Cheez has now created a digital currency reward system in its application in a partnership with the blockchain-based content platform Contentos, according to the reports. The Vine-inspired forum for short videos has integrated BTC, ETH, and the Contentos native coin COS in the latest version of the Cheez app.
Cheez users will earn tokens if they finish 15 different daily tasks: which vary from watching videos to uploading clips to playing games in the app, to even sending feedback to the content makers. The reward amount in the crypto isn’t exactly very high, however. The firm has put a daily reward limit of BTC 0.00024 (~ $1.51 USD) or ETH 0.00352 (~ $1.28 USD). Members of the Cheez community may claim their rewards in the two largest digital currencies currently, after completing every 3, 6, and 10 tasks.
“Users can transfer their BTC and ETH holdings from the embedded digital wallet within Cheez to other crypto wallets or exchanges to convert them to fiat,” Mick Tsai, founder of Contentos said.
Contentos is a blockchain company that provides a much better and more equal revenue system than other traditional platforms for content creators. This collaboration with Cheez is the first significant partnership for the firm. As part of this plan, customers will be able to get their rewards in COS instead of ETH or BTC. However, they cannot use it for much since no exchange lists COS yet. So, they can avail the paid features of the app using the token, or wait for it to be listed.
Cheez, which is mainly a forum for short videos of at most 17 seconds length, has around 5 million downloads from App Store and Google Play. The main player for videos is obviously YouTube, which has over a billion downloads, and also boasts a bigger user base because of the basic package features of Android devices.
“While blockchain and cryptocurrency are poised to reshape the future global economy and the way people engage and transact with one another, the industry has yet to see successful adoption among the masses,” Cheez stated.