Could Vocal Media have its own cryptocurrency?

In an era that the concept of cryptocurrency is increasingly embraced by society, it could be a good idea for Vocal Media to have its own cryptocurrency.

How easy is it for an online platform, such as Vocal Media, to develop its own cryptocurrency?

According to online sources, and namely, an article by Bob Leibholz, it only takes 7 step to develop a proprietary cryptocurrency.

Why it could be a good idea for Vocal Media to have its own cryptocurrency?

Since the process of creating a new cryptocurrency is straightforward, there could be potential value in creating one.

Cryptocurrencies have many utilities and are used in multiple applications and for various causes, so Vocal Media could possibly benefit from developing and running its own crypto.

For example, Vocal Media could become a marketplace itself, where users could exchange products and services, and of course, crypto assets among them, with the platform earning a small fee for each transaction completed.

Can you imagine that?

I could pay another user for their services in Vocal Media’s native cryptocurrency, without having to leave the website and visit online and/or offline suppliers and retailers; in fact, once those suppliers and retailers realize the potential of Vocal Media’s “internal marketplace”, they would be more than willing to create their own, preferably premium, seller accounts on Vocal Media, thus producing more revenue for the platform and making it a stronger, thriving place.

This would be a good addition to Vocal Media’s current focus on content-related activities, playing the role of a multiplying factor that could only enhance the importance of fresh, regular content on the platform, and this content could be rewarded even more, in turn.

Another key point is that, instead of using and paying in “fiat” currency, such as US dollar, euro, etc., paying in Vocal Media’s native crypto coin would make a transaction easier to complete and would eliminate exchange rate costs.

Currently, Vocal Media has established a series of strategic partnerships that could benefit from the introduction and adoption of such a cryptocurrency.

Other major retailers offering consumers the option of paying in crypto would be tempted to work in conjunction with a strong Vocal Media cryptocurrency.

Adding to Vocal Media’s brand name and user value

The fact should be taken into account that there are already writing platforms and websites using crypto to reward their writers and users for their activities.

However, the overwhelming majority of those platforms are only focused on using certain cryptocurrencies, with hardly any of them directly paying for user activity in a fiat currency.

If Vocal Media introduces its own coin, it will probably be the first major writing platform to enjoy the best of both worlds, since there are users or writers who would prefer being rewarded in USD or Euro, while others would like their rewards in some type of cryptocurrency, or both.

As a result, making transactions in both fiat and crypto could possibly appeal to a wider community of writers and creators, thus increasing brand visibility and reach for Vocal Media at a global level.

Technical aspects of Vocal Media’s own cryptocurrency

From a practical point of view, the technical aspects involved in this venture are critical and should be carefully considered to ensure success.

Since I am not an expert in this field myself, and I haven’t got the faintest idea of the technical requirements that need to be met for such an attempt to be fruitful, I cannot really express an opinion on that.

I am pretty sure, however, that it’s not impossible to find the right people to take care of the technical parameters, since blockchain technology has become increasingly popular, and more and more people have acquired professional knowledge of it.

Sources and further reading:

How to Create Cryptocurrency – 7 Easy Steps

Can anybody make their own currency (like Bitcoin)?