Reveal, an “ask me anything” social network where users can create and share videos and earn Reveal Coin, has closed its $1.5 million seed round funding. Mike Hirshland of Resolute Ventures led the seed round, joined by Barry Silbert’s Digital Currency Group, Adam Draper’s Boost VC, Baroda Ventures and the Stanford-StarX Fund.
Reveal is a social network that invites members to reveal things about themselves to one another and encourage responses by offering Reveal Coins, the network’s cryptocurrency. Members can earn Reveal Coin by referring new members to the network and by having their responses to questions “liked” by other members. There is a limited supply of coin available to users, and early members will earn more coin.
Users can download a beta app on the Reveal website.
How it works
Members send Reveal Coin, a “currency for attention,” along with questions to others on the Stellar-powered network as an incentive for a response. The currency attached to the question is withdrawn from their wallet and held in escrow. When another member answers, the coin transfers to the respondent. The coin is refunded after 24 hours if there is no answer.
Every response begins with a photo or a video, followed by text.
Members can take a video by holding a circular button on the bottom of the screen. Videos are up to 15 seconds in length. Members can later delete their “reveals” if they wish by tapping icons. Reveal is not selling Reveal Coin to outsiders, but users can sell their coin on the Stellar network.
Users share what they create
“A social network is nothing without its users, and we truly believe they should share in the value that they help to create. That’s why we created Reveal Coin,” said Reveal CEO Matt Ivester.
Future advertising revenue will back the coin. Members will be able to sell the coin to potential advertisers via the app, which is currently in beta.
“Having our own fully-integrated cryptocurrency from day one allows us to do things that no other social network can,” said Josh Beal, co-founder and chief technical officer. “Reveal is creating a ‘currency for attention’ that will transform social media.”
According to the Reveal website, members who join in the first year will receive 1,000 coins. After that, they earn 10,000 for every person who joins using their referral code. Users will get 100 coins for every person who likes their Reveals.