The cryptoindustry has grown exponentially in the last couple of years. With this growth came an increasing complexity that has by now become a serious obstacle for investors. This is doubly true for the ever more numerous newcomers to the industry. Typically for the Information Age, much of the information needed to make sense of the market trends and many of the projects can certainly be found online. However, sorting the truly valuable data and expertise from white noise and empty hype or FUD is a difficult task to say the least.
https://ico.utile.network/
Utile hopes to tackle this task through a new social media platform on which old and new members of the cryptocurrency community would be able to exchange information about cryptocurrencies. This exchange would be incentivised with a token reward scheme. It also intends to provide a new venue for blockchain-related marketing efforts.
All users on Utile's platform will be able to publish their own content (whether news, reviews or other articles) and evaluate that of others. Each user will have 12 votes a day, divided into three groups with diminishing weight. Content creators will be rewarded in Utile Tokens (UTL) based on their votes and some other factors, such as the returns on investments tied to investment advice articles. While participation on the platform will be free, there will be four distinct membership tiers, all requiring staking a certain amount of UTL for 30 days. Each tier will increase both the weight of the member's vote for purposes of evaluation and the size of the reward the user would be entitled to. Users will be able to subscribe to other users (for fees if the authors decide to make their content private) or view content based on different filters.
In addition to the basic platform, Utile will also have a special educational content section where users could upload videos about blockchain technology and cryptocurrencies for a small UTL fee. Those videos could then be voted for by viewers in specially arranged contests, with winners receiving UTL prizes. There will also be a “help desk” where users could ask questions and offer UTL rewards for answers. Only sufficiently high-tier members will be able to answer, with the platform staff mediating as necessary.
Utile will provide its users with a suite of promotional tools and options. For instance, it will support the automated generation of infographics based on statistics. Users will be able to customise their profiles for a small UTL payment and possibly offer space there as ad slots to blockchain companies. The Utile Network itself will support ads too, accepting fees in BTC and ETH and distributing the revenue between the educational section, a UTL buyback program and Founders: ten selected cryptocurrency community influencers who will serve as ambassadors and educate other participants.
Utile hopes to harness the cryptocurrency community's accumulated wisdom and enthusiasm – and also its self-interest. This self-interest is both indirect (in having a useful data platform) and direct (through UTL rewards). Naturally, it is shared by different parts of the community, from newcomers to veterans, from experts to startups. Its token economy encourages a deeper investment in the platform and its success. Tying rewards to returns on investment would increase the motivation to get it right. Meanwhile, the private content channel option may offer some welcome flexibility to users. This project has already received some support within the community, attracting several notable partners and Founders.
https://ico.utile.network/
Crowdsourcing information about the cryptoindustry with the help of token incentives is not a very original proposal at this point. There are many projects that seek to become the ultimate cryptocurrency data platform based on just such an idea. While all of them have their unique selling points, the key difference that would make or break any of those projects will be the people.
Utile's token economy is geared towards giving the authors of content more rewards for fewer risks and more options in general. But while there are many cryptocurrency writers around, would enough of them be interested in this platform? And will they, in turn, attract a large enough audience for the platform to be viable? If both questions could be answered in the affirmative, Utile Network may indeed become the cryptocurrency crowdsourced information hub of tomorrow.
Website: https://ico.utile.network/
WhitePaper: https://ico.utile.network/whitepaper.pdf
Telegram: https://t.me/utilenetwork
Facebook: https://www.facebook.com/utilenetwork/
Twitter: https://twitter.com/UtileNetwork
Medium: https://medium.com/@utilenetworkofficial
ANN: https://bit.ly/2CoTuiS
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.
