This is our first report that we will publish once every two weeks to keep the EGT community updated on our progress
With our first update we are addressin recurring questions that come up on our chat and other community channels and then go into our current efforts and plans for the future.
Your token sale took a while. What were you doing during 6 months of the token sale
As you know Engagement Token is a utility token. In order for us to be compliant with “utility” classification we had to make our token available to be used as a utility the moment it was unlocked. We had to change our adapt some of the platform functions to smoothly transition from “points” to tokens. It was a difficult task, but the team did it. It took a long time and effort. We are proud to be the first online advertising token that can now be used on the online publications of popular US Newspapers. In fact this might be a crypto first! A legitimate US publication accepting cryptocurrency for the premium ad spots.
Here is an example:
You have 4.5 millio users, they have Engagement Tokens now. Where is their activity what are they doing with these tokens?
All of our users have now EGT’s instead of points
They can now bind their Ethereum wallet to the account and transfer these tokens to the blockchain, and sell them on the exchange.
These are regular users, so most of them still need to learn some of the specifics of the online token systems and wallets. We need to educate them about what Engagement Tokens are, the context of crypto and how to use and trade Engagement Tokens. This is a great opportunity and there is a right and wrong way to engage this large audience. We are looking for a crypto partner — an exchange around which we can build a marketing campaign and gain value from this user base. As soon as we find a good partner we’ll start our education campaign.
When will we see you on a “good” exchange
As you know exchanges now are extremely difficult to deal with. As utility token we can’t proactively seek the exchange listing ourselves, but our community is helping. Healthy exchange volume is vital to fulfilling our vision for Engagement Token. Please stay patient. The work is underway.
With popularity of token sales skyrocketing over the past twelve months, there are a lot of tokens around lately, unfortunately our abbreviation EGT is clashing with another public token “Egretia”. They have also chosen the EGT string to represent their token. This is causing some difficulties for us. We are looking into moving our token to ENGT listing name on EtherScan, CoinMarketCap and Exchanges. In particular this might be a reason we are still not listed on IDEX (despite multiple applications).
How will advertisers buy your tokens?
Advertisers can already buy Engagement Tokens on exchanges. Advertisers can also buy the tokens from the EGT International portal.
When advertisers purchase p[lacements EGT International will buy the equivalent amount of EGTs on exchanges in order to distribute to publishers where tehse advertisers will spend their EGTs. These buys will not look any different from regular exchange buys and will happen at or above current exchange prices.
Our long term vision is to build EGT into a crypto standard for online advertising economy. In order to do that we will create a bridge from EGT to real business in as many forms as possible. We are setting up six initiatives to move in that direction:
1. Grow our online network footprint of publishers running our Engagement Platform along with Promoted Comments and Promoted Headlines modules. These are social ad units bough for EGTs. We are hard at work building necessary advertising partnerships and technology adjustments to make this proposition viable.
2. Specifically we would be going after crypto publishing community. Promoted Headline units are great for making direct advertising space purchases on specific pages. This is where majority of revenue is being generating in online crypto advertising.
3. Move our CommentsRadar.com product to EGT billing. The users will be charged an EGT balance for certain number of queries per month or have unlimited amount of queries for the bulk EGT payment. Comments Radar is unique piece of technology giving a users snapshot of all commenting activity on the Web.
4. Create specialized Comments Radar modules for specific industry verticals: pharma, automotive, travel. These modules will help industries act on signals generated from online discussions. They will also transact in EGTs.
5. Action Drop — an initiative that will reward users in EGTs for completing specific task online. The tasks will require advertisers to buy EGTs in order to give out EGT rewards. Here is an alpha version of the platform:
6. Social Web Browser Extension (name is provisional) — this initiative will take advantage of our Comments Radar and commenting widget technology. Users will be able to install our extension for popular browsers and comment on any url on the web and also immediately see existing comments on the topic.
This browser plugin will reward users with EGTs for the browsing behavior. The EGTs will be redeemable for prizes and bounties. Advertisers that provide these prizes will need to buy EGTs in order to list them for the users.
We hope to make this extension useful and popular.
These initiatives are focused on connecting the real online advertising economy to the crypto world. Each one of the initiatives requires advertisers to purchase EGTs in order to unlock the value of the product. We have made EGT purchasing as seamless as possible for non crypto savvy advertisers. The long term goal of course to familiarize online advertising world with crypto economy enough so that majority of advertisers is comfortable buying EGTs directly on exchanges.
We will routinely start providing these reports with about two week cadence. We will update you on new partnerships, product development news and other initiatives.