Touch. is a startup that aims to combine social media with a cryptocurrency and blockchain technology. It will be a social media app that’s on a decentralized network, giving it full transparency. At the top of its website, Touch. describes itself as “social blockchain to get back in touch with friends.”
Touch. has a staff of 12 people listed on its website, including people with the following titles:
- CFO & General Manager
- Innovations manager
- Operations & App Developer
- Head of Marketing & PR
- Backend Developer
- HR Manager
- User Experience Manager
- Content Creator
- Lead Creative
Each staff member appears to be a seasoned professional in his field. Touch. also lists six advisors consulting them on issues of business, law, and cybersecurity. On the surface, Touch. appears to have a competent group of employees and advisers helping in the launch and development of the company.
How Touch. Works
On its website, Touch. mentions three problems with the current world of social media that they wish to address. The first problem is that social media channels sell user data as a way of making a profit. The second is that advertising has a negative impact on user experience and prevents small businesses or independent artists from getting their name out there. Finally, potential influencers often have a difficult time receiving recognition for their expertise and contributions because of pre-determined algorithms.
Touch. works to solve these problems by giving users ownership of their data. Users can lease that data, making a profit in the process. By “creating and curating” content, users can earn TouchSpotTokens (TST), which is the currency utilized by Touch. Users earn tokens via positive interactions on the Touch. network, such as other users liking or commenting on their content. It’s akin to other social media apps except users can be rewarded for their content rather than the channels themselves profiting by selling advertisements.
As mentioned, TouchSpotTokens are the currency on the Touch. social media platform. The first token sale began on April 20, 2018. If you missed it, however, Touch. says there will be multiple token sales over the next 18 months. You can join the Touch. newsletter to get updates on token sales and the development of the app. At the moment, the release of the alpha app is set for June 2018. It’s also important to note that tokens will be distributed on a closed ecosystem during the early stages of the company’s development.
The TouchSpotToken is based on the ERC20 token, as the Touch. social media app is based on the Ethereum blockchain. The current cost of a token is 0.12 AUD, the currency of Australia. For reference, one Australian dollar is roughly equivalent to $0.75 USD.
Is Touch TST Token Right For You?
If you are put off by many of the perceived problems with most social media apps Touch. mentions on its website, it may be right for you. Most people should be able to see that it’s at least a little unfair that social media channels like Facebook and Twitter take in money from advertisers based on content created entirely by users. Not that there aren’t benefits to those social media platforms, but Touch. is at least attempting to address the flaws in the system, making it an opportunity worth exploring for many.
Touch Benefits & Side Effects
The primary benefit of Touch. is the fact that users maintain ownership of the content they produce. Via TouchSpotTokens, users can be rewarded for creating content that others enjoy. Whether or not users can make a significant profit this way remains to be seen. However, it does provide Touch. with a distinction from other social media platforms.
Another important benefit of Touch. is the security that comes with blockchain technology. With the controversy surrounding Facebook recently, the security of a decentralized social media app is undoubtedly more appealing than it was previously. This aspect gives Touch. a legitimate chance to make inroads in the social media market.
That being said, creating the next great social media sensation is no easy task. Even with a competent staff behind Touch., there is no guarantee it will take off and no guarantee an investment in TouchSpotTokens will pay off in the long run.