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ASKfm is the very first Q&A social network to feature its own cryptocurrency that rewards users for adding quality content. ASKfm 2.0 will build on the existing and already popular ASKfm platform and should incentivize high-quality content.

AskFM

ASKfm already has 215 million registered users and 3.5 million daily active users. There are 600 million questions and answers each month in 49 languages and across 168 countries. The top markets are the EU, LATAM, Asia, and CIS. ASKfm has already been a working product since 2010, giving it years of experience in perfecting the platform.

What Does ASKfm Do?

The existing ASKfm is somewhat similar to a social network in that it involves social interactions. However, it stands out with its nature as a discussion platform. It lets people communicate with each other and then gain experience via those communications with their peer group. All this takes place without any concerns regarding shyness or social awkwardness since everything is done online. While the platform has a clear focus on asking and answering questions as a way to increase knowledge, it does more. ASKfm encourages getting to know each other, allowing for personal development, and improving confidence and social skills via moderated secure peer interactions.

ASKfm 2.0

How Will ASKfm 2.0 Be Different?

ASKfm 2.0 will build on the existing ASKfm by continuing to connect users with others who can solve their issues. At the same time, the platform will add an educational component. This will come via incentivized challenges and informational activities, such as online courses and tutoring.

ASKfm 2.0 hopes to redefine modern learning and communication, on both personal levels and a global scale. It will create a new value system and a new decentralized economy that makes knowledge and skills a person’s main assets.

How Does ASKfm 2.0 Take Advantage of the Blockchain and Crypto?

The move to ASKfm 2.0 is designed specifically to take advantage of blockchain technology, as well as crypto. The platform will use the decentralized nature of the blockchain to create a decentralized ecosystem for its users. It will also tokenize the social interactions, with the tokens serving as the fuel for the system. With tokenization, the use of crypto and blockchain technology will make it possible to reward users for activity and quality content.

The project relies on blockchain as a security protocol, a value transfer service for cashing out in-app activity, and an immutable ledger. ASKfm 2.0 also takes advantage of the blockchain as an escrow service without humans, which allows for seamless movement of funds based on pre-agreed conditions.

What Is ASKT?

ASKT is the ASK Token, which fuels the ASKfm 2.0 platform. This is the platform’s native cryptocurrency and a utility token granting access to the platform’s internal economy. It is also used as a unit of value exchange within the platform for users. All users receive a wallet on ASKfm 2.0 to hold their ASK Tokens. From there, they can trade with another cryptocurrency by withdrawing the tokens to an external exchange.

How Does the Tokenization and Q&A Process Work?

Instead of just asking a question and waiting for an answer, users are now able to incentivize others to answer. For example, if User A is an average person who wants to know something, they can ask User B, an expert or celebrity, the question with a bid for ASK Tokens. If User B likes the offer of ASK Tokens, they will accept the bid, answer the question, and receive the amount, minus the 1 percent platform commission. The minimum bid is 0.001 ASK Tokens. If User B does not like the bid, they can present a counteroffer. The maximum counterbid User B can offer is 10 times the balance of ASK Tokens in their wallet. This limit is designed to motivate users to keep their tokens within the platform.

ASKfm Ecosystem

Alternatively, users (in this case, User B) can choose to put the answer to community crowdfunding. Once the community crowdfunding reaches the given threshold, the user would answer the question and get their reward. Alternatively, they could decline, which would automatically return the tokens to the community bidders. Similarly, the ASK Tokens are returned to the community bidders if the threshold is not met.

How Does This Put Users in Control?

Because of the setup of ASKfm 2.0, specifically the ability to bid on answers, users are in complete control. Users determine the value of content based on supply and demand, just like in any other business. The result is that users are in complete control of the platform’s internal token economy.

What Does the ASKfm 2.0 Roadmap Look Like?

The project began in ASKfm in 2010. By 2013, it had 50 million registered users. IAC bought the platform in 2014, and it reached 80 million users in 2015. It joined the Noosphere family in 2016, and by 2017, it had 215 million registered users.

In Q3 2018, the team will begin blockchain integration for ASKfm 2.0 and power the acquisition of experts and users. In Q4, the project will integrate ASK Tokens and virtual currency. The minimum viable network for ASKfm 2.0 will also launch at this point, followed by third-party security audits and testing.

Roadmap

In 2019, there will be online anonymous tests and the second iteration of the internal currency and economy. At this point, the project will make secure web-based wallets for every user utilizing their ASKfm account. The stable version of ASKfm 2.0 will launch at this point. There will also be further development of this social growth network via trainings and courses.

Conclusion

ASKfm is already a well-established platform with 215 million registered users, giving the project of ASKfm 2.0 a head start with a loyal base. Because of the company’s solid track record and appeal across languages and countries, there is a great deal of potential in ASKfm 2.0. The tokenization of answers will hopefully encourage higher-quality questions and answers, improving the experience on ASKfm for everyone.

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Posted by Oliver Dale

Founder of Blockonomi and Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet.

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