HONG KONG, Sept. 19, 2019 /PRNewswire/ -- The average user spends almost seven hours a day online, with messengers and social media accounting for much of this time. Yet, despite their popularity, social apps are widely seen as the source of numerous problems, from cyberbullying to the spread of extremism. The new blockchain startup ELVN, which will hold its 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. 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.
Yet another common objection raised against social apps is that they are losing their social function and becoming a monetization tool for businesses.
Last year, startup ELVN revealed the first edition of its messenger. ELVN uses its own tokens to reward user activity, including messaging, posting photos and videos, sending files of unlimited size, holding video conferences, and creating group chats. Users can also reward each other's content and make instant in-app cryptocurrency transfers.
The use of cryptographic tokens enables thousands of cross-border microtransactions without high fees or financial institutions. All transactions are handled completely automatically by a smart contract, with the details of each transfer recorded on the blockchain.
In August 2019, ELVN held the first two rounds of its initial exchange offering (IEO) on the digital exchange Coinsbit, raising a total of $2.7 million. The third round is scheduled for September 25, 2019.
Initial exchange offerings are gaining in popularity as a safer way to back cryptocurrency startups: Unlike an ICO, an IEO is held by a crypto exchange, which conducts due diligence, runs the sale, and distributes the tokens.
Coinsbit is currently also preparing for the launch of its own token, CNB. The exchange will automatically distribute 5000 CNB (worth $500 ) to all registered users. The token is expected to start trading on the open market on January 1, 2020.
ELVN will use the funds raised during the IEO to introduce a set of AI algorithms for automated content moderation. One of the algorithms will filter all inappropriate content for underage users. The other will detect and eliminate spam and unsolicited ads, as well as to detect attempts to use the messenger for illegal purposes, such as money laundering or terrorism financing.