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Social Video App Cheez Now Offering Cryptocurrency Rewards

Social video app Cheez announced recently that it will soon be integrated with Bitcoin and Ethereum rewards for users. Some, however, are skeptical of the reward cap and centralization.


Bringing Cryptocurrency To The Masses

Cheez, a social video sharing app designed by its Chinese parent company LiveMe, is taking a dive into the world of cryptocurrency by integrating a system that will reward its users with Bitcoin00, Ethereum, and a native Ethereum based ERC20 token.

Cheez was launched in August of 2017 as an application where users could make short video clips and share them with friends or across the platform, similar to other popular applications like TikTok and the now-disabled Vine. It currently has over five million installs and is most popular with the teen and young adult demographic.

LiveMe CEO Yuki He sees an opportunity to bring the world of blockchain and cryptocurrency to this enormous group of young web-obsessed users. This new integration will allow users to take a metaphorical dip in the shallow end of blockchain and cryptocurrency.

Getting To The Cheddar

Before you quit your day job to become a crypto-earning Cheez superstar, we should talk about the reward system and how much one could expect to earn.

Dimitar Mihov (Mix) at Hard Fork gives us the low down on the rewards system. He writes:

The daily limit for rewards is capped at 0.00352 ETH or 0.000241 BTC – about $1.50 at the current rates.

Considering a consistent price, one could earn about $45 per month or $550 per year with the new system.

To earn rewards, users must complete daily tasks such as watching, sharing, or uploading content. Mix continues, writing:

Users will only be able to claim Bitcoin or Ethereum rewards for every three, six, and 10 tasks completed.

The app, however, offers a third reward choice in the form of an Ethereum based ERC20 token Contentos (COS), named after the blockchain startup that is partnered with Cheez in integrating the new system. Users will be able to claim COS once for each of the 15 daily tasks. The COS token can be used within the platform to purchase things such as filters, editing functions, and even purchasing the ability to send messages to their favorite Cheez content creators.

The downside of the COS token is that it currently has no value outside of the platform as it is currently not listed on any exchanges.  Mick Tsai, the founder of Contentos claims:

We’re planning to list COS on a top-tier crypto exchange later this year so that LiveMe and Cheez users will be able to trade with other cryptocurrencies or fiat.

Social Video App Cheez Now Offering Cryptocurrency Rewards

Some Cheesy Criticisms

Besides the reward ceiling, there are a few other notable criticisms of the new integration.

The largest of those criticisms being that Contentos, while claiming to be focused on creating a decentralized ecosystem for mobile content, is ironically launching the new Cheez cryptocurrency integration system on a centralized server. Because of this, fees and GAS costs generated by transactions between the Cheez app and the user’s cryptocurrency wallet must also be covered by the user.

Others feel that this new system is not an actual use-case and that it is just a way for Cheez to attract attention and new users by using buzzwords like “blockchain” and “cryptocurrency.” Many mobile app companies are chasing this trend, like mobile chat company Kik.

Will you be trying out the new Cheez rewards system to earn some extra cryptocurrency? Let us know your thoughts in the comments below!


Images courtesy of Shutterstock

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Bitcoin Cash Still Missing 13% of Its Nodes 2 Weeks After Hard Fork

· May 28, 2018 · 8:00 pm

Two weeks after its hard fork, 13% of Bitcoin Cash nodes are still running old software which is incompatible with the rest of its network, data reveals.


Theories Emerge Over Rogue BCH Nodes

As shown by Coin Dance and uploaded to social media by cryptocurrency commentator Ben Verret Sunday, Bitcoin Cash has so far failed to gain full support for its new fork, which split off from the main chain May 15.

The statistics present fresh controversy around Bitcoin Cash for certain cryptocurrency users, commentators this week also picking up on how Bitcoin (BTC) has outperformed the altcoin for the past week on network cost, and now has lower transaction fees.

When it came into being in August 2017, Bitcoin Cash proponents stated one of its essential features was to provide cheaper transactions than Bitcoin.

Debating with Verret, however, others suggested the 87% incorporated all nodes still being maintained, claiming the nodes not following the majority consensus were de facto dormant.

“If they would have any economic value they would continue mining unforked chain,” one response reads.

A Tellingly Quiet Disagreement?

Meanwhile, a similar report on the lack of consensus in Bitcoin Cash post-fork focused on the lack of publicity it received.

Bitcoin core developer Kalle Alm noted that 16-17% of nodes were not following the new chain May 16, adding “everyone would explode” if a similar phenomenon occurred on the Bitcoin network, whose nodes are running at 100 percent with the consensus rules.

“You can tell BCH is not bitcoin by looking at how not everyone is losing their shit all over the place,” he wrote.

Imagine if 20% of BTC nodes failed consensus? Everyone would explode. And there would be forks as miners are not just one dude running a farm.

BitcoinVPC creator grubles had gone further, describing the hard fork as “an epic screw up for a network marketed as a store of value and a medium of exchange.”

What do you think about Bitcoin Cash nodes’ inability to form consensus? Let us know in the comments section below!


Images courtesy of Shutterstock, Twitter

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