Decrypt, a popular media platform, has just announced it is working on the development of a token to reward its users for reading and sharing its content.
The company announced yesterday it has teamed up with the Ethereum-based token infrastructure provider OST to launch a reward token.
Users will reportedly receive this token as a reward for reading and sharing the platform's content. After users receive the tokens, they can be exchanged for gift cards in online stores such as Amazon, Airbnb or Starbucks, among others.
The launch of the token is scheduled for the second quarter of the year. It will have a fixed value established by the company, will be encoded on a smart contract and will not be tradable.
However, should both Decrypt and OST shut down, users will still have the chance to exchange the tokens for ethers.
Josh Quittner, editorial director and co-founder of Decrypt, said the company has decided to abandon the traditional advertising model in favor of tokens because, in his opinion, the traditional model is broken.
However, Decrypt will not get rid of advertisers, as the tokens will be launched in seasons, with each of these seasons sponsored by an advertiser.
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