Video App Cheez Creates Cryptocurrency User Reward System

 In Exchanges

Cheez partnered with blockchain company Contentos to integrate Bitcoin (BTC), Ethereum (ETH) and Contentos token, COS, in its service.

The mobile video application Cheez has developed a virtual currency bonus mechanism in cooperation with the blockchain content platform Contentos, Cheez said on Wednesday. The short-video platform integrated Bitcoin (BTC), Ethereum (ETH), and the Contentos’ token COS in its latest app version.

Cheez’s users can earn cryptocurrencies if they complete 15 various daily tasks: from watching and uploading video clips to playing in-app games or sending direct messages to the content creator. The amount of crypto is relatively small as the company put a daily limit of BTC 0.00024 or ETH 0.00352 or which was around $1.56 for the Bitcoin reward and $1.28 for the Ethereum one as of the time of publishing. Cheez community members can claim bonuses in the two largest cryptocurrencies for every three, six, and ten completed tasks.

“Users can transfer their BTC and ETH holdings from the embedded digital wallet within Cheez to other crypto wallets or exchanges to convert them to fiat,” Contentos’ founder Mick Tsai told TNW.

Contentos is a blockchain-based company that claims to have a much more equal revenue system for content creators than the mainstream platforms. The partnership with Cheez is the first significant deal for the startup. As part of the cooperation, Cheez allows customers to opt for COS token reward instead of BTC or ERH bonuses. However, currently, COS has no real value as it is not listed on any exchange. Therefore, users can utilize the tokens for paid Cheez features or wait for COS listings.

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Cheez, which targets short videos with a maximum duration of 17 seconds, has around five million downloads from Google Play and App Store. The main player in the market is YouTube, which has more than one billion downloads from Google Play but its user base is much bigger because the platform is part of Android devices’ basic package.

 “While blockchain and cryptocurrency are poised to reshape the future global economy and the way people engage and transact with one another, the industry has yet to see successful adoption among the masses,” Cheez explained in a press release.

“Part of the challenge lies in the fact that there are very few opportunities for the average consumer to participate in the crypto economy and even fewer real-world applications of blockchain technology.”

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