Props Project is an open-source platform and token that provides consumer-facing apps with a core feature: rewarding users with an asset that can accrue value over time with the power of loyalty benefits..
Apps easily plug into the platform and create their own loyalty program that can award “App Tokens” (powered by Props) that transform network/social capital for their users into a real-world financial stake in the overall network. Users are incentivized to hold the Props/App Tokens they earn in order to benefit from in-app perks and the financial upside potential of owning a stake in the network. Props leverages blockchain infrastructure wrapped into simple APIs and a token qualified by the SEC.
Live streaming app YouNow (46 million registered users) is the first app to deploy Props. The Props reward pool for participating apps is currently valued at $60M. We’re backed by Union Square Ventures, Comcast Ventures, Venrock and others.
The premise of Props is to reward users with an asset that can accrue value over time, by tokenizing in-app loyalty benefits.
Users who generate value for apps are not properly rewarded. Many user-driven networks monetize their users, but often offer their power users and content creators little in return, or compensation far below the value for which they’re responsible.
Users earn and hold Props to benefit from in-app perks and a stake in the network. Props is a token that powers advanced loyalty program functionality. Users earn Props by using the apps, and are incentivized to hold them to benefit from various in-app benefit functionalities. Props has the characteristics of “sweat equity” - real financial upside potential - helping users feel more like app partners, instead of just users (more below).
Apps integrate Props to reward and align with their most valuable users. Similarly to loyalty programs, apps use Props to retain their most valuable users and enhance their evangelism. Participating apps define which user actions result in Props rewards, and which in-app benefits Props will give to the users who earned them.
In-app benefits. Like airline miles, Props give users that hold them in-product perks and benefits across participating apps (“airlines”). Examples might include discounts for in-app purchases, elevated in-app status, ad-free experience, access to premium content and/or other benefits. Each app defines the benefits depending on its nature.
Transfer to friends or other users you love. Props can be sent from one user to another.
Props = Social Capital = “Sweat Equity”; users earn a stake in the network. Props represent the Social Capital users accumulate by using your app and are algorithmically earned by engaged users. They help make in-app interactions - e.g. contributing content, referring friends, purchasing an item - more valuable for any user. Since there is a finite number of Props, as the number of people that use Props grows, so does the value of each Props token. This mechanism ensures that those who contribute to the growth of your app have meaningful financial upside potential.
Gamify your app with Props to better engage and retain valuable users. Each app determines its own Props rewards logic,( i.e. the activity within the app for which users will be rewarded, and the size of each reward). Props is a tool to help you incentivize users to engage. Your most valuable users may hold substantial amounts of Props, aligning their financial interests with yours.
Integrate Props using simple APIs; no need to change your tech or business model. App developers use simple open-source tools and APIs to add the currency to their current app. Props are designed to be added into apps with millions of users and existing business models. There is no need to change your app’s infrastructure or hire any blockchain engineers.
Earn Props by integrating them in your app; there are no direct costs. As a member app on the Props network, your app will receive a one-time grant of Props and earn a share of the Props daily Protocol Rewards. Each day, a certain number of Props are automatically and transparently allocated by the Props Protocol to participating apps, based on the verifiable portion of the overall Props user activity that each app on the network generates.
Choose how many Props to allocate to your users. Each app decides how many Props to hold as an asset, and how many to allocate to properly incentivize its users. As an early adopter of Props, you have outsized upside potential for the Props you hold. As more apps and users adopt Props, the token’s value grows.
Benefit from the token network effect (“double network effect”). Every user added to the network not only makes the app marginally better for other users (classic network effect), but also makes all your existing users marginally richer. This has proven powerful (for example, with Bitcoin), turning power users into financially aligned partners and active ambassadors that are further incentivized to evangelize your app.