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ICO Alert Quick Facts
- A new social ecosystem rewarding content creators, moderators, and all that positively influence the quality of the network’s content.
- Three rounds within the ICO; first round begins on November 17, 2017 at 5 p.m. UTC.
- Price per Narrative token (NRV) is $0.48 in the first round.
- NRV is an ERC-20 token and 65% of the total 100 million NRV are being sold.
- 22% bonus in the Early Bird phase starting November 17.
What is Narrative Network?
Narrative will be the world’s first true content economy. We’re creating a complete ecosystem based on cultivating and rewarding quality content. We see this as a revolutionary model that can completely disrupt the way social networks and publications have traditionally worked.
With Narrative, 85% off all revenue is distributed right back to the users who contribute to the network – the creators, the commenters, moderators, editors, and more. And those same users have autonomy in the system, electing their own moderators and a Supreme Court-like Tribunal. All actions on the system are transparent, so, for instance, a rogue moderator will be accountable for his actions (and can even be overthrown via a community vote).
Traditional social media companies subjugate their users, earning money based on the content that their users create and implementing content policies from on high, without community input. Narrative not only cuts out the middleman, but puts the users in charge of making content decisions. User reputation and content ratings ensure that good content rises to the top and “bad eggs” do not contaminate the environment.
One of the most unique aspects to Narrative though is that even though it will use cryptocurrency as its economic center, it will support fiat payment options for certain actions — including Network Reward payments to its active participants. This will allow the network to extend its reach well beyond the current crypto crowd.
— Ted O’Neill, Founder
ICO Alert: How does the Narrative Network token function within the platform and why is it needed?
Narrative: The token is used as the foundation for the content economy and represents the value of that economy; ultimately, all economic transactions will be based on these tokens. Some example of things tokens will be used for:
1. Purchase ads on the network (and note that all ads are subject to approval by community members)
2. Purchase “niches”- unique subject areas (AKA, “Boston Celtics,” “Content Marketing”) where members can post content. Niche owners are responsible for maintaining each unique subject and earn rewards based on the popularity of their niches. Think of these like unique domains that they control.
3. Tip other members (for instance, to reward them for good content or encourage them to create something new).
4. Rewards: payouts to active participants, depending on their role(s) in the network community
ICO Alert: What unique experience does your team possess that positions the Narrative Network project to be successful?
Narrative: The leadership team behind Narrative comes from Social Strata, a company with nearly two decades of experience creating online community platforms for the enterprise. Its primary product, Hoop.la, has many blue chip customers, including Dun & Bradstreet, Pepsi, Bose, and Monster. We know how to build scalable platforms focused on user-generated content because we have done it longer than anyone else. We also plan to license a good chunk of our Hoop.la software to help jumpstart development of Narrative. This will allow us to get Narrative to market much faster.
In addition to our leadership team, we’ve recruited some key advisors, including Paul B. Allen, founder of Ancestry.com; Michael B. Moore, former Coke brand manager and current CEO of the International African American Museum; Christopher Penn, an expert in content marketing and popular keynote speaker; and Chris Pirillo, a true content legend who built an amazing brand around the “LockerGnome.” Our focus here is on proven expertise and experience in terms of branding, marketing, and content strategy.
Our goal is to be the premier content platform and all of these advisors bring the expertise we need to help us get there. We also recognize that building a great platform is not enough. We need to be able to market it and attract existing content creators early on. That’s why we also intend to have importers to help us bring existing content into the system.
ICO Alert: What are some advantages to early adopters for Narrative Network? In particular, can you provide some additional insight into the “Founders” program? Do early adopters maintain “Founder” status forever regardless of token balance at launch?
Narrative: Early contributors will receive a discounted token price. There is a 22% discount in the Early Bird phase and a 6% discount in the Pre-sale phase.
