Social media has become an essential part of everyday life for millions of people as they use it to follow and keep updated on their favorite movies, music, and internet celebrities. The range of influence that these celebrities possess is massive, and many companies and brands pay top dollar for ads and product placement in their social media posts. IndaHash started working in the influencer marketing field in 2016 by creating an app which connects brands, influencers, and fans all in one place. They have grown substantially in the past year, opening offices in 7 different countries, and have multiple fortune 500 clients and business partners including Ford Motors, Coca-Cola, and McDonald’s. From the experience they have gained, indaHash found two major issues with the industry: the payment process between brands and influencers is unnecessarily strenuous and influencers aren’t as connected with their audiences as they could be. Their solution is to create and implement their own cryptocurrency, which will be called indaHash Coin, in order to simultaneously improve payment processes and better connect influencers and their fans.
Most payments between brands and influencers are routed internationally which results in numerous fees and payment periods ranging from 30 to 60 days. However, by using a cryptocurrency, payments can occur in a fraction of the time, fees involved are heavily reduced, and influencers don’t have to disclose any private information for the payment process. Influencers who choose to accept their payments in indaHash Coin will receive a 20% bonus.
By spending indaHash coins, influencers can create their own personal coins within the app. These coins serve as a way for influencers to reward fans for sharing or promoting their content, and fans can redeem these tokens for merchandise or exclusive offers from the influencers.
The indaHash Coin ICO runs until December 20th, and it has a lot of potential to hold and increase its value over time. The biggest determinant of the coin’s growth lies in whether or brands and influencers adopt the coin for regular use. However, if indaHash continues their impressive growth as they have in the past, then they should have no problem making indaHash Coin a success.