Current will utilize the benefits of a blockchain across two phases, first, enabling Current to record user contributions to the platform and reward them for their time, attention, and consumption. This will continually evolve towards using the blockchain to aid in the decentralization and transparent distribution of content, payments, goods and services.
The Ethereum network was chosen because it is one of the most robust blockchain platforms built for application integration and has the largest development community behind it. The Ethereum foundation's dedication to continually develop and improve the underlying technology to improve scaling issues make Ethereum one of the most compelling blockchain platforms to build on top of. Our team has closely been monitoring the progress of Raiden and how we can use state channels to solve the scalability issues we would be facing within Current.
Current launched stage one of platform at the end of March 2017 with a mix of eight public and private integrations, a good portion of which we’ve secured through direct partnerships. All our integrated partners are benefited as they retain all the user interactions, data, and revenue from plays within Current, ie. a play on Spotify still counts for a play on Spotify and they get paid on that stream. Our mission is not to cannibalize our partner networks, in fact we want our users to use CRNC for premium subscriptions within these services. This further benefits these networks and the broad industry as a whole, turning free users into paying users. It is important to note, that our goal is to continue to add content integrations as time goes on, further decreasing the impact of any one integration dropping from the Current platform.
During final phase of the platform, the Current platform will have reached the critical mass of users it needs to make full use of our decentralized media integration that would coexist alongside the most popular third party networks.
When new integrations are added, especially of a new media type (like film for instance), the available pool of relevant information grows and therefore increases the breadth of our recommendations. We can catalogue and display more content and therefore keep users engaged longer. This will in turn impact the contribution coefficient associated with each user and the network as whole.
The total supply of CRNC will be limited at 1 Billion tokens, and we will never issue new tokens after the token sale. During the token sale, 35% of all of the tokens will be available for purchase, and the remainder will be earned through a user's contribution to our recommendation algorithm by consuming media. The rate at which the user is able to earn these tokens is dependent on a variety of factors outlined in the white paper.
Tokens not allotted during the token sale will be locked up in escrow for 2 years.
Users are able to redeem their CRNC for premium subscriptions to our media partners, such as Spotify. The user would select which service they would like to redeem their CRNC for and we would provide a key to upgrade their service on that network.
The soft cap of our token sale is $5M USD and the hard cap is $36M USD
To remove potential fraud from “bad actors” the 8 variables outlined on page 10 of the Token Dynamics and Protocol section that make up our contribution coefficient are designed in a way to automatically detect and adjust the rate at which the participant is earning CRNC tokens. Should a “bad actor” be automatically detected, their contribution coefficient will go to zero, effectively earning the participant zero CRNC tokens.
350,000,000 CRNC tokens or 35% of the total supply of tokens (1,000,000,000) will be available during the crowdsale.