The Props Project is intended to empower the people who help digital communities thrive, and create better alignment between app developers and their users. Props’ open-source infrastructure creates a decentralized network of apps operated by independent developers, who share an underlying token, benefiting from collective network effects. Props abstracts blockchain’s technological and regulatory complexity for apps, enabling them to easily plug Props Tokens into any app in the network, in order to grant their users unique benefits and a financial stake in the very networks they help grow. Props is backed by Union Square Ventures, Venrock, Comcast Ventures, Zeev Ventures, and others.
The Props Public Benefit Corporation (PBC) guides the development of the Props open source code and tooling, evengelizes for the Props Network and is responsible for awarding grants to developers, app operators and content creators that adopt Props. The Props project was started in 2017 by YouNow, a live streaming app with 50 million registered users. YouNow launched one of the first digital-currency based two sided economies in the US in 2014, and sold over $75M worth of digital currency to its users, sharing the majority of its revenue with content creators. YouNow was also the first app to integrate Props, followed by five other multi-million user apps that have been integrating Props.
Attention. There is a risk that unverified members are not actually members of the team
Opportunities:There is a solid team with relevant experience in place. They were able to build YouNow to a large platform, so it shows their execution capability.The project is able to leverage off YouNow’s existing community, which can drive adoption of the ecosystem right off the bat.Props ecosystem allows third party apps to integrate with it. It could have new/different use cases as more apps are added to the platform.The Whitepaper is pretty detailed and reviewed by a number of veterans in the crypto space. This shows the effort that was put into it and that the project is well-thought-out.
Concerns:There is a high inflation of circulating tokens which would dilute the proportion owned by ICO participants. By year 4, there will be more tokens minted from partner rewards and grants than from the ICO.Rize is going to face stiff competition as video streaming is a competitive space with many established and deep-pocket companies including Youtube, Facebook, Snapchat, as well as other many-to-many video streaming companies such as Blue Jeans. All the team members also work for YouNow and have to allocate time between YouNow and PROPS/Rize.
Conclusion:Overall, we like the short-term potential for this ICO but are neutral about its long-term potential. Our thoughts of the tokens for short term and long term are as follows:For short-term holdingGood. The project is backed by strong advisors and investors and has a strong market awareness. It should have no problem reaching the $25 million hard cap with unmet demand.For long-term holdingNeutral. There will be a lot of tokens entering into circulation each year, meaning that the market cap of the project needs to keep growing for token price to just break even.
PROPS is a well-conceived project making good decisions. Giving access to the platform to third party developers and utilizing YouNow’s already existing audience are all parts of a sound strategy. The project is backed by a strong team, even if it has to simultaneously work on the already functioning YouNow and PROPS/Rize.However, the project will have to face powerful competition. Snapchat, Youtube, Facebook – and the list of competitors doesn’t end here. A lot hinges on the success of the Rize application and its ability to stand up to its rivals.
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