In the first quarter alone, social Q&A platforms have seen remarkable developments. Numerous ICOs have emerged with much acclaim over the past year, yet the spectrum of success is notably diverse. As investors venture into this nascent asset category, the atmosphere is rife with challenges despite substantial interest.
Bitcoin.com’s statistics reveal that out of the 902 projects launched in 2017, 113 have either vanished, hit a standstill, or are semi-successful, inflating last year’s crowdfunding failure rate to a staggering 59%. As seasoned enterprises enter the fray to leverage their pre-existing solutions, the expanding horizons for ICO enthusiasts signal promising prospects.
What sets ASKfm apart is its mature platform, operational since 2010, with a monetized service fostering over 215 million users. This extensive user base signifies a dedicated community engaging with its unique social networking model. By harnessing blockchain, ASKfm can augment its offerings with tangible participation and contribution incentives.
The platform currently enriches its users’ understanding of various subjects, enhancing social dynamics through interactive questioning and communication. The mission of disseminating shared knowledge has thrived, evidenced by users posing roughly 600 million queries monthly across 49 languages and 168 nations.
ASKfm diverges from companies approaching the ICO market without coherent business strategies or roadmaps, having meticulously planned its service tokenization to benefit all stakeholders. Transitioning from an advertisement-driven revenue model, ASKfm 2.0 aims to evolve into a global knowledge repository. This tokenization initiative aspires to attract experts and proficient individuals, elevating response quality and enhancing user trust and confidence.
The intricately designed ecosystem accompanying ASKfm’s tokenization initiatives distinctly sets it apart in the crowded funding domain. The ultimate value of blockchain solutions hinges on associated utility and velocity within the ecosystem. When utility becomes more valuable, token appreciation is expected as demand amplifies. ASKfm comprehends this stakeholder dynamic, with a service inherently utilitarian, spotlighted by its 10 million active monthly users.
Emulating top-tier ICO-backed service launches, ASKfm leverages blockchain to elevate its community offerings. The ASKfm 2.0 initiative proposes a more democratic environment to impartially and autonomously ascertain superior information sources. It is anticipated that the environment will be swayed by market-driven forces concerning service pricing. Blockchain emerges as an ideal conduit for ASKfm, courtesy of the tokenization facility that denotes value and transparently chronicles all party interactions.
ASKfm has skillfully refined common knowledge dissemination to its essence, centering on questioners and responders. With the platform designed to connect these parties and assure an elevated experience through tokenization, ASKfm 2.0 fulfills all criteria for a thriving decentralized and disintermediated platform. Moreover, the ICO will act as a catalyst for ASKfm’s metamorphosis from a Q&A-driven social network to a Massive Open Online platform aiming to provide paid educational courses and furnish users with accredited educational resources.
To facilitate access to superior information, platform users will benefit from smart contracts releasing payments in ASK tokens (ASKT) once responder-fulfilled conditions meet questioner expectations. Smart contracts bolster ecosystem reliability by enabling questioners to tender bids for resolutions, which responders can accept or reject. If a bid faces rejection, renegotiation or additional crowdfunding may be pursued. Upon answer validation or acceptance by the questioner or community, smart contract-held tokens are awarded to the responder, recycling value within the ecosystem or exchanging tokens for alternate cryptocurrencies.
Primarily, the smart contract deployment ensures the service is autonomous and scalable. By preemptively building capacity to accommodate more users before its rollout, ASKfm 2.0 can circumvent many challenges early blockchain versions faced concerning scaling, which demanded considerable processing power and resources.
The Biggest Mass Migration Yet to Blockchain?
Considering the substantial audience already engaged with ASKfm’s current service, the transition to a blockchain-based ASKfm 2.0 solution could have profound implications not only for the company but also for blockchain’s collective reputation. The daily and monthly active user numbers together with the vast volume of questions handled by the company could make ASKfm a pivotal force in the largest migration to blockchain technology in its brief history. ASKfm, with its $100,000,000 fundraising aspiration for platform completion and global deployment, aims for extensive service distribution reaching every part of the world.
Amidst factors influencing capital raising, ASKfm stands in an advantageous position compared to other ICO-aligned ventures. With its existing user base, ongoing monetization, and a strategic vision for incorporating blockchain that benefits all involved, ASKfm could well be the standout coin offering of 2018 thanks to its robust proposal embedded within a vibrant ecosystem that demonstrates inherent value.