Credit: Shutterstock photoIn early February, NeuCoin launched a series of consumer applications aiming to offer its users and digital content providers effective methods of incentivizing digital content.
The NeuCoin team, led by the founder of Jango, Dash and DirectRevenue Daniel Kaufman, launched its first official digital currency wallet, introduced the NeuCoin tipping technology through online music streaming platform Jango, and showcased an integration of NeuCoin on a popular multiplayer casual Facebook game called Solitaire Racer.
The successful launch of the three consumer applications led to an explosive growth of the NeuCoin user base. The NeuCoin team announced that the number of NeuCoin users has surpassed the 275,000 mark, which puts NeuCoin on track for acquiring more than 2 million users in 2016.
NeuCoin is a decentralized cryptocurrency developed by a team of designers, game developers, security consultants and legal advisers funded by executives of King, Uber, Jango, Spotify and Hotline. Its developers' unified vision was to maximize decentralization and enable micropayments, which are typically difficult to settle with existing cryptocurrencies such as Bitcoin due to expensive transaction fees.
Jango Radio
Jango Radio, founded by serial entrepreneur Kaufman, is one of the most popular online radio and music streaming platforms that enables users to create and share custom radio stations. In 2007, Jango was the first music streaming platform to introduce a social network technology that allows the platform to match users with listeners who have identical musical preferences. The radio playlist and user matching service led to exponential growth for Jango. A few years after its launch, the platform reached more than 7 million monthly users.
The developers and founders behind Jango integrated the NeuCoin tipping technology onto their platform as a core section of its user interface in late 2015, to introduce a digital currency that mainstream users can embrace and use to tip others in the community.
"The main reason that Bitcoin and other digital currencies haven't been widely adopted is that they don't provide benefits over traditional currencies that mainstream consumers care about," Kaufman said. "Many believe that new business models and behaviors based on micropayments (transactions from $.01 to $1.00) where traditional payment methods just aren't viable might be digital currency's killer app. Armed with freemium distribution, this is NeuCoin's focus," he further explained.
As a part of its initiative, the Jango team recently began to reward one to two NeuCoins to regular users per day. Due to this promotional offer from the Jango team, more than 30,000 listeners have tipped NeuCoin to more than 25,000 emerging artists. The mainstream exposure to millions of music enthusiasts and artists led to a rapid growth in the userbase of NeuCoin.
The NeuCoin team reported that more than 150,000 users from Jango converted to NeuCoin in the first four weeks and that the user base of NeuCoin has been growing by 8,000 users per day. They further emphasized that such a rapid rate of growth is unusual for an alternative digital currency like NeuCoin, and not many cryptocurrencies are embraced by the mainstream.
Facebook Game: Solitaire Racer
The NeuCoin team also secured a partnership with the developers of the popular Facebook game Solitaire Racer and integrated the NeuCoin tipping technology onto the application.
Similar to traditional Solitaire card games, the gameplay of Solitaire Racer is fairly simple. Users are required to sort the card deck as soon as possible and beat out other players in the game by speed. However, the NeuCoin integration provides users with an added twist: Users earn NeuCoins for completing a deck and receive additional NeuCoins if they complete the deck first. The game enables users to transfer NeuCoins earned during the gameplay to their official NeuCoin wallets or trade them for cash or bitcoins.
The introduction of NeuCoin to a passionate gaming community led to an unexpected growth of its user base and daily volume, establishing the currency as a viable alternative currency to Bitcoin.
Decrease in Coin Supply
The NeuCoin Foundation recently announced that the the foundation's holdings will be cut from 3.2 billion to 1 billion in the next several weeks by destroying 2.2 billion coins to decrease the NeuCoin supply by 50 percent. The foundation came to a consensus that such decline in the coin supply could maximize the value of the digital currency.
"First and foremost, given the learnings that fewer coins need to be distributed per person to consumers, and that ecosystem partners do not require large rewards, the foundation will destroy 70 percent of their NeuCoin holdings. This cuts the current total coin supply by roughly 50 percent to 2B and cuts the projected coin supply in 10 years time to 10B," announced the NeuCoin foundation.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
