Everything you need to know about our project.
1. What is Friendz?
Friendz is a tool that lets multinational companies involve a community of users on social networks for marketing purposes. Users get rewarded for creating contents for brands and sharing these contents on their personal social network profile. Friendz has an already working product, €1.2m in revenues, 200 clients (multinational companies) and a community of 200k users.
2. Business model
Client companies purchase marketing services form Friendz. Friendz involves users in the creation of contents for those companies. Users share the contents on their social network profiles and get rewarded with virtual money. A network of skilled users, called approvers, checks every content before it is published. Users and approvers can spend their reward to get gift cards and vouchers or in Friendz online store.
Friendz decentralizes the online marketing industry, elevating the final user to a central position, where he can monetize its contribution to the digital advertising process. Unlike famous influencers, users generally do not get rewarded through the advertising process, even if they contribute with sharing brands’ posts on social networks and interacting with companies official pages. Friendz let users monetize their actions online in a democratic way, depending on their skills and influence.
2. The idea
Friendz was born at the end of 2015 with the idea of finding a solution to a problem that companies faces in doing digital advertising, that is reaching and engaging their target audience in the communication and sharing of the companies values and message. Friendz infrastructure can control and manage a huge number of contents published, reducing costs for companies and providing strong efficiency.
Friendz introduced a revolutionary marketing concept, leveraging the peer-to-peer communication on social networks and the power of word of mouth. Friendz users are not influencers with a big audience, but normal people that use social networks everyday. The size of the audience reached is the same, but consists of the close connections of thousands of micro influencers. In this way, the advertising message shared on their profile reaches their friends in a genuine and natural way and is much more effective.
From the idea of the 3 co-founders (Alessandro, Daniele and Cecilia), the team has grown to 35 people, covering the different areas of the company
5. Expansion goals
Friendz goal is to expand its business abroad, getting to the main European markets by 2018 and to American and Asian markets by 2020. We plan to increase revenues from € 1.2m (december 2017) to € 200M and the community from 200k (december 2017) to 20 millions international users. We will attract new clients, develop new services and expand our offer to B2B industries. To do this, we will need to further develop the technological infrastructure.
ABOUT FRIENDZ PLATFORM
2. How does the app work?
Users download the app, login with their Facebook account and see the activities available. They choose to participate and read the guidelines provided. Users create a content following the guidelines and upload it in the app. A network of skilled approvers checks that the content complies with the requirements: if it is good the content is automatically published on the user’s social network profile, if it is not good the content is rejected and the user is invited to upload a new one. Approvers are rewarded for their activity of content validation. After the publication, the user is rewarded for the activity of content creation. The reward can be spent on the special section of the app, purchasing vouchers and gift cards that can be spent on online stores.
3. How does the decentralised validation system work?
Highly qualified users, called approvers, manually screen contents on a dedicated dashboard and check their compliance with the activity guidelines. In particular they check that the content is original, high quality, has the right caption and hashtags. If one or more rules are not respected, the content is rejected and the user should upload a new one. Otherwise, the content is automatically published on the user’s personal social profile. Approvers are ranked according to the accuracy of their approvals and rewarded for every content validated.
4. What are credits?
Credits are a scoring system that tracks users’ participation degree to campaigns. Credits have a fixed equivalent value in euros that allows the definition of campaign size. Credits are the reward the community of users and approvers get for their support. After collecting a sufficient amount of Credits, it is possible to convert them into Friendz Coins in a specific section within Friendz app. The amount of credits received depends on the effort required by every activity proposed.
5. How do you make sure that users social networks will not become a marketplace?
We offer to our users the possibility to participate to engaging activities and to create and publish contents that do not contain advertising messages. These contents are not requested by any company, but Friendz reward users for participating as well as branded contents.
6. How do you retain users?
We provide our users with activities that increase their engagement, through a gamification system: users can see the pictures of other users in the app, rate it and interact with other Friendz. Users are ranked basing on the average quality of their contents and are encouraged to increase their quality while having fun.
INTRODUCING THE BLOCKCHAIN
1. How does Friendz model integrate with the blockchain?
Friendz model is based on the use of a virtual money and relies on a decentralised network that validates contents. The model has been already validated off-chain. With the blockchain, we will substitute the existing virtual money with a real utility token and the validation system will become autonomous.
2. What are the blockchain advantages?
With the blockchain we will be able to upgrade our platform and decentralize it. Transactions towards users will be registered on the blockchain and client companies will be able to track their marketing spending, in a transparent, trustworthy and safe system.
3. Why a new token?
4. What is Friendz Token utility?
Friendz tokens (FDZ) are a utility token, ERC20 based on Ethereum blockchain.
5. What is the link between credits and coins?
Users can transform the credits they receive as a reward into Friendz tokens, after exceeding a set threshold. This can be done in a special section of the app. The credits scoring system has two advantages:
6. How does the token model run?
Brands can purchase Friendz marketing services using tokens they get participating to the ICO or from the market. Friendz rewards users for participating to the activities proposed. Brands can pay Friendz also in fiat money. In this case, up to 30% of the revenues can be used to buy back tokens from the market and reward the constantly increasing community of users and approvers.