News Aug 14, 2018

CobinHood AMA session with SocialMedia.Market

This AMA session is based completely on questions from the CobinHood community. The CEO at SocialMedia.Market project — Dmitriy Shishov — answers the most popular questions concerning the nature and essence of the SocialMedia.Market platform, tokens it uses, the way influencers and advertisers cooperate during ad campaigns, and much more.



Q1: I read the White Paper, the project looks amazing. Will the development team stick to road map?


A: We strive for the maximum level of security and performance for our platform and to implement it all strictly in the terms described in our roadmap. We are steadily leading the platform towards release in the CIS and UK markets by the end of September 2018.

Currently, our efforts are focused mainly at implementing the token and smart contract. We are also concentrating on accessible communication between users and management of companies and analytical functions. Once we are all set with that, we will focus on expanding the number of social networks connected to the platform.



Q2: Please share SMT product timeline


A: July was pretty tense. We started with publishing of the initial version of the smart contract. After almost a month of in-house testing we released the platform to public testing. During next two weeks, the beta version was tested in Ropsten network. In this phase we worked closely with the platform’s beta version 2.0. Current release (1st August) introduced the platform to Ethereum and allowed users to launch real functioning Youtube campaigns and sign contracts on the platform.


During August we’re going to work on Twitter, Instagram and Facebook to give users ability to create campaigns and sign to them. Prior to the platform release, scheduled on late September, a number of updates will bring in analytical opportunities for advertisers. Official website will be expanded and updated as well to give both advertisers and influencers more edge in Influencer Marketing.

Further expansion after release will proceed as stated in the White Paper.



Q3: I would like to know if there are other tokens with the same name, because there seems to be a bit of confusion. Why does SocialMedia.Market take the same ticker as other projectsSMT?


A: The ticker for an ERC20 token can be same for several tokens in the Ethereum network. Our token’s full name is Social Media Market. So any user can identify token by this name. The ticker is SMT and it will remain this way for some time.



Q4: SmartMesh is also called SMT, and they worked on the SEO, is there any solution for SMT to solve this issue?


A: It depends on the keywords and search engine used. A search of ‘token SMT’ in Google, get SocialMedia.Market as a third result, right below Steem and SmartMesh. We aren’t that concerned with the platform’s positions by that key request as those two services aren’t our direct competitors. However, we are working with content presented on the platform to make it rank higher by all relevant requests. In the nearest future, our website will be updated — new landing pages, lots of materials about us and technology employed in the creation of the platform, and much other stuff will be added. Search positions will be significantly improved once the token is launched on CoinMarketCap.



Q5: What’s the differences of SocialMedia.Market, compared to other ad platform?


Q6: Any other differences for SocialMedia.Market, beside decentralisation?


A: The main difference of our platform is that the SocialMedia.Market is a marketplace specializing in the direct cooperation with bloggers from popular social networks. We offer arguably the most efficient way of promotion for advertisers today — native advertising, which is based on the content, generated by an opinion leader. One of the general advantages of the SocialMedia.Market is the smart contract technology foundation, which means an extensive reliability of deals. The smart contract created via our platform serves as an escrow and automatically holds any financial transactions until all the deal obligations are fulfilled.


If we are talking about services in this same niche that don’t use blockchain technology, SocialMedia.Market has a number of pros as opposed to them. For instance, no strictly required number of subscribers for bloggers and no need for any moderation to create a campaign.

Moreover, those services usually operate by the subscription formula. Coming from our perspective and experience, it is a less attractive format for users and less efficient for business. Our marketplace will take fixed commission from the completed ad campaign only.


Our main goal is to create an independent marketplace that will give bloggers equal capabilities for monetizing their channels and make the cooperation with bloggers more transparent and accessible for advertisers.



Q7: After SocialMedia.Market is built, how do you ask influencers to join and how the clients will use SMT to find influencers?


A: Of course, the more active influencers join the platform, the faster the platform evolves. We are planning to execute several ad campaigns and participate in major events for Influencers to boost brand awareness and ensure the constant growth of the bloggers quantity on the platform. As it was described in the White Paper, when brand sets up the campaign and targeting options, platform automatically formulates a suggested pool of bloggers who are relevant for the campaign. When an advertiser activates a campaign, every blogger who meets the targeting requirements will get a notification with an invitation to join this campaign. This will be an additional way to attract new bloggers to the platform. We’re launching several engaging campaigns like the Early Birds program for Influencers. According to this program, every new blogger has an opportunity to take part in the first several campaigns without platform fees. Moreover, every holder of 5000 and more tokens has an access to the loyalty program, that allows to reduce the service fee. For extra influencer motivation to join the platform as well as educate influencer on how to interact with the platform, each blogger will be offered to participate in SocialMedia.Market trial campaign. The trial campaign is similar to campaigns created by brands, and introduces the influencer with the functionality of the platform, operation and interaction with the brand.



Q8: How does SocialMedia.Market avoid influencer and advertisers from trading privately via the platform?


A: First of all, both the platform and smart contract serve as a guarantee of fulfillment of all obligations by both parties. If deals are conducted outside the platform, users aren’t protected in any way from the possible scam and won’t be able to receive payments if one of the parties fails to meet obligations. The smart contract created via the SocialMedia.Market platform and the decentralized way to solve controversial situations guarantees safety of any finances and their fair distribution. Secondly, for the sake of security, users will be unable to exchange personal info through the platform, including email addresses, phone numbers, and wallet data.



Q9: Decentralised dispute is solved via expert’s voting. How do experts make decision?


A: To participate in Disputes any user should become the Platform Expert. First of all to become an expert and to have the ability to vote for resolutions, a user should be holding no less than 10 000 SMTs on their account balance. Besides that, user must complete an educational course to confirm the status of a resolution expert within the platform. When participating in the dispute, expert should do the following: choose a case waiting on a resolution from a disputes interface, check contract agreements and marketing campaign conditions, and review influencers’ content for compliance and specified cause of dispute. Only after these actions expert is able to vote for resolution on the basis of fair assessment of a dispute. After case closure, every expert voted for resolution will be rewarded by Social Media Tokens proportionally to the contract value, taken from reserved platform service fee.



Q10: What are your plans for mass adaptation?


A: One of the key goals of SocialMedia.Market team is to introduce a decentralized influencer marketing marketplace to the audience that has little-to-no experience with the cryptocurrencies market and limited knowledge of the blockchain technology. The SocialMedia.Market ecosystem is to be expanded way beyond the original crypto community, reaching broader audiences and focusing on advertisers’ and publishers’ daily operations. We are making our best to build a marketplace, where the operation of the SMT token will be easy and intuitive, simplifying all the operations within the ecosystem and ensuring superior security at the same time. We are also making sure, that it will be extremely easy to create and maintain a cryptocurrency wallet with SMT tokens. Besides, a significant part of the marketing budget is used to create and execute educational sessions, online-seminars, create educational content about influencer marketing, SocialMedia.Market technologies, as well as the advantages provided by blockchain technology and SMT.


Thank you for your attention, we hope that general principles of the SocialMedia.Market platform become clearer to your understanding.

Stay tuned for other new upcoming materials!

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