A blockchain startup ELVN messenger, which is planning to hold the third IEO round on Coinsbit on September 25, 2019, sets out to restore trust in messengers.
Social media and messengers are among the most maligned phenomena of the decade, more so than TV ever was. Research points to the alarming role that platforms like Facebook, YouTube, and Twitter play in the propaganda of terrorism, the rise in the teenage suicide rate, and the spread of depression and anxiety.
ELVN is considered to be a value-driven messenger. In 2018, the startup revealed the first edition of its messenger, which intends to address the two core issues plaguing social applications: the lack of tangible value and the poor privacy record.
ELVN applies its token to reward users for their activity, including actions like photo and video posting, file sharing and messaging. Users also have an opportunity of tipping each other for content by making an instant in-app crypto transfer.
It’s difficult to implement a users reward system to a messenger that doesn’t have a blockchain fundamental on an international scale. An example of a messenger with rewards that are not operating on a blockchain is WeChat, but it’s working locally, only in China. Comparing to this, crypto tokens enable worldwide transactions without high fees.
In August 2019, the startup held two rounds of its IEO on Coinsbit and raised over $2.7 million. The third round is planned to start on 25 September 2019.
IEOs are becoming more popular as a safer means of backing crypto startups. The platform Coinsbit is currently preparing to launch its token, CNB and the exchange is going to automatically distribute CNB to all registered users.
ELVN will use the funds raised during the IEO to present a set of AI algorithms for automated content regulation. One of the algorithms will filter all inappropriate content for underage users. The other will identify and eliminate spam and unsolicited ads, as well as to detect efforts to use the messenger for illegal purposes, such as money laundering or terrorism financing.