SEC Officially Gives Props Crypto Token the Greenlight as YouNow and XSplit Users to Benefit
After a very prolonged period of uncertainty about regulations as they relate to the cryptocurrency sector, the US Securities and Exchange Commission (SEC) has officially approved two tokens and designated them both as Reg A+. Blockstack was approved for its Blockstack PBC token offering while Props was also approved as a digital asset that allows apps reward all its content creators and users with a “financial stake” on the network they’re a part of.
This is officially the first time in the history of cryptocurrency that the SEC will approve a crypto token offering. The Blockstack team has said that
“this is a huge step forward for decentralized applications, internet security, and privacy.”
Even though there are already more than 165 applications supported on the Blockstack decentralized computing network, activity had been restricted as only accredited investors had the opportunity to take part in its previous offering. However, with this new greenlight from the SEC, participation is now open to the entire public and Blockstack has invited everyone to join. According to them,
“Anyone can now join the movement to transition the world to a user-controlled internet.”
Blockstack’s $28 million cash offering is now open and is available to anyone in most parts of the world, regardless of their accreditation status.
Props will now fully facilitate the payment of its content creators a lot easier. YouNow, a live streaming video service on the Props network will be able to dispense Props tokens to its many users. At the moment, Props tokens aren’t readily able to be exchanged for fiat but they are valued at $0.1369 per token.
According to an official Props statement:
“This is a landmark moment for our community. Props tokens can now reward contributing apps, users and validators with a financial stake in the network they’re helping to grow, and are now available for 47 million registered YouNow users. YouNow is the first app on the Props Network”
Currently, on YouNow, there are different ways users can earn Props Tokens. Content creation, supporting content creators and proper engagement with the app are just a few ways.
The SEC’s approval is a big win for the network and it’s already reaping fruitful results. After the announcement, SplitMediaLabs, the brains behind a software for game streamers called XSplit, announced that it will join the Props Network and incorporate its tokens. XSplit already boasts of over 13 million users and hopes to be a bit more connected with its customer base through Props.
Speaking on this, the SplitMediaLabs CEO, Henrik Levring said:
“By integrating Props into our apps, we become even more aligned with our loyal users. Our users can already start earning Props when they stream to YouNow from XSplit.”
Before now, it was announced that two video apps on the PeerStream platform will be joining the Props networks. According to Alex Harrington the PeerStream CEO, the apps will be taking advantage of Props to help its large number of regular users, numbering in their millions.
Speaking on the use of the Props Network as a great solution to the problem of unaffiliated content creators improving their earnings, Casey Neistat – a popular YouTube and noted investor in Props – said:
“Online video content made by independent creators has become massively popular, but still lacks diverse ways for creators to turn their content to a meaningful source of ongoing income. I’ve been working with the Props team as we share a similar vision, to help creators find ways to earn more value off of their passion for making videos.”
With these two platforms being approved by the SEC, it is hoped that the commission will be a bit more allowing of the cryptocurrency sector.