Ethereum-Based Social Money Startup Roll Reaches 2,000 Users
According to a recent post by Roll co-founder Sid Kalla, the beta version of the app reached the 2,000 user milestone on Monday after hitting 1,000 unique active users less than a month ago. These users include content creators, artists, video game streamers, journalists, investors and others looking to mint their own social tokens.
“Roll builds infrastructure for social money,” said Kalla in the post. “We help communities build their own ‘crypto-economy’ by providing them with all the needed tools. Primarily, this means easy ways to get social money into the hands of the community and to provide opportunities for these community members to spend their social money on valuable things.”
Roll works by minting a set supply of 10,000,000 ERC-20 tokens per issuer, with the first 2,000,000 instantly deposited to the issuer’s Ethereum account to be used how they see fit. From there, the remaining tokens vest over a period of three years until the max supply of 10 million tokens is reached.
Applications for these tokens have ranged from rewards for engagement on social networks and streaming platforms to functioning as a form of payment for digital artists on popular NFT marketplaces.
Social money can be sent directly on Roll if you know someone’s user name, to an external Ethereum address or using an earn code if you’re the issuer. Roll also recently created its own payment bot on Discord, allowing users to instantly tip others in social currency.
I'm now a millionaire.. in $CAMI 😎
Social coins create abundance without actual money. They're like social fuel, incentivizing behavior we appreciate but wouldn’t normally spend $$ on.
It's an old concept, but it can become better and global with DeFi.https://t.co/ucximemwuk
— Camila Russo (@CamiRusso) December 16, 2019
“We are always iterating on making it easier for social money issuers on Roll to create ways for their communities to spend social money on Roll,” added Kalla. “We like to see a diverse set of rewards – some scalable, some not very scalable; some low value for casual fans and some higher value for power users and super-fans. We’ll continue to improve upon this.”
Roll previously raised a $1.7 million seed round in June led by Arthur Hayes, the CEO of BitMEX, with participation from Gary Vaynerchuk, Techstars Ventures, Hustle Fund and Techstars NYC.
Download Roll: Apple Store / Google Play
Image: Camila Russo / The Defiant
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.