So who is this Gcox blockchain ?
“GCOX is the world’s first celebrity crypto token exchange”
They claim to be the word’s first celebrity token exchange. I guess it’s different, but you could also bet or push things like this on argur and even outside the tokenized blockchain space there are celebrity sites already. Think patreon in a way. But it’s an interesting idea because everybody around the globe love their celebrities.
They do have a very long and detailed whitepaper. It’s 66 pages, so that’s impressive enough compared to many startups or firms that push out 5 page whitepapers with little to no information. There is a lot of white space and images though, and over half the white paper is basically team members, advisors, and partners with pictures and press release like blurbs. So it’s not exactly 66 pages of technical details either. It has far more fluff than technical details. But I am impressed with the effort and time that went into building out this platform and product. It shows a lot of time and thought went into what they are trying to accomplish and build.
They are using NEO blockchain and releasing ACCLAIM tokens and APPLAUSE tokens, which complicates things even more. APPLAUSE seems to work in a decay algorithm formula, which is a part of NEO. I’m not going to go over how NEO compares to ethereum or QTUM and so on, but it’s another plaform with smart contracts and tokenization. There is also some future concept of Proof of Trade. Everybody wants to tout some new consensus algorithm these days and most of them have no actual proof that they work as well as POW and bitcoin, so who knows what they tested or didn’t.
” GCOX offers a platform that uses blockchain technology to create and trade Celebrity Tokens. This enables celebrities to unlock the
value of their popularity by creating and selling their own Celebrity Tokens on the GCOX Platform. Fans will be able to gain privileged access to their idols by purchasing Celebrity Tokens of their idols. The listings of Celebrity Tokens on exchanges will provide an objective indication of their popularity, seen through the market capitalisation of their Celebrity Tokens as determined by open market forces.”
The primary customer seem to be celebrities. This sounds like they want to create a more blockchain tokenized version of twitter. Maybe they aren’t trying to be like twitter and a social media platform, but celebrities love twitter and instagram. They get paid to post and shill products and platforms. Fans get to tweet and reply and interact on these ‘free’ platforms already.
It does seem they are trying to target young or early celebs more than the Brad Pitt’s of the world. I could be wrong, but that’s what it sounds like to me. The “GROWTH” phase sounds like an up and coming person who could become a celebrity, but might never become a Brad Pitt or Kanye or Britney Spears. I guess they could only target the ones who are for sure bets to make it big, but at the same time, what incentive do celebrities have to pay the gas fees, the transaction fees and charge fans for basic info?
Nobody actually pays for twitter or instagram. Sponsors and advertisers do, but celebrities post updates and fans reply and interact. It’s hard to imagine a celebrity who hasn’t made it yet paying for tokens and then charging for tokens, much less a well known celebrity having a desire to do so. Yeah you could have the wannabe half naked instagram models try and charge for extra photos or asmr youtubers or other wannabe youtube stars try and charge like they do now on patreon. They all seem to ask for likes and to check out their patreon accounts to donate. Or some sell books or articles or how-to conferences. But they don’t actually pay patreon or kickstarter to post. Fans do, but the fees are kind of abstracted behind the scenes and nobody really knows or cares that they exist. Kind of like credit cards and normal users. Fees make the Visa’s of the world billions of dollars, but most people ignore it unless it starts to cut into your business margins. So it’s a different model.
They did sign Manny P up for the platform, but being it’s a Singapore company and he’s huge in the Philippines and southeast Asia, did they just pay him to say he’s a part of it ? We know lots of startups have paid celebrities to shill their platform. Not sure if he’s really using it or just shilling it for money.
They also push this ‘Celebreneur’ term. A celebrity + entrepreneur concept. I get it, but don’t they already do this without blockchain? Lebron James is a NBA hall of famer to be, a superstar, a celebrity, and a entrepreneur. Magic Johnson as well. Tom Brady as well. Beyonce as well. Even Lavar Ball and his Big Baller brand with his sons do various things. I’m sure many will try and use different platforms to push their brands, products, and companies, but what incentive would they have to pay for tokens or use GCOX?
If celebrities are the customer, I’m not sure why a guy like Lavar Ball would need to pay GCOX tokens and fees and then try and get fans to join the GCOX platform. He doesn’t need to help twitter grow, he just uses these platforms to help his own brand grow. Far different agenda and use case and challenge. Plus how will people buy tokens? Most of the world has no idea what a blockchain is, what metamask is, how to use it, or why they need to buy some bitcoin or ethereum and then sell that and buy some other GCOX like token. That makes things very complicated and it’s one of the challenges in the crypto space, in general. \
So why did Manny really join and shill it? And would he answer honestly ? He was a politician after all, not just a boxer. And his fight with Floyd a few years back was obviously a scam for both those guys to rip fans off and make money.
I also wonder about the birthday video greetings, on demand greetings , etc. Cool concept in itself, but please explain to me how they are getting live video and on-demand video to work in a decentralized blockchain platform? There are others out there like livepeer that are 100% all in on figuring out a decentalized video on blockchain challenge. Not sure GCOX, with an entirely different use case and customer, is spending 100% of their time trying to scale, solve latency issues and everything else on blockchain. Unless of course the token is blockchain, the video is not. They never actually go into detail about the on demand or birthday videos, so they probably have some central CDN or storage layer for that, or maybe they will try and use livepeer or others similar. Time will tell. But they didn’t go into much detail on how that aspect actually works.
I think it has some possibilities, but it’ll depend on how easy it is to get the tokens, what kind of celebrities use the platform, and how easy the fans will be able to get tokens. But if the fees add a ton of extra work and costs, people will just go back to using twitter, instagram, and normal websites.