Anyone who contributes 10 ETH or more during all phases of the Token Sale will be granted Founder status. Founders will have several exclusive benefits that apply:
1. Founders will have an exclusive 48-hour window once the network launches to purchase niches before the general public. That will give them “first dibs” on locking up the best (most popular) niches. There will be a limit on the number of niches each Founder can reserve during this period, however. Keep in mind that Niche Owners receive 10% of the Network Reward payouts, so the more popular the niche, the more money you can earn. This is a huge perk.
2. Lifetime Activity Points Bonus: for as long as a Founder is a member of the network, he will receive a 10% bonus on earned activity points on the network. Points are earned based on overall participation. This bonus means a higher share of Activity Rewards payouts for the life of the Founder.
3. Access to Team During Development Phase via an Exclusive Online Area:
4. Founders will maintain their status regardless of their token balances at launch or anytime in the future. It’s our way to reward our early contributors.
ICO Alert: Can you explain the governance model? In particular, the roles of the organization, tribunal, and narrative committee and how they all interact?
Narrative: The organization’s sole role is to provide the infrastructure for the network: software development, marketing, operations, legal, etc., with no role in content or user management.
Content and user management will be controlled by the network’s registered members. Moderators will have content management authority within niches. The Tribunal serves as the “Supreme Court” for the network, serving as an appeals court for grievances between users.
Note that niches have a unique governance model in and of themselves. Each niche has one owner and that owner MUST nominate moderators. The moderators are elected by a vote of the niche membership, however. All actions by moderators are logged and displayed for complete transparency. And niche members can overthrow an elected moderator, if deemed necessary.
The Committee is a body represented by members of the organization and the network to discuss issues and areas that need improvement. New features can be suggested through this group, for example.
ICO Alert: Transparency seems to be a major focus of the project. What are some of the advantages transparency will add to the network that a centralized competitor cannot provide?
Narrative: Well, I think even a centralized service can probably be extremely transparent if it chose to be. That said, the blockchain certainly makes it easier to be transparent about things like financial transactions.
ICO Alert: What is Narrative Network’s strategy to manage token velocity? What mechanisms are built into the system to stake value into holding NRV tokens?
Narrative: We see overall demand driving the value. The niche system alone will lead to the creation of hundreds of thousands of unique subjects. And each niche requires a fee that must be paid each year by the owner. As the network grows, ad revenue will also grow, driving more demand for the tokens used to pay for those ads. Also, keep in mind that at launch, we are focusing on English, but as we roll out new language channels, each of those will have their own unique niches, ads, etc.
We see this as being a very large market, with high demand as users and areas within the network expand over time.
ICO Alert: A lot of comparisons can be made between Narrative Network and Steemit. Can you provide some insight on some of the similarities, differences, and advantages of Narrative Network over their platform?
Narrative: We go over this quite a bit in our white paper, but here are some of the differences:
1. Steemit has a complicated model that requires multiple types of tokens. It’s very confusing for users. Narrative has one token.
2. The feature set in Steemit is limited. Search is basic (it has to be because of the way content is stored), with no advanced criteria.
3. To earn rewards on Steemit, you must own crypto. This reduces the market size, because relatively few people actually own crypto. Narrative will support payouts in fiat, making its rewards much more “real” to more people.
4. Steemit has no human moderation and Steemit does not support niches.
5. Steemit does not account for user reputation and content ratings like Narrative does.
6. The rewards in Narrative go to a much broader set of users… designed to create a cohesive ecosystem.
ICO Alert: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for the rest of 2017 and 2018?
Narrative: We are quite confident in our ability to develop the project. As stated above, we have developed multiple enterprise-class platforms focused on user-generated content. We will also be licensing technology from our existing platform to jumpstart development. Thus, we expect to launch the network within nine months of the close of the Token Sale.
ICO Alert: As a non-Narrative Network question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Narrative: In terms of ICOs, I think we will see a decrease in the number of new projects beginning in Q1 2018. The costs to roll out an ICO are increasing exponentially, so only more established, already-funded operations will be able to conduct an ICO properly. Thus, fewer ICOs (compared to Q4 2017), but better quality. At least that is what I hope. And longer term, I expect that trend to continue… more quality projects and fewer “money grabs.”
