To drive user engagement, Mytime, a blockchain platform turns user time into its cryptocurrency.
Social media sites have been consuming our time for a long time now. The core purpose of these sites is to engage more and more users for a longer time. Social media websites like Facebook and Twitter had been working aggressively to attract users in a way that they don’t leave the site anytime soon. Recently, Facebook’s co-founder Sean Parker said, “The thought process that went into building these applications, Facebook being the first of them, … was all about: ‘How do we consume as much of your time and conscious attention as possible? … God only knows what it’s doing to our children’s brains.”
Now the question arises what is all this attention-grabbing about?
Well, these websites try to get as much data from the users about their preferences and also show them adverts while they are busy exploring their news feed.
But have you ever thought of getting paid for all the time you spend?
If not, then start thinking about it as few blockchain startups are working on the idea of paying users for their attention in the form of cryptocurrency.
Recently, Brendan Eich, creator of Brave Browser and former Mozilla CEO announced the Basic Attention Token (BAT) supported by user’s attention. BAT is basically an Ethereum-based token of utility that would be rewarded to users on the basis of their attention, establishing a firm publisher-user relationship.
Steemit, an online blogging platform introduced a new protocol called Smart Media Token for media organizations to generate revenue using cryptocurrency. The Smart Media Token allows media organizations, blogs and others to create new tokens specific to their site, which would obviously rely on Steem’s blockchain to operate. Ned Scott, co-founder of Steemit says that these tokens give new power to the users.
“For the first time Steem has come into the sphere as a model, where giving their attention actually yields rewards for them,” Scott said. “As soon as there are rewards on the table, people will do everything they can to maximize the rewards that they get.”
Now Mytime, a decentralized blockchain startup came up with a protocol that is similar to existing cryptocurrencies such as Ethereum, Plasma and EOS. Mytime is an open platform that converts time spent on a specific service or app into cryptocurrency. It allows companies to directly purchase user’s time on their service by rewarding the loyal audiences.
Mytime has its own currency known as mytimecoin (MYTC), which companies will be able to mine themselves on the basis of the duration on the service. Transfer would occur on MYTC online wallet.
Users would be able to spend the crypto as they like. They can spend it on other services from other companies or simply convert them to fiat currency.
“Mytime is a revolutionary concept, and we believe it will give traditional advertising models a run for their money when it comes to attracting users to services. We expect the increasing number of users and the intensity of transactions to contribute to a flourishing Mytime economy, boosting the value of MYTC.” Says Eduard Gurinovich, CEO of MYTC.
MYTC is an efficient tool for both businesses and users. It validates user’s time as well as protects the platform form abuse. The system operates on two parallel blockchains: one that keeps track of the elapsed service time that cannot exceed 24-hours a day and prevents users from logging in more than one service in the same time period. The second one records the participating company’s MYTC reward distribution.
Gurinovich previously founded CarPrice and CarMoney, raised $90 million plus in two years from some major investors and opened 50 plus offices in Russia, Japan, India and Brazil. His co-founders include Georgy Chumbridze, founder of Innova and Vertikal and Armen Gulinyan, founder of Pladform and CEO of Ruform (Pladform+Rutube). These men are also joined by Alexander Garkusha (co-founder of ModernToken) who is a technical adviser at the Mytime platform.