Current ICO Review – Blockchain-based Multimedia Ecosystem - Crush Crypto

Current ICO Review – Blockchain-based Multimedia Ecosystem

Summary

  • Project name: Current Media
  • Token symbol: CRNC
  • Website: https://current.us/
  • White paper: https://cdn.current.us/whitepaper.pdf
  • Hard cap: $36 million (ICO participants receive 35% of total token supply)
  • Conversion rate: 1 CRNC = $0.24
  • Maximum market cap at ICO on a fully diluted basis: $103 million
  • Bonus structure: up to 45% bonus for private sale, public presale bonus TBA
  • Presale or white list: Public presale starts from February 7 to February 21, 2018. Sign up for presale here. Whitelist for main token sale released no later than February 25, 2018.
  • ERC-20 Token: Yes
  • Countries excluded: TBA
  • Timeline: Public presale runs February 7 – 21, 2018. Main sale runs March 14 – April 4, 2018. The company has mentioned that due to high interest, these dates are likely subject to change. (Please refer to Current's website for the most up to date information)
  • Token distribution date: Within one month of the token sale (April/May)

Project Overview

What does the company/project do?

Current is a mobile app that consolidates several multimedia networks into one application, allowing users to enjoy the content of different networks (Spotify, YouTube, Soundcloud, etc.) in one app.

Users are able to search and link Spotify, YouTube, Facebook, Twitter, and SoundCloud accounts all at the same place, and make playlists and channels for specific artists, genres, or other interests.

Users are also able to record radio and videos to play offline, which is generally unavailable without a premium subscription on other applications.

Here is an introductory video of Current (video is 0:52 long):

How advanced is the project?

Current’s application is already on the App Store. They claim to have over 200,000 users already, and plan to fully launch blockchain integration in Q3 of this year.

According to AppAnnie, Current App was released in March 2017. It has reached top 100 Apps within the App Store in 6 countries (Australia, United Kingdom, Seychelles, Dominica, New Zealand, and Canada).

Below is the active user data for the app:

Current app user

Here is a summary of their roadmap:

Q2 2018

  • Video Integrations with Netflix and Hulu
  • Launch Offline Video Recording

Q3 2018

  • Launch Blockchain Attribution v1.0 (CRNC Integration)
  • Launch Android Platform

Q4 2018

  • Expand Operating Systems, Launch iPad and SmartTV platforms

Q1 2019

  • Launch Blockchain Attribution v1.2, which allows any network to integrate with the CRNC Protocol

Q4 2019

  • Launch Current Ad Platform
What are the tokens used for and how can token value appreciate?

CRNC tokens will be the primary method of payment on the Current app.

Users, Creators, and Curators are paid in CRNC tokens which can be used to pay for premium subscriptions for other services or tickets to events. Advertisers will have to purchase CRNC tokens in order to host advertisements on the platform.

Current plans to eventually open up a marketplace for people to use CRNC tokens to buy digital and physical goods, such as premium subscriptions to other platforms, tickets to shows, and more.

35% of token supply is reserved for users “mining” CRNC blocks. Users mine blocks by accruing an hour of consumption on the platform.

Token value can appreciate as more people use Current, and by extension, CRNC tokens. With more users on the platform, advertisers will want to purchase CRNC tokens in order to buy ad space on the platform.

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Team

The core Current team consists of 15 members. The bios of key team members are listed below:

Dan Novaes, CEO and Co-Founder – Co-Founded four businesses in the past, where he served as CEO (2 of which were acquired). Has written for Forbes, Inc, and Entrepreneur, and has 1.2+ million followers on Facebook.

Kiran Panesar, CTO and Co-Founder – Co-Founded two other businesses where he served as CTO. Two of the iOS apps he’s developed have hit #1 on the App Store. Built and overseen websites with tens of thousands of concurrent users and over 1 billion requests per month.

Nick McEvily, CPO and Co-Founder – 9+ years in design and studied design at Cornell. Executive Producer of Celebrity Street Fight, which had more than 300,000 active users within 5 days of launch.

Current’s advisors and investors include: Mark Cuban, owner of the Dallas Mavericks and serial entrepreneur and investor, Dave Hooper, Co-Founder of Dev-Bootcamp and engineer at Augur, ConsenSys and Raise, Galia Bernartzi, Co-Founder of Bancor Foundation, and more.


Opportunities

  • Being rewarded monetarily for using an app should be able to attract users easily. The thought of being able to listen to ads for a couple of weeks in order to buy a premium Spotify or SoundCloud subscription sounds appealing.
  • The project is led by a strong team with successful entrepreneurs who have a track record in developing mobile apps. The ability to scale the application and draw more users is probably the most critical task for the team, and the team has demonstrated success in this arena

Concerns

  • The app has been in the market for almost a year and has not been able to reach a critical scale in terms of downloads and active users. However, with the introduction of CRNC tokens to compensate users, it should have an easier time attracting users.
  • The ability to attract user depend heavily on how much users will be compensated, which in turn depends on the price of CNRC tokens. If the price of CNRC token is depressed, users may not find much incentive to use Current, which would create a vicious cycle.

Conclusion

Overall, we are neutral about the ICO’s short-term potential but like its long-term potential. Our thoughts of the tokens for short term and long term are as follows:

For ​short-term holding

Neutral. The hard cap of $36 million for 35% of total token is on the high side, especially in this market condition, especially considering the project is an application which generally have lower valuation than protocols or platforms.

As the app is already functioning well, we believe the project can be developed with a fraction of the hard cap.

Also, the hard cap is in dollar term, which means it is going to be an even higher amount in terms of ether with ether price dropping sharply in the last few weeks.

For long-term holding

Good. The idea is solid and the project is led by a strong team who knows how to draw users. We believe the use of token makes sense and can improve the business model of the app.

Therefore, we believe the project has a good chance to succeed.


For more information about the ICO, please visit the following links:

* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.

This article is contributed by Victor Lai with the help of our intern Richard Wang.

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