Dwell streaming startup YouNow, which created the decentralized digital video ecosystem
Props in 2017 and is backed by Union Sq. Ventures, has filed a public providing with the United States Securities and Change Fee (SEC) for its Props token. The event was revealed in a press launch shared with Cointelegraph on June 19.
The YouNow app — which reportedly counts 47 million registered customers — has submitted its utility as a Regulation A+ submitting with the SEC. Pending approval, the initiative may see accredited and retail customers alike globally incomes Props tokens in full compliance with U.S. federal securities legal guidelines, the press launch notes.
As the discharge outlines, Props is an open-source venture designed to allow a number of app customers to remodel any social capital they accumulate right into a monetary stake within the community.
As a public providing, the applying pertains to not a token sale however seeks a regulatory greenlight for Propos token allocation to YouNow app customers, primarily based on the extent they’ve attained throughout the app.
Actions that generate the capital wanted to build up tokens can embrace issues corresponding to creating unique app content material, the press launch notes. As soon as obtained, tokens supply customers in-app advantages.
The Props group has ostensibly construct a set of open-source instruments that may allow onboarding a number of apps to the Props community in a bid to drive a user-focused tokenized digital financial system.
In keeping with the press launch, YouNow has so far generated over $70 million in digital foreign money gross sales and ostensibly shared its earnings by way of the in-app financial system of its platform.
In an official assertion, David Pakman — a associate at enterprise capital agency Venrock, which is backing the venture alongside Union Sq. Ventures, Comcast Ventures, and others — mentioned:
“Pending last approval by the SEC, there may be the chance for apps to combine and ‘mine’ a legally compliant digital token and procure a stake, for each the apps and their customers, within the community they contribute to. This […] new mannequin is ushering in a brand new period of clear and extra equitable distribution of worth, and sharing that worth with end-users.”
As reported, this week noticed the publication of the white paper for Fb’s long-anticipated cryptocurrency, Libra. Quickly after its unveiling, the chairwoman of the U.S. Monetary Providers Committee requested that Fb halt growth of the venture. U.S. Senate’s Banking Committee is about to hear testimony in regards to the venture on July 16.