Cheez is a social video app and it has over 5 million installations. This is across Android and even IOS as well. They are rolling out cryptocurrency integration and this will give users the chance to earn both BTC and even ETH. The problem is that there are a few things that you need to know here. The rewards are pretty low and the integration is going to be centralised as well. The video app is going to be developed and even livestreamed under the name LiveMe. Users will have to complete a set of daily tasks if they want to be able to earn their coins. The tasks could be anything like sharing a video or even watching something. Before you get your hopes up, Cheez is not a new career avenue for you. There is a daily limit and you are capped at earning $1.50 a day. This isn’t enough for you to make a living online and you probably won’t get anything for posting your short clips online. The new integration with Contentos gives people the chance to reward their users for the contributions that they make to the community. They also give users the chance to try out cryptocurrency adoption for themselves and they can even try out the idea of a blockchain as well, This is interesting to say the least but by the looks of things, it is not going to be done on a wide enough scale to make anything effective.
They believe that the blockchain has the potential to really revolutionise the digital content industry. They are also trying to lead the way when it comes to getting people excited for cryptocurrency and even the underlying technology that is present. The integration was developed in partnership with the startup Contentos and this promises to completely decentralise the mobile content ecosystem. It is also designed to try and empower independent creators as well. The problem is that the founder for Contentos Mick Tsai revealed that they are going to have a centralised server and that this is going to get the basic functionality off the ground. When you look at the collaboration between the two companies, you will see that Cheez is going to enable rewards for the ERC20 tokens. Of course, as you can probably guess, there is a huge catch here as well. There is a limit. Users can only get rewarded via COS for one task that they complete a day. With the total tasks being 15, you will soon see how this is a bad thing. Users will be eligible to try and get COS tokens for every task that they choose to complete but they will only be able to get currency for every 3, 6 and 10 tasks that they choose to complete. Now the downside to this is that the COS tokens have absolutely no value if you don’t use them with Cheez. The token has not yet been listed anywhere and this is a serious concern. That being said, it is more than possible for users to try and spend the COS tokens that they do have on any features that are present with Cheez. They could use an AR filter or they could even contact their favourite characters. This gives them the chance to talk with their idols. If you don’t want to do this then you can easily choose to hold onto your COS and hope that one day it gets listed on the exchange. They are planning to try and get COS listed as one of the top tiers later on in the year and this is so that LiveMe and even Cheez can then trade the currency that they have or even their fiat. The problem here? The company is yet to give a deadline or even a timeline on when they want to have this completed by.
But let’s look on the bright side for a little while. You can do whatever you want with Bitcoin and even ETH if you want. You have earned it after all. Users always have the chance to try and transfer their BTC and even their ETH holdings from the digital wallet to their own exchange. They can do this and convert them into fiat but it is worth noting that all of the fees will have to be handled by the user. There is nothing stopping users from withdrawing the COS tokens that they have into their wallet but the issue is that there is no use for them. For this reason, you will have to pay all of the fees required and you will also have to transfer them into a third party wallet as well. Cheez has come out to say that the ultimate goal of the initial integration is to try and make sure that a ton of new ventures are up for adoption. On top of this, even though the blockchain and even the cryptocurrency are posed to reshape, the global economy is going to take some time to recover. The industry has yet to transact with one another and there is not going to be an adoption among the masses either. When you consider all of the limitations and the workarounds you will soon see that the real blockchain use is out and that Contentos has also confirmed that the COS-powered interactions are within Cheez and that they are all being handled through the server. They are not handled on the blockchain immediately however. They are not trying to leverage the ETH blockchain so that it can cover all transactions and they are also trying to reduce a new concept for millions of non-crypto users. They are seeing this as a transition phase and that this is a centralised server that is going to store all COS. It is feasible that when you look at the performance of ETH that everything is going to smooth out eventually and that everything is going to come together as well.