SpotLight is creating a platform that will allow companies to easily issue bounty programs. Bounties are an increasing popular type of marketing campaign where companies reward social media users for promoting their products. SpotLight is also issuing its own cryptocurrency, the SLC token, which will be the sole currency used on the platform.
SpotLight was founded by two young partners, Dustin Cornwell and Ricardo Frias, and is being developed by a team of ten programmers. The company's most active social media account is its Twitter, with over 1,100 followers. The company's ICO has been covered by a few sites devoted to these, but its actual platform has not garnered any attention from online publications.
Spot Light's primary product will be a platform that allows businesses to quickly initiate bounty marketing campaigns, and for users to easily participate in them. Participants and businesses will have their own distinct portals within the platform.
Bounty participants can register by describing their social media usage, select a brand they like and want to promote, and then be rewarded with SLC tokens if the promotional content they share translates to actual purchases; users with larger social networks and greater influence will thus be able to earn more tokens. Businesses can easily create these bounty campaigns by paying with SLC tokens, defining the terms of their payment to participants, and creating their unique promotional content.
Spot Light recommends – but doesn't require – that participating businesses accept SLC tokens as payment for their goods or services. If widely adopted, this could help to stabilize demand for the currency, but accepting it exclusively could potentially discourage business from consumers not already enthusiastic about this technology.
The company's platform is still early in its development; the roadmap indicates that a proof-of-concept app will not be released until the third quarter of 2018, and SLC payments will not be implemented until the end of the year. The roadmap also mentions plans for 2019 that are not elaborated on at all in the whitepaper or elsewhere on their website: a debit card release, “extension 2.0,” and an automated exchange system.
SpotLight ICO Details
A total of 40,000,000 SLC tokens will be released during Spot Light's three-stage ICO, which will begin on March 14, 2018. Four million tokens will be sold during the pre-sale, followed by 18 million in each of the two main stages.
The pre-sale has a cap of 1,000 Ethereum, and one Ethereum will buy 4,000 SLC tokens. The tokens become twice as expensive during the first full ICO stage, which has a cap of 9,000 Ethereum. One Ethereum will buy 1,800 SLC tokens during the final stage, during which 10,000 ETH worth will be sold. Oddly, the company doesn't state how long the sale will last for.
An additional 60,000,000 SLC tokens will be created but not released to the public. 50,000,000 will be available for companies to purchase for their bounty program, 1,000,000 are set aside the company's own bounty campaign, and 9,000,000 will pay for various contests to incentivize participants. The company's first contest will reward its top three promoters (of the company itself) with 2017 Chevrolet Corvettes.
Spot Light claims that any unsold tokens will be burned, and that it plans to routinely burn 10% of companies' SLC payments in order to limit the currency's supply and thus increase its value. The company claims that it is currently negotiating with at least six cryptocurrency exchanges, including HitBTC, Poloniex, and BitFinex. It's not clear when the currency will be listed.
The SpotLight ICO Verdict
SpotLight has a very interesting idea; bounty programs are becoming very popular because they only reward successful promotion, and because participants enjoy earning incentives.
The platform's exclusive use of its own cryptocurrency could potentially limit its appeal to those already interested in this technology, but this will become less of a hurdle as the currencies become increasingly popular. As for SLC token itself, investors should observe the popularity of the platform with both businesses and participants.