This article will teach you:
What TribeCoin is as a Company, What TribeCoin offers as a Company, What benefits there are for people and companies/brands using TribeCoin, How their currency (the TribeCoin) is created and what it’s purpose is within the platform.
The Company
TribeCoin is basically a marketing platform that will allow companies/brands to crowdsource part of their marketing by incentivising customers and influencers to create and distribute authentic content that helps companies/brands tell their story to the world.
TribeCoin intend to work with companies that are involved in the areas of health, food, transportation, sharing economy and beauty.
The CEO
For a Company/Brand
Here’s how the TribeCoin platform works: a company signs up on TribeCoin to form what’s called a ‘Tribe”, creates missions for their Tribe to complete, and assigns bounties / bonuses for each mission. Members of their Tribe earn Tribe Coins for completing each mission.
Brands (large companies to small businesses) can create and manage their Tribe, set their own campaign parameters, create custom missions, reward perks, build meaningful communities, and implement long-term incentives for their Tribe to help them reach the long-term goals of the company.
TribeCoin will be primarily focused on brands in the health/food vertical as this sort of content has the highest engagement rates for social media content. This vertical also forms a coherent and meaningful ideology that is central to Tribe Members, which gives them an opportunity to move beyond promoting products, and focus on evangelising a movement to build a better food system and empower people through food.
For Customers/Evangelists
People can sign up at TribeCoin to either become a Tribe member, and complete missions for the Tribe. Successful Tribe members can receive an invite to become a ‘Tribe Leader”, whose role is to keep the Tribe engaged and inspired, attract the right people to the Tribe, teach people how to complete missions, and participate in growing the OST ecosystem.
Tribe members who complete missions will receive Tribe Coins, which they can sell for fiat, or exchange for highly discounted health and food products in the Tribe Marketplace. TribeCoin believes that these health/food products provide meaningful utility for Tribe Members, which will help prevent users from liquidating their OST, and eliminate a massive industry cost that is associated with sending free product to content creators.
Benefits
For Companies/Brands:
For Tribe Members and Tribe Leaders:
So, for a Business/Brand how does a TribeCoin campaign work?
Create Missions for your Tribe to Complete; Set a Bounty and performance bonuses to be rewarded to a Tribe Member when the mission has been accomplished.
Assign Bounties for Each Mission; Invite customers, influencers, organisations, and brand evangelists to help you form your Tribe. When your Tribe has been formed, you can launch your first campaign.
Build Your Tribe; Invite your network to help you accomplish your goals, or TribeCoin will help you build a Tribe that fits your vibe.
Award Tribe Coins; TribeCoin will reward your Tribe members with Tribe Coins, the currency of their collaborative ecosystem.
Roadmap
They are already working on their first pilot campaign with San Francisco based company; Sun Basket, a company with a valuation that is rumoured to be around ~1B. Their business is based on making healthy cooking easy, and send their customers easy-to-follow recipes with organic, sustainable, and non-GMO produce in meal kits that are delivered weekly. Campaign participants not only receive eight free meals from Sun Basket, but can earn up to $222 for each mission they complete. Tribe Leaders can earn an opportunity to start their own at-home cooking channel, and eight free meals every week for a 10 week sponsorship.
They are also working with Feastly, who has commissioned them to analyse and measure content that is produced from a charitable campaign focusing on helping aspiring female chefs across the country, and will help build a compelling use case for pricing social content by authentic engagements (CPE) instead of the industry standard CPM model.
We can expect more developments, news, data, and user generated content from these partnerships in the next month.
The Currency: Tribe Coins
These act as currency within the TribeCoin Ecosystem. They are Branded Tokens (ERC-20 Tokens) created with ostKIT by ost.com. The monetary value of Tribe Coins is created by the OST Tokens (ERC-20 Tokens) that are staked (they back the Tribe Coins; kinda like how gold used to back the USD) on the Ethereum Mainnet. The Tribe Coins themselves transact over scalable sidechains to the ethereum mainnet (so very fast transaction times independent of Ethereum Mainnet). They are tied to the Tribe Coin ecosystem and are not available to trade on the exchanges. They can however be exchanged to the OST Token that backs it (through a Universal Multi currency ostWallet) which in turn can be traded on the exchanges.
If you would like to know more about the ins and outs of Tribe Coin, visit http://tribecoin.com, or email their CEO ([email protected]).
If you would like to know more about ostKIT that enabled the creation of Tribe Coins, visit ost.com.
Concluding
In my opinion it is a great way to crowdsource part of the marketing to customers and product evangelists alike, who are then incentivised to do a good job in spreading both product awareness and informing the public on a product or brand. It brings bounty and marketing solutions, influencers and companies all together in one accessible platform. No need for people to scour the internet for bounty projects and no need for companies/brands to create them all over the place, or work through expensive agencies who only work with large influencers. User friendly, all in one, clearly structured and easy to manage. They seem to set their eyes on the future of economy, which is moving more towards distributed events (versus simply ad based models). Also participation by and empowerment of the individual, as well as that of a community through meaningful collaboration and participation enabled by incentivisation has fast become a new way for companies to engage/market and for both company and customer to benefit.
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