Everybody loves rewards and at the same time, before purchasing anything, we all love to read reviews - Be it reviews of some product, a movie or a subscription service. However, what do you think if both these subjects are coupled with each other?
How about a review platform that rewards you? Yes, that's what Futourist is going to do! It is an upcoming blockchain review platform that will let users submit reviews about restaurants, places etc.and in return get rewards in the form of Futourist Tokens. The most interesting thing here is that the rewards will be given based on the quality of the reviews and not the quantity. This becomes a win-win situation for both the readers and writes of reviews.
- Readers - Get to enjoy quality reviews and take meaningful decisions based on that
- Writers - Get to win exciting and valuable tokens and rewards from Futourist
What is the vision of Futourist? - To change the world for content creators. This vision shows how the team is dedicated towards doing something that will change the way we read and write reviews.
So, in case you are someone who loves to write reviews then you will be happy to know that your efforts won't go un-rewarded now. You will only get appreciation but also monetary rewards for writing reviews.
Infact, this is one of those reasons for which Futourist has been started - It believes that a large sector of content creators (especially reviewers) remain empty-ended even after adding so much value through their content. This according to Futourist is unfair and needs to be changed.
Let's talk few numbers now. Numbers like how big is the market that Futourist is targeting -
- Revenue of content industry was worth more than $ 190 billion in the year 2016 and is expected to be worth more than $ 313 billion by the year 2019. This is very important as it shows how creating important content has become a necessity these days.
- Do you want to know how much revenue does reviews derive i.e. someone does take a decision whether to go to a particular place or not based on reviews? So here is an important fact which tells you how much revenue has been driven by people influenced to travel because of reading a review. It is estimated that almost $ 31 billion a year of UK consumer spending is potentially influenced by online reviews
The above graph (taken from Futourist's whitepaper) shows the percentage of people who regularly read reviews before deciding on a business or a service.
- Here is something you would want to know about the travel review industry - The market cap of travel review industry in 2015 was worth more than $ 1 billion in North America alone
- Is the market going to grow or decline? Here is your answer - UN World Tourism Organization is projecting 1.8 billion tourists by 2030. You can imagine the amount of growth in the review industry as more the number of tourists, more will be growth in the content creation industry.
Is futourist really going to do all this? From where will they get users to write and read reviews for their platform?
A very good question indeed. It is not that easy to build a content creation community and on similar lines, bring traffic that will read that content.
However, Futourist has not jumped into this sector just because creating a blockchain platform is in fashion these days.
To answer your question, Futourist already has an existing and working platform – OpenHours – with more than 1 million monthly users.
Isn't that amazing? This gives us a clear idea about the authenticity of the company. To further verify this claim of the company, we went on to check the Alexa rank of the Openhours website and rank is pretty decent - It is among top 6000 websites in Denmark and also their apps have got a decent number of downloads and good reviews.
So this existing platform, Openhours will be migrated to blockchain platform i.e. Futourist and that is how Futourist straight away begins its services with 1 million guaranteed users on board. Isn't that awesome?
I am excited about this platform? When are they launching?
Yes, surely, you must be excited. Well, they are launching in the second half of 2018 which means you just need to wait for a few more months for the craziness to begin.
Can you please let me know few important points from their whitepaper?
Yes, reading a whitepaper for a blockchain ICO (Initial Coin Offering) is a whole lot important as it tells you if the company really has some unique methodology in place because everyone can write interesting words but the authenticity is confirmed when you have a potential working model to achieve your goals. So, to get to know if Futuorist is really going to dominate this review market, we read their whitepaper and here are few things you must know about that -
- Futourist has the vision to have a platform which benefits all - Reviewers, businesses and casual consumers
- In order to bring the fairness in distributing rewards to content creators, the platform will be built on blockchain and Futourist tokens (FTR) would be used for transaction purposes
- The type of reviews will be visual that means instead of just reading through a review, a consumer can actually see a video
- TimMitja Žagar (CEO, ICONOMI) , Alexander Vasylchenko (CEO, Soffito) , Michael Amy and Primož Kordež (Blockchain Economics Expert) are few important members of the team - The team looks really good and experienced
- Futourist is a web and mobile app. On Futourist you can watch and read reviews of nearby restaurants, bars, hotels, and apartments
- In order to make the platform interesting, Futourist will also a touch of gamification to keep users engaged
- Users will be awarded badges, levels based on their participation in the platform
- FTR token is an ERC-20 token i.e. it is built on ethereum blockchain
- Futourist will organize contests as well from time to time to reward users
An example to know the reward system will work?
The app will show a contest (created by some company for a total of 10,000 FTR tokens) for say - 'The best non-vegetarian burgers in Canada'. Now a reviewer can visit some burger shop in that area, enjoy a burger and post a video review of the same.
Now depending on the quality of the review and the number of upvotes received, the reviewer will get his share from 10,000 tokens. On the other hand, the company that posted the contest gets to know about the best burger place and ties up with them for business. Win-Win for everyone!
- Customers can also use their FTR tokens to redeem them at nearby places (that accept FTR tokens) such as enjoy food
- If someone wants to know in-depth review of a place, he can contact the writer and chat with him and pay him few FTR tokens in exchange for information
- Futourist will also launch a payment card which can be used to pay anywhere where the FTR tokens are accepted
- In order to rewards users for their reviews, Pareto distribution method will be used.
Example of a Pareto distribution (α = 5) where $20,000 are distributed among 5000 reviews:
• reviews between places 1 - 100 will receive from $95 (first place) to $11 (100th place)
• reviews between places 100 - 1000 will receive from $11 to $5.56
• reviews between places 1000 - 4000 will receive from $5.56 to $3.45
• reviews between places 4000 - 5000 will receive from $3.45 to $3.20
Token Distribution Split for FTR
- 25% of the tokens will be sold in crowdsale (ICO)
- 5% of the tokens will be kept for migration of Openhours community
- 18% of the tokens will be kept by the futourist team itself
- 45% of the tokens will be used up for the community (rewarding for reviews etc.)
- 7% of the tokens will be kept for future partners
This really seems a very fair distribution plan.
Can I get some freebies from the Futourist?
We hope you have learned a lot about this promising project. We will keep you updated about the crowdsale in case you would like to participate in that.
As far as your question of freebies in addressed, yes you can also get 300 tokens (FTR) for absolutely free by just joining their telegram channel. You can also earn more tokens by other means such as content creation. Here is the link to all the ways you can earn.
In order to get 300 tokens (this contest is closed now), just visit here - https://futourist.io/compete/telegram, join the telegram channel and then provide your username. Stay in the telegram channel until the end of crowdsale.
Do not forget to follow other channels of Futourist for their latest updates -
Feel free to leave a comment below in case you have any questions!