In terms of crypto in general, I see more attempts at regulation as more people see it as an attractive alternative to fiat. But, that will not stop the uptrend in valuations, especially for established, quality cryptocurrencies. We’ll see the usual big swings up and down, but the uptrend shows no end in sight.
There are two rounds of pre-ICO in order to incentivize early contribution. The first round (“Early-Bird”) begins November 17, 2017 at 5 p.m. UTC and ends November 24, 2017 at 5 p.m. UTC. The second round (“Pre-ICO”) begins November 27, 2017 at 5 p.m. UTC and ends December 4, 2017 at 5 p.m. UTC.
Early Bird: The price per Narrative token (NRV) is $0.48 and there is a minimum contribution of 10 Ether in order to participate.
Pre-ICO: The price per NRV is $0.58 and there is a minimum contribution of 5 Ether in order to participate.
In order to participate, contributors must register for the token sale. The NRV token is an ERC-20 token, so only Ether is accepted as contribution, and an ERC-20 compatible Ethereum wallet must be used to send Ether and to receive tokens. An exchange wallet should never be used to contribute towards an ICO or to receive tokens.
Any participant who contributes 10 Ether or more will be granted “Founder” status. See below for more information.
The ICO begins on December 7, 2017 at 5 p.m. UTC and ends January 6, 2018 at 5 p.m. UTC. The price per NRV token is $0.62 and there is no minimum contribution amount. Just like the pre-ICO rounds, contributors must register in order to participate in the ICO.
Any participant who contributes 10 Ether or more will be granted “Founder” status. See below for more information.
Token Distribution Information
There are a total of 100,000,000 NRV being created for the ICO, with 65,000,000 available across the pre-ICO and ICO. The token distribution breakdown is as follows:
65%: Pre-ICO and ICO
20%: Team members (vesting over a three year period after the ICO ends)
15%: Narrative organization (vesting over a two year period after the ICO ends)
Any participant who contributes 10 Ether or more will be granted “Founder” status. Those with Founders status will receive the following perks:
First Dibs on Niches
When the network launches, the team will give all Founders a 48-hour head start on reserving new niches (there may be a limit on number of niches you can create during this period, however). Founders can reserve the most lucrative niche subjects before the general public comes in. Since Niche Owners can earn recurring revenue from the niches they operate, this is a potentially substantial benefit (a niche is a subject area into which any Narrator may publish content.)
Access to the Team During Development Phase
Founders will have exclusive access to the Narrative team immediately after the Token Sale ends and until the network launches. Get an inside look at the progress the team makes.
Lifetime Activity Points Bonus
For the life of their network account, Founders will receive a 10% bonus for all activity points they earn each reward period. That means a higher share of Activity Rewards payouts.
Use of ICO Proceeds
The money raised from the ICO will be used to fund operations of the organization for the first 3–5 years, or until the revenue from the network is able to fully fund operations. As such, it will be used for human resources, infrastructure costs (licensing, contractors, office space, data centers, etc.), and marketing.
Ted O’Neill, Founder and CEO
Ted is also the founder and CEO of Social Strata, Inc, the platform that Narrative is licensing in order to jumpstart development. Ted is a pioneer in UI design and development, and the originator of BBCode.
Rosemary O’Neill, Co-founder and CMO
Rosemary is the co-founder of Social Strata, and has 20+ years of leadership in the online community space as an entrepreneur, writer, and speaker. She is a recognized HR innovator, has been interviewed by HuffPo, Fox & Friends, BBC, and NPR’s All Things Considered regarding Social Strata’s pioneering unlimited paid leave program.
Brian Lenz, CTO
Brian is a proven software engineer and architect with 17+ years of experience overseeing all aspects of SaaS technology provisioning, including infrastructure, systems, and security as well as software development.
Michael Farris, Ph.D.
Michael is an innovator, entrepreneur, educator, and expert in learning technology design. He is a community builder and communicator, and will be assisting the management team as a part of Narrative.
For a full list of team members and advisors please visit the Narrative website.
Source: ICO Alert