ASK.fm is one of the largest question and answer social networks in the world. The company’s recent announcement of the sale of its utility token (ASKT) has left many people wondering why a company that has been around since 2010 would make such a dramatic shift. Now, it has become clear that the company sees an initial coin offering (ICO) as its opportunity to take a leap into the decentralized economy. ASK.fm plans to do this by tokenizing social interactions within its network.
Currently, ASK.fm has 215 million registered users in 168 countries facilitating 600 million questions per month. Known as ASK.fm 2.0, the company’s new blockchain-centric iteration will feature tokenized incentives for users. Influencers will have the opportunity to earn direct rewards for content, in this case, the responses they create. By increasing network activity through an incentivized token, ASK.fm expects to dramatically raise the level of knowledge and expertise on the network.
Once the tokens are implemented into the ecosystem, users who possess them will have the opportunity to participate in a worldwide movement to capitalize intellect.
Here’s how the process will work: Any ASKT holder will be able to pose a question, bidding a certain number of tokens. Those being asked can either choose to answer or decline the question. . The accuracy of responses will be verified by independent moderators.
Each participant benefits from either asking catalytic questions or giving valuable answers. In other words, users benefit from the content they create under the ASK.fm theme, “Your Answer Is Your Asset.”
“We are employing a robust blockchain-based Q&A platform that introduces a new cryptocurrency token,” said ASK.fm 2.0’s CEO, Max Tsaryk. “Our intent in doing this is out of conceptual necessity, not on a whim. Blockchain [technology] enables a more democratic means of economic self-regulation
