CRNC Current 2018-05-15T19:47:24+00:00

CRNC Current

Project Description

Project overview

Current is creating a digital token and protocol that is a method of exchange for time, attention and data in the digital landscape. By consolidating popular media networks into one place, Current already provides more than 200,000 users with a more convenient search and discovery experience. With the launch of the platform token, users will be rewarded for streaming content from their favorite networks like: Spotify, YouTube, SoundCloud, and more.
 
The Current protocol aligns the interests of all stakeholders in the media consumption cycle to create network effects that drive adoption. By creating a new medium of exchange, Consumers get more choice in how they pay for media; Creators and Curators get a new form of compensation, and Advertisers get more transparent accounting and audience information.

CRNC Token model

The Current utility token, CRNC (pronounced “currency”), will be used to reduce or eliminate premium subscriptions to popular content providers. This allows consumers to pay less for the media they love. Current empowers a new generation to earn a useful cryptocurrency that will be used for a broad list of products, services, and in-platform advertising.
 
Everyone on the Current platform earns CRNC by using it. This includes Consumers, Curators and Creators.
 
Consumers earn CRNC by watching or listening to content on the Current platform. They also can earn CRNC by referring people to the platform.
 
Within Current, users are able and encouraged to curate multiple media streams into Channels. These channels act as “folders” of content from multiple media networks. Current will reward users who curate popular channels within the network by measuring the amount of time spent on their curated media.
 
To strategically bring creators onto the platform, Current will be allocating 20% of each earned token to the creators of the media consumed within Current regardless of the media item’s source network. All earnings are held in escrow until the creator joins the network and claims their wallet.

Whitepaper

Very detailed and extensive whitepaper. All the information concerning the use of the Current platform and the role of the CRNC token in it is clear.
 
Though, some facts and stats in the introduction section of the whitepaper are false or misleading. For example, they state that “…Gen Z is spending more than 5 hours per day on their phone…” which is misleading since their source states only 25% of Gen Z does. They also state without any source that Gen Z and Millennials are more likely to use YouTube than Google to answer a question.
 
Again, on page 5, there also is an aberrant allusion to the complexity of certain applications for new entrants, naming Ripple and Tezos as blockchain examples, one which is purely focused as an electronic cash system between financial institutions and the other which doesn’t even have a testnet yet. Such poorly chosen examples could indicate a lack of industry knowledge by the founding team.
 

Team

Dan Novaes (CEO): Dan has been profiled in Forbes, Entrepreneur, & Bloomberg TV for his entrepreneurial achievements and amassed a following of 1,200,000. He’s had two prior exits from companies generating tens of millions in revenue. Dan has been investing in the blockchain space since 2013.
 
Kiran Panesar (CTO): Kiran has built and overseen sites that provide secure, scalable web services for tens of thousands of concurrent users, handling over 1 billion requests per month. He’s passionate about bringing the same scalability to decentralized technology.
 
Nick McEvily (CPO): With extensive experience leading software and design teams for the last eight years, Nick oversees the product design and development at Current. He has spoken on blockchain tech-nologies and is an avid Ethereum and Bitcoin investor.
 
John Moyer (Business & Marketing Mgr): Experienced across business development, UI/UX, research, paid marketing, growth and data analytics. Leveraging his unique skill set, he’s driven hundreds of thousands of downloads from the 13-24yr old demographic and facilitated partnerships with major influencers.
 
The Current core team, while having experience in entrepreneurship and website creation, has no experience in blockchain development as illustrated by the important role of Zerion.io, a smart contract development firm, in the ICO. This means that they might be not be equipped to face the different challenges that come with launching a blockchain-based platform or scaling a company that raised tens of millions.
 
They will need to rely extensively on their partners and advisors in order to implement the blockchain and the CNRC token to the Current platform.
 

Roadmap

Q1 2018: Wallet & Protocol Development
Q2 2018: Additional Video & Audio Integrations
Q3 2018: Launch Attribution Protocol
Q1 2019: Decentralized Storage and Identity Profiles

ICO terms

The token sale will take place from March 14th to April 4th
 
Ticker: CRNC Token type: ERC20 ICO Token Price: 1 CRNC = 0.24 USD Hardcap: 36,000,000 USD Total Tokens: 1,000,000,000
Available for Token Sale: 35% Min/Max Investment: 0.03ETH/TBA
 
There is also a referral program:
 
Earn 5 CRNC for each friend you invite to the network. Up to 400 CRNC, valued at $100.
 

Token allocation:

 

Use of funds:

 

Community hype

Telegram: 79 742 members
Twitter: 6 452 followers
Reddit: 237 subscribers
 

Strengths

– Current is already a popular platform with over 200 000 users.
– Current allows users to find content from different streaming platform (Spotify, YouTube, SoundCloud) all in one app.
– Rewarding users just from consuming the content that they already consume will drive adoption quickly
– Content creators don’t have to join the platform to have their content available to everyone. This means that there won’t be a lack of content.

Red flags

– The whitepaper contains some false and misleading information which means that either their research wasn’t done properly or that they wanted to increase the legitimacy of the project
– Although they claim that they have 200 000 users, even a very targeted research (current, streaming app ios) on Google does not propose current.us anywhere in the first 5 pages (as of Feb 9th 2018) which might show less interest than implied by its user base
– The team has no experience in blockchain development
– No notable blockchain investing firms (FBG Capital, Galaxy Digital Assets, Polychain Capital, etc.) has invested in the project
 

ICON Score

 
Team: 6.8/10
No blockchain expertise and no notable investment funds on board. Diminishes the overall team expertise and undermines the value of solid advisors
 
Token Model: 1.75/10
No governance linked to the token and very high velocity since the token is used solely as a mean of exchange and payment.
 
Token Distribution: 7.4/10
No lock up mentioned for founders, advisors and private investors.
 
State of the Project: 9.25/10
Great communication with their community and 200k users advertised on a live product gives it almost a perfect note.
 
Market: 4.8/10
Tremendous competition in the mobile streaming industry and complicated regulatory landscape affect the overall score.
 
ICON Score: 6/10
 

Conclusion

At ICON Partners, although Current already offers a functional application that has appeal to the younger generation, we do not feel like the team in place is experienced enough to bring this project to fruition. The issues with the whitepaper are also a factor since this indicates that there might be a lack of honesty when communicating with their potential investors. We also see the token model as shallow and the lack of decentralized governance hurts our overall evaluation. With a reasonable hard cap and a growing community, Current’s token sale still has a great chance of selling out quickly if the ICO market continues on its recent stride but the medium to long term perspective is still uncertain.
 
We encourage you to do your own research and come to your own conclusions when investing in an ICO. All the information in this review are either facts or ICON Partners’ opinions and should not be used as investment advice.
 

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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.

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