Refind offers 1 billion coins for free to drive growth

10.10.2017 16:52

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Social bookmarking service Refind is issuing 1 billion blockchain-based Relevance Coins (REC) to early users for free. At a later point, the startup will buy them back using its profits. Users will receive tokens based on actions that benefit the network. The goal of the world’s first token-based referral marketing and buyback program is to reach the first 10 million users.

For the last two years, the founders and team of Refind - among them serial entrepreneur Dominik Grolimund - built and validated their platform, Refind.com where a community of "movers and shakers" discover, save, and read what is relevant to them and to other members in the community. This is possible by sharing a list of the most relevant links based on one’s interests with the community. The links are evaluated and accurately developed into a filter using an algorithm. For every link, Refind computes the user’s personal relevance score and shows them up to 50 links that met the personal relevancy criteria. The readers can save the links for later and are able to find the link from their previous search.

Currently, the company is used by a significant number of users and the community continues to grow. To further accelerate growth, Refind has launched a campaign, to offer 1 billion blockchain-based Relevance Coins (REC) to early users for free. Unlike the common ICO or Token sale, Refind is conducting a Token giveaway. The campaign started today. Interested individuals can participate through an invite from registered members in the Refind community. User will get 20 coins when they sign up via an invite from another user and for every friend who signs up via a user's invite the user will also receive 20 coins.

Free tokens for everyone
After signing up, the company will allocate coins to early users based on actions that benefit the network until 1 billion coins are used up. The goal is to reach the first 10 million users – with early users holding the majority of coins. Once 1 billion coins are allocated, the company will issue the coins on the blockchain and distribute them to verified users. With the help of the startup team, token holders will create a blockchain wallet on Ethereum where they can either trade on exchanges or hold the coins.

Services from Refind are free of charge, however, the company will begin the monetization phase after it has reached the first 10 million users. Its revenue model will be targeted ads (like Facebook or Google) or freemium (like Dropbox or Slack). After generating substantial profits, Refind will begin the coin buyback program. Periodically it will use 10% of its profits to buy back coins at market price. All purchased coins will be burned, thus total supply decreases. The buyback program runs indefinitely, until 99% of all coins are purchased and burned. At any point, participants will decide whether they want to sell or hold on to their coins. Current supply and demand on the exchanges will determine the price. However, Refind will add a repurchase option, allowing them to buy back coins at USD 31 per coin at any time.

(RAN / SK)

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