US Video Streaming App YouNow Files Cryptocurrency Offering With SEC

U.S. live video streaming company YouNow on Wednesday filed with the SEC a public offering circular to distribute its own digital currency called Props. Reuters reports: The company said it does not intend to raise funds or sell the tokens at the public offering. Props is an open-source project built to reward application users and content creators with a financial stake in the network they contribute to. YouNow, with 47 million registered users, started the Props project in 2017. Instead of being sold, Props tokens can only be earned by app developers, users, and validators that will contribute to the Props network. YouNow, which created the first app in the Props network called the Props live video app, intends to distribute a significant portion of its own tokens to millions of its users. Props tokens under this offering will be issued on a continuous basis.

YouNow's offering will be done through the SEC's Regulation A+ exemption, according to YouNow's filing, which is available on the SEC website. Under the terms of the offering, a total of 178 million tokens will be distributed. The Regulation A+ exemption enables small companies to offer and sell securities to U.S. investors via two tiers, either for $20 million or $50 million, each over a 12-month period. Like an initial public offering, Reg A+ allows companies to offer shares to the general public and not just accredited investors. In its filing, YouNow said it is creating consumer-facing digital media apps called Props Apps, which will operate as traditional applications that may be downloaded and accessed by users in a manner similar to any regular apps.

Anthrocoin

[mentil]

178 million tokens seems pretty arbitrary. Why not distribute one token to every person on the planet? Then everyone starts on even footing.
Of course, doing so would then require huge amounts of money verifying that someone applying for their free token is who they say they are. And then their identity could potentially be tied to the token/account. So there should maybe be a way to make transactions anonymous or opaque.

imagine...

[sad_]

imagine all tech companies working together and standing behind one currency, maybe that way it could go somewhere and be of actual use.
now everybody and their dog has its own currency. never even heard of YouNow before, but they still have their own currency, this is ridiculous.

Re:

[slashways]

Bitcoin is a protocol, nobody can't change the 'hard money' policy, and the censorship resistant features, Bitmain tried and failed. Others are just companies with full control of their code; Nobody cares, they are not decentralized, they can do whatever they want; Anyway, they are just printing their own money. This is the reason why Bitcoin is unique.

Re:

[Actually, I do RTFA]

imagine all tech^W companies and citizens working together and standing behind one currency, maybe that way it could go somewhere and be of actual use.

And we can call it the Dollar!

Printing its own money

[sleepghost]

Printing its own money; I thought the ICO bubble ended. Or using stocks as money in the real world, this is utterly absurd. Anyway, if you need to add a new token the project is an utter nonsense.

Buzzwords for our times

[thunderclees]

snake oil == cryptocurrancy == blockchain