Last week we opened white list registration for our upcoming ICO. A primary element of our blockchain roadmap is the launch of a decentralized VR/AR app store, with our cryptocurrency Weave flowing through it. Below is an extract from our white paper explaining how to plan to operate the store….
We fully appreciate the fact that blockchain applications are designed to remove intermediaries from the supply chain. However, even the most decentralized marketplaces and systems have a point of inception to springboard from. With our vast experience in this space and having all the networks, access to talent, people and contributors means that we are best positioned to be the catalyst of this marketplace.
Leveraging our large existing base of developers (over 6,000), we will create a decentralized VR app store, driven by blockchain technology. Apps will be distributed directly from developer to user, without the commissions or payment processing fees associated with traditional app stores. This allows developers to sell their apps at a lower price, while maintaining or improving their margins (good for both users and developers).
Developers will be paid immediately (without payment thresholds), improving their cash flow and business operations. They will also be airdropped a supply of Weave when they register for our decentralized app store.
Our role in this product will be to act as the promotional marketplace. We will list and promote the apps but let the blockchain handle the app delivery and payment transactions. We will generate revenue by charging a small monthly listing fee per app featured on our platform.
The Weave token will be the exclusive currency used for payment, thus stimulating demand for it. Users will also have the ability to use Fiat currency to purchase Weave, directly on our site.
Addressing an issue facing users in the VR/AR market relating to high app prices and cognitive dissonance of making the decision to purchase an app, we will implement an ‘app rental’ and ‘pay-per-play’ model. Using suitable smart contracts we will give users the option of paying a lower fee to download apps for shorter time-periods as opposed to an outright ownership purchase, with the option of full payment post initial transaction.
Other companies are attempting ICOs to create decentralized blockchain app stores, but we have a far superior first-mover advantage over them, due to our existing ecosystem and operations.