This is an entirely different business model to Instagram which profits off selling user interests to the highest-bidding advertisers.
Question: Is it free?
Answer: The app is 100% free for users and we will keep it that way. How? To begin with, we are seeding our new users a small amount of digital currency to get them started. There are various opportunities to earn more digital currency for free within the app too, however, at the moment, these are being subsidised by us. Once the marketplace is up and running, the revenue stream we receive from marketplace partners will be directed towards funding further new earn opportunities for users incentivising them to keep earning and spending within the app. In the future, a user will also be encouraged to top up their wallet balance by credit card.
Question: Who holds the private keys to the users' digital currency?
We have no access to the private keys. The first time the app is opened, a digital wallet is created on their own device. They can receive and withdraw the digital currency they earn from the app at any time at their own discretion.
Question: What digital currency will imgvue support?
We will support Stellar Lumens and KIN. The KIN blockchain is a fork of Stellar’s so the implementation is similar. However, the supply of KIN is 10 trillion, meaning the value of it will not be as high as Stellar Lumens. This will let users switch to a high supply, low-value currency, in case they prefer to spam their likes on their friends. However, a user receiving KIN will be able to exchange them back to Stellar Lumens if preferred.
Question: What will this award be used for?
This will finance the ongoing development of imgvue. We have lots of great features to make this app a success but we are limited by resources so this would be greatly appreciated. The award would make a valuable contribution to the further adoption of mainstream consumers of digital currencies.
IMGVUE LTD is a company registered in England and Wales (No. 09503991) and regulated by the Information Commissioner's Office. Our ICO Registration number is ZA509298.