Social Media Income SMI is developing a platform that will allow users to work from home. They are also issuing their own cryptocurrency, the SMI Token, which the platform will use exclusively. Social Media Income has the potential to become an important marketplace for freelancers with expertise in social media, but the company could struggle to gain their attention due to its requirement that users adopt its own currency.
Social Media Income SMI Team
Neither Social Media Income's website nor its whitepaper identify the company's founders or developers. The only information available about the company itself is that it is very young; its whitepaper was published in February 2018. The company has not received much coverage from online publications aside from a few sites devoted to cryptocurrencies, and it is still working to develop its presence on social media; it has created Twitter and Facebook pages, but they have only 125 and 13 followers, respectively.
Social Media Income's Technology
Social Media Income's primary product will be a platform that allows people to work from home. The company doesn't disclose precisely what sort of work will be available, but it seems likely that most tasks will be related to social media account management.
Workers are paid in the company's own cryptocurrency, the SMI Token. The company claims that workers will be paid immediately upon the completion of a task, which is unusual for remote freelance work; typically, there is a waiting period for editing and client approval.
The company doesn't mention how its freelance employees are rated by the employers, or if there's any opportunity for them to advance as they prove their talent. The SMI Token is an ERC-20 compliant cryptocurrency, meaning it can only be bougght with Ethereum during its ICO. The company mentions that it will be available on public exchanges following its ICO, but it does not identify which ones.
The token will have a bit more stability than many other cryptocurrencies, since demand for it is determined by the popularity of the freelancing platform rather than speculation alone. This will most likely prevent sudden losses, but also sudden gains.
SMI Service Details
Social Media Income is a very young company, and its platform is still under development. At time of writing (February 2018) the SMI Token is in its pre-ICO sale, with its full ICO scheduled for March. One Ethereum is worth 5,000 SMI Tokens during the pre-ICO, and 4,000 during the regular ICO.
The roadmap on the company's website indicates that after the ICO is over, the freelancing platform will go into intensive development and testing. Its beta release is scheduled for August 15th, 2018, and its full release will take place less than a month later on September 4th.
The Social Media Income SMI ICO Verdict
“E-lancing” – freelancing from home over the Internet – is an increasingly popular way to work, and a great deal of these jobs relate to social media. A platform that gathers freelancers who are skilled with and enthusiastic about social media could be a great resource both for them and their employers.
However, Social Media Income's greatest impediment could be its commitment to its own cryptocurrency; the vast majority of users would prefer to be paid in fiat currency, and employers may not be interested in converting their assets to SMI Tokens either.
Even those who use cryptocurrencies would likely opt for a more popular one such as Bitcoin or Etheruem. Social Media Income's whitepaper puts forth lofty goals, suggesting that its platform could help alleviate poverty by creating work for anyone with access to the Internet.
While this is truly admirable, it may need to reconsider its commitment to its internal currency if it hopes to attract enough employers to make this vision a reality. The value of the SMI Token itself will be tethered to the popularity of the freelancing platform, so investors curious about the currency should observe how widely used it is following its release in September.