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Social Reality Spikes 70% After Announcing Initial Coin Offering Called BIGtoken

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Social Reality Spikes 70% After Announcing Initial Coin Offering Called BIGtoken

Shares of nano-cap Internet advertising tech company Social Reality Inc (NASDAQ: SRAX) spiked more than 70 percent heading into Tuesday's closing bell, after the announcement of its own Initial Coin Offering: BIGtoken.

What Is BIGtoken?

The idea behind BIGtoken is to reward users who share certain information that’s valuable to marketers by giving them tokens. In turn, this information can be sold, with users receiving extra tokens each time their information is purchased.

“We have become accustomed to letting others use and sell our personal data in exchange for access to basic news, brief entertainment, efficient utilities and social connections,” according to Social Reality’s corporate deck. “Our values, preferences, tastes, perspectives, passions, history, and relationships are sold - all without our awareness or benefit.”

This is exactly what BIGtoken seeks to change. The company wants to provide users with information about who’s purchasing their data and how it’s being used, and wants to pay them accordingly.

See Also: The Definitive ICO Checklist: What To Look For, And What To Avoid

What’s particularly interesting about this project is that, for the first time in years, consumers will decide which data is collected, shared and sold.

Next steps toward BIGtoken’s ICO include hiring a product team and establishing token sale commitments before the end of this year. The pre-sale and sale of tokens is planned for Jan. 2018, with a product alpha test starting in June, and a beta test commencing in September.

ICOs

While interesting and appealing, ICOs are still quite risky due to the relatively little regulation in cryptocurrencies market. The SEC recently warned the public about the risk of potential scams and “pumps and dumps” in ICOs conducted by publicly traded companies.

Social Reality shares closed at $4.90, up 70.7 percent.

 

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