Current Media — AMA #4 – The CRNC Token
Hey Everyone! 👋
We’re back with another AMA. There were some great questions submitted by the community over the past few weeks, covering topics around token distribution, exchanges, tokens, the products, marketing and more! We love doing these, so keep the questions coming. Check out the video and the transcription below. 👇
Quick update on token distribution:
We are ~80% of the way through all of our investors and their updated wallet addresses. We will hopefully have communication regarding token distribution next week!
Can you share with us any figures about the Current business so far? The project has been running for over a year now and all the blog articles cover the legalities rather than traction, user numbers, use of funds visible on a spreadsheet and so on.
We did actually answer a large number of these questions last year in our transparency series, however, we do intend to do another one in the near future. On a high level though, our burn is actually lower than we anticipated as we have really been heads down working on the product for the last several months. Obviously, this will change once we kick off our growth campaigns, but roughly speaking, our burn has been between $300k-$350k per month for most of this year. Once we believe that our product is in the place it needs to be to kick off marketing, and we don’t need to subsidize user rewards at all, all of the money we have saved will be allocated to marketing. Another thing that we need to make sure we have before we launch full steam ahead is a solid retention rate because if our app is a “leaky bucket” and nobody actually stays and uses it, we will waste all of our money acquiring users who will never actually help the ecosystem.
Apart from these things, there are 4 key themes we are focusing on in Q3 in order to be able to scale heavily in the future. The first one is fraud prevention. Obviously, having an app that pays money means that there are going to be people that try to game the system by doing things like leaving their phone playing music all day on silent. When we get to a point where we are seeing hundreds of thousands if not millions of product redemptions every day, it’s important that we have these fraud prevention systems in place so we don’t lose money to these fraudsters.
The second theme is redemption automation. As it stands right now, our customer service team is actually handling all of our redemptions by hand, but once we scale, it will be physically impossible for them to process the potentially thousands of orders that we will get on a daily basis. In order to handle the sheer number of requests we will be getting, it’s extremely important that we have all of our redemption mechanisms completely automated.
The third theme is just general stability and making sure that our app doesn’t have any regular crashes. We have already been doing great with this particular theme as our crash-free sessions have gone up dramatically over the last months. If you take a look at our Android product when we first released it vs. where it is now, there is a dramatic improvement.
The fourth theme is ad networks and ad impressions. Today we approximately are doing 20 million ad requests per month, but we expect that number to 100x over the course of the next year, so in order to maintain that demand for ad requests, we need to have the appropriate ad sources in place.
When will we see aggressive marketing start?
This is something that will be touched on in the blog post we mentioned above and we did already mention a few of the prerequisites above regarding app retention, stability, ad networks, and more, however, we can touch on this a bit here. We recently have been starting to wind things back up with our marketing as you have seen with our interviews on Yahoo Finance, TD Ameritrade, NBC, and some of our articles in the press. Once we have really gotten a solid foundation on the themes that we mentioned above though, we will really turn our growth engines on, and at that point, we are looking to have ~1,000,000 daily active users as our first goal.
How to add $CRNC to MEW or any wallet
You need three main things to do this, the tokens contract address, the ticker symbol, and the decimals. Once we publish the contract ahead of distribution, we will make an announcement with all of this information. When we do go ahead with our distribution, you will still get your tokens in your specified wallet even if you don’t have these things, but they will be necessary if you want to send your tokens elsewhere.
This is a major point that we have talked about at length. The SEC cracking down on crypto start-ups has been something that we saw coming since last year, so we have made a serious effort to be compliant with all securities laws. These efforts have largely been the reason for the delays in the token distribution. Fortunately, we have followed all regulations regarding securities offerings and are confident that we will have no further issues around these things. In addition to this, we are planning to file to become a public reporting company, which is necessary if we are going to have more than 2,000 individuals as holders of the $CRNC token.
The airdrop tokens and bounty coins are all being distributed at different times. The investor coins will come out first, and then at select periods of time after this initial distribution, our airdrop and bounty tokens will be distributed. By this time we expect that the underlying ecosystem will be robust enough to support the additional supply that these tokens will provide.
When will the UK app get gift cards other than Google?
Today in the Android app, we have a large variety of gift cards available, and in the iOS app, we have all of this in addition to some products like speakers, smartwatches, and other electronics. In the near future, the Android app will also have these products added as well which will be available internationally as well. In this upcoming release, we will also be adding the ability to get Paypal.
The app consumes a lot of battery. Why?
Everything in development is always focused on what you prioritize, and right now, our priorities lie in building a stable, sustainable, and rewarding app for our users. While there certainly are ways that we could improve the app’s performance from a power usage perspective, we feel that the time it would take to do that would be better spent doing something like increasing users earning potential or the number crash-free sessions. We are aware the app drains the battery a little more than some other apps, but we don’t think it is so battery-draining as to be a cause of serious concern.
Are there any plans to introduce other forms of content like video into the platform?
We have thought about adding video, but the next logical step for us would be to add things like podcasts and then audiobooks, as well already have a partnership in place that would allow us to do this.
Any thoughts on a future buyback program?
This is talked about a little bit in the blog post mentioned above as well. Either way, the way that our direct ad revenue program works is very similar to a buy-back program, as advertisers will have to buy tokens off the market in order to advertise on our platform. Our staking and rewards mechanism will also act like a buy-back program as they will be being rewarded with these tokens off the market. In addition to all of this, we also have a burn plan that we intend to announce in a future update.
Can you talk about hiring and how many people are working at Current?
The team is the largest it has ever been right now! We have around 25 employees based in 3 different countries with our base obviously being here in the United States. In addition to our office here, we have a team working out of Mexico and Eastern Europe. We recently hired a VP of operations name Ankur Sharma who has a very rich history in previous start-ups. Apart from our team now though, we are still hiring and plan to open positions shortly for a few new Android developers as well as continue searching for a candidate for VP of marketing.