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TMCNet:  Social Media Needs Fixing - Coinsbit and ELVN Super Messenger Aim To Do Just That

[September 10, 2019]

Social Media Needs Fixing - Coinsbit and ELVN Super Messenger Aim To Do Just That

HONG KONG, Sept. 11, 2019 /PRNewswire/ -- A new blockchain startup, ELVN, a social media and messaging platform with content feed, is setting out to recreate and revolutionize how messaging platforms should be used. Instead of being utilized as monetization and marketing tools for businesses, ELVN changes the game by letting users get rewarded on social media instead.

After two successful Initial Exchange Offerings (IEO), ELVN will hold its third IEO round on September 25, 2019 on the digital assets exchange, Coinsbit, to introduce a set of AI algorithms for automated content moderation and to detect and eliminate spam and unsolicited ads.

The Problems People Are Talking About

Last year, ELVN revealed their first edition of its messaging platform, which aims to address two core issues plaguing social apps today: the lack of tangible value and poor data privacy track records.

But at the same time, very few platforms offer monetization opportunities for the average user. It is simply too one-sided; where the platforms almost always reap benefits, while the user almost does not.

Building a Revolutionary Value-Driven Super Messenger

Currently, there are 3.48 billion social media users in 2019, with the worldwide total growing by 288 million (9 percent) since this time last year, and is expected to continually increase. However, aligning incentives for users for meaningful social media and instant messaging activity will be a key growth driver.

But monetary user rewarding is very difficult to implement in traditionl, non-blockchain social apps, especially on an international scale. The most famous and iconic messenger today that allows money transfer between users is WeChat, the largest messaging platform in China. But this is mostly limited to Chinese users only, typically requiring linked bank accounts opened in China.

In contrast, the use of cryptographic tokens enables exchange of value and thousands of cross-border micro-transactions quickly and securely without exorbitant fees or any third-party intermediaries, such as financial institutions taking a commission fee in the process. In addition, all transactions are completely handled automatically by built-in smart contracts, with all details of each transaction recorded on the blockchain.

To build a value-driven messaging platform, ELVN uses its own cryptographic tokens to reward user activities on its social media platform, including posting photos and videos, sending files of unlimited size, holding video conferences, sending voice notes at any length at top speed without any worry about security, and creating group chats. Similar to liking a post, sharing, or commenting, users can also reward other users for posting relevant, high-quality content, and make instant in-app cryptocurrency transfers – essentially creating a mini-economy of its own. This is enabled by its own built-in crypto wallet, which is included in the ELVN messenger, allowing functional economic activity within its social media and instant messaging ecosystem.

The Next Level

This opens a door to another immense opportunity: ELVN tokens will also be used in cafes, shops and in gas stations in the near future. The tokens will be kept in the crypto wallet, and users can pay for purchases at Point of Sales (POS) equipped with cash registers that accept cryptocurrencies.

In August 2019, ELVN held the first two rounds of its Initial Exchange Offering (IEO) on the digital assets exchange, Coinsbit, raising a total of $2.7 million. ELVN will hold its third IEO round on September 25, 2019.

ELVN will use funds raised during the IEO to introduce a set of AI algorithms for automated content moderation. One of the algorithms will filter all inappropriate content for underage users. The other will detect and eliminate spam and unsolicited ads, as well as to detect attempts to use the messenger for illegal purposes, such as money laundering or terrorism financing.

Coinsbit is currently also preparing for the launch of its own token, CNB. The exchange will automatically distribute 5000 CNB tokens (worth $500) to all its registered users. The token is expected to start trading on the open market on January 1, 2020.

Prioritizing User Safety without Censorship

ELVN CEO, Alex Reinhardt, explains, "Some blockchain enthusiasts say that censorship is bad and a perfect messenger, free speech, must be truly and utterly free. However, as developers, we are responsible for the consequences – to say nothing of legal compliance."

"We prioritize privacy in the sense that we don't have teams reading through user content all day, and we will never sell user data to anyone. At the same time, we must make sure that our content is safe for all users, including minors. The difference is that we use machine-learning algorithms and deep cryptography, not human censors."

The ELVN app can be downloaded from the App Store or at the Play Store.

The full article of the IEO can be read on Forbes here.

SOURCE Coinsbit

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