NEW YORK (Reuters) – U.S. video streaming company, YouNow, on Wednesday, filed with the Securities and Exchange Commission for a public offering circular is to distribute their own digital currency, called Props.
FILE PHOTO: Adi Sideman, founder and CEO of YouNow, speaks during the TechCrunch disrupt event in the Brooklyn borough of New York city, USA, May 10, 2016. REUTERS/Brendan McDermid
The company said it does not plan to raise funds or to sell any of the pieces on offer to the public.
It comes after Facebook Inc. announced on Tuesday the launch of its own cryptocurrency, called the Scale of the effort to expand into the global payments and e-commerce. Speculation about Facebook’s proposed token, it has helped to create a cryptocurrency market in the last few weeks was due to a decrease from the previous year.
Props is an open-source project that was built to reward application users and content creators with a financial stake in the network they are on. YouNow, with 47 million registered users, the Equipment project is in 2017.
Instead of being sold, the Equipment, the tokens can only be earned by the apps developer, users, and validators, which will contribute to the Equipment’s network. YouNow, that is with the very first app in the Equipment, the network, with the name of the Equipment, and live video in the app, it is a plan for the allocation of a significant portion of its own tokens to millions of users.
Props to runners who are under the offer will be published on an on-going basis.
YouNow will be made by the SEC’s Regulation A+ exemption, and in accordance with YouNow’s submission, which is available on the SEC’s web site. Under the terms of the offer, a total of 178 million, the tokens will be distributed.
According to the Regulation A+ exemption is for small businesses to offer and sell securities to U.S. investors through two levels, for $20 million to $50 million each, for a period of at least 12 months. If an initial public offering, Reg A+ allows companies to offer shares to the general public and not just to accredited investors.
In its submission, YouNow, said that the creation of a consumer-focused, digital media, apps, referred to as the Equipment and Apps, which will function as a traditional application that can be downloaded and used by other users, in a manner similar to normal web apps.
“People — they may be constant for creators, moderators, or they can be made in support of the financial system, the growth of the network, and now will be rewarded in a clear and mathematical way, cryptocurrency,” Adi Sideman, YouNow is the founder and chief executive officer, told Reuters.
“What we’re doing is, in fact, utility-pennies are not accredited investors, and consumers in a manner that is in compliance with the SEC, this offer to the public.”
Reporting by Gertrude Chavez-Dreyfuss; Editing by Susan Thomas