Estimated reading time: 3 minutes, 54 seconds
In this episode of ICO or NO Jeremy dives into the AppCoin project. AppCoin is looking to address the inefficiencies that exist in the current app stores by eliminating the middleman. Their vision is to create a decentralized marketplace, complete with reputation rankings, where individuals can sell their applications and add-ons directly to the consumer, without the approval or a third party hosting service.
Jeremy dives into what the project hopes to achieve, the market conditions surrounding the project, the team, and the details of the token sale. Be sure to check back for more ICO or NO‘s by subscribing to our channel!
What is AppCoin & what is the problem the project is looking to solve?
The AppCoin network is an open and distributed protocol built on the Ethereum blockchain. It aims to mitigate the current inherent deficiencies and inefficiencies of app stores.
So AppCoin is basically joining blockchain-techy with app store technology. Why can that be useful? Well, app advertising, in-app billing, and app-approval can be a drastically faster and and quicker through disintermediation and redistributing the unlocked value to end-users and developers.
In-app purchases (IAP) is really not designed for low-end market, in-app advertising is plagued by too many middlemen, malware is still prevalent, and innovation is slowing down. There are several reasons these payment models are not suited for emerging countries and younger generations. There is no trust between the actors of the ecosystem; and there is a lack of standardization defining clear interfaces and enabling market entry for new players.
So how is AppCoin establishing trust? They have a dispute resolution kind of like eBay’s and reputation ranking system for developers, like you would see in today’s app stores.
AppCoin, an ERC20 token will be used by the developers to advertise their apps to the users. According to the Whitepaper, from every advertising investment inside the app store, 85% goes to the user. This is different from the traditional systems used today.
What are the market conditions facing the project?
Today there are 2.1 billion smartphone users in the world generating more than $77 USD billion in annual gross revenue. Those numbers are projected to double by 2020.
However, app stores are still riddled with inefficiencies and malware. If you are aware of the situation that went on on with Jaxx and Bitcoin Cash compatibility, you can see how this is true.
This seems like a pretty revolutionary idea. There are so many apps that take off that end up going viral. For example, Angry Birds, Candy Crush, Pokemon Go; they all rely on a microtransaction systems via an app store. These apps all took off like crazy, and the revenue generated by them was no joke.
I do find myself asking, does this really need a blockchain? I totally get the inefficiencies and issues with the current system, but are people going to even be able to transition to a blockchain-based app store when you have two major players in Google and Apple controlling the market? I guess the idea is that with 85% going to the developers, it will attract them to deploy their apps on the AppCoin store.
Who is the team behind the AppCoin ICO?
The AppCoin ICO is run by an existing company called Aptoide. Aptoide is an alternative marketplace for mobile applications which runs on the Android Operating System. In Aptoide, unlike the default Google Play Store, there is not a unique and centralized store but each user manages their own store, and they can put whatever they want in there for the most part.
These are people already in the space. They know it, and they have a separate working product. If I had to pick a team to work on that project I’d probably pick Aptoide. A large established team that knows the space and saw the potential of the blockhain, the Aptoide team is a factor that gives me confidence in this project.
What are the details of the token sale?
Im actually going to talk about the presale because it’s on-going at press time. You get a 30% bonus for participating in the presale.
- Pre-sale: 6th November 2017 – 20th November 2017
- ICO Token Price: 1 APPC = 0.1000 USD
- Fundraising Goal: $18,000,000 USD
- Available for Token Sale: 40%
My only criticism is that even with the pre-sale and the token sale, a lot of tokens are still going to be held by the company and advisers.
ICO or NO covers some of the hottest tokens sales from the coolest projects! Jeremy, though his patented Four Question System*, dissects each project to help you better understand the token sale! Check out more of our ICO or NO episodes here, and subscribe to our YouTube channel for future ones!
*Patent Maybe Pending