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How To Get Paid Just For Using Blockchain Apps

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  • Tip Bones

Ever heard of SMSChain, the newest and hottest addition to the family of decentralized sharing economy apps? In this article, we have taken a closer look at both SMSChain and similar apps that enable you to earn money, basically for free.

We hope you’ll enjoy our in-depth guide – and profit!

How to start earning tokens with Blockchain apps

A number of new apps are currently pioneers in what is known as the crypto economy – an economy based on Blockchain tokens. These tokens come in all shapes and sizes, but the most popular kinds of tokens are the so-called ERC-20 compatible tokens. These tokens can be stored in any ordinary Ether wallet, and can be traded on multiple exchanges. Thus, token owners can sell them for other cryptocurrencies – for example the highly popular Ether and Bitcoin – and they can even convert them to fiat currency if they want to.

So why is this interesting? Many startup founders currently want to leverage the opportunities that a native token offers – in particular, gain traction for the respective startup and app. Using a native token inside an app can serve many purposes: Users can pay or reward each other, token ownership can be attached to voting rights, or token owners can receive a share of the startup’s profits. All of this contributes to the establishment of a loyal and lively community inside the app ecosystem.

A lot of startup teams have recognized the value of native tokens for their system. However, a critical mass of token owners and participants need to be reached in order for the community effects to come into play. Startups have quickly noticed that there are certain measures that can speed up the path to a functional community. In the early days of their businesses, they would award their tokens to early adopters in exchange for a little participation – or sometimes just for free.

How can you profit? As we have seen above, you can either trade your new tokens inside the app ecosystem, for example, buy products or services. Sometimes, there will also be affiliated stores that accept an app’s currency, even though they are not part of that app – see STEEM (Steemit’s token) for an example; this can be spent on Peerhub.

Or you can exchange your tokens for “cash,” be it in the form of Bitcoin or Ether, and from there even fiat currency. And then you can go and buy all kinds of stuff in the world that will make your life better (but we don’t have to tell you that)…

To start earning tokens, you basically need two things: A laptop and a wallet. If the token is ERC-20 compatible, the wallet can be your ordinary Ether wallet (for example at MyEtherWallet). For non-compatible tokens, such as STEEM, you need a dedicated wallet. And of course, you will need an app that will pay you in these tokens. Let’s now take a look at the options you have.