It might come as a surprise to many, but it’s totally possible to earn tokens without having to take part in ICOs or mining. Nowadays, anyone can earn tokens with the help of a few blockchain apps that currently make up the so-called crypto economy.
More about the crypto economy
Almost all startup crypto projects recognize the importance of having a native token for their system. While in the early days, new projects would award their tokens to early adopters (usually for free), there’s a new way of speeding up the process of creating a solid and united community.
To be more precise, today’s startups are more geared towards leveraging the opportunities that a native token offers within a specific platform’s ecosystem. The end result is ensuring enough traction to get the project off the ground.
These tokens can be used for a wide range of purposes, some of the most popular being ensuring enhanced voting rights, ensuring access to a share of the startup’s profits, as well as selling and buying between users (users can trade the new the new tokens inside the app ecosystem, buy products or services).
Things to note before earning tokens
Of course, these tokens can also be exchanged for other types of cryptocurrencies (either BTC or ETH), as well as for fiat currencies. Since Ethereum is currently the go-to platform for building dApps, it’s no wonder that the large majority of these tokens are, in fact, ERC-20 tokens.
These apps are accessible to anyone just as long as a device and a wallet are available. If the tokens are ERC-20 tokens, then most Ethereum-compatible wallets currently on the market will do just fine. Some apps of this sort don’t rely on the Ethereum ecosystem and have their own, bespoke tokens. This means that users looking to earn them will require a dedicated wallet.
Popular blockchain apps to earn tokens
It’s worth noting these crypto economy apps are still very scarce since the concept itself is very new. However, some of the most popular options include SMSChain, LBRY, and Steemit.
SMSChain is the perfect application for beginners looking to earn some easy tokens since it requires so very little effort on everybody’s part. The platform is advertised as a decentralized SMS gateway, and it has a very simple philosophy behind it.
Since SMSs are no longer used on a large scale (instant messaging apps such as Facebook Messenger, WhatsApp, etc. prove to be more viable nowadays), it opens the gate for a new type of communication, that between automated systems and humans. SMSChain uses your phone’s SIM card to provide various automated services to send SMS (such as emergency signal services).
Of course, users are provided with the option of choosing which templates of SMSs go through their SIM cards. The platform uses its native token called SMSTO. In order to earn SMSTO, all users have to do is sign up for an account on the SMSChain website, and agree to sell unused SMS capacities. For each SMS, users will receive a reward equivalent between 0,004 – 0,015 in SMSTO. Lastly, SMSTO is an ERC-20 token, meaning that it can be stored in any Ethereum wallet.
LBRY has a different approach on the whole manner, as it is an open-source and decentralized platform for video content sharing. On this platform, content consumption is rewarded.
Users are provided with the possibility of earning LBC tokens (short for LBRY Credit), the platform’s native tokens. The platform comes with its own dedicated LBC wallet which can be downloaded from the official website. What’s more, anyone can access the LBRY ecosystem by downloading the app, available for Linux, macOS, and Windows, as well as the most important mobile platforms such as iOS and Android.
What’s best about LBRY is that it allows users to earn LBC in a wide range of ways, but early adopters will also be rewarded with some in-app bonuses (which can be earned by watching videos).
Out of the three, Steemit is definitely the most popular app of this sort. Steemit can be regarded as a forum-like, blockchain-based platform. Just like the two before it, it runs on a native coin called STEEM. The team behind the project called the consensus algorithm “proof-of-brain,” a name given to express that rewards are higher for participants that create intelligent content.
Steemit is a more complex platform, making use of two tokens: the STEEM, and a Steem-backed dollar, or SBD (pegged to the US Dollar). This last token allows its holders to easily exchange it for fiat money. The reward system is not as simple as the two before it. The author of any posts is rewarded with STEEM if the respective post is upvoted by other participants. The value of STEEM is determined by something called STEEM Power.
This system is specifically designed to encourage not only high-quality content, but also good formatting, and good tagging. By now, it’s quite clear that earning money on Steemit is not for everyone since it does require a significant effort. It’s mainly created for people that can write proficiently.
Even though these projects provide a fresh take on how to make money using blockchain apps, they are still far from making a big impact in the cryptosphere. However, they do pave the way to what may very well be an upcoming decentralized sharing economy.