The international crypto community should enhance its value with a trustworthy, user-friendly portal where readers can find useful news and discussion, says BitKan CEO and co-founder Fang Fang Yu. Her company is planning to launch “K Site”, a social network-like hub that will host a variety of media and community-driven content for users everywhere.
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K Site, which will launch an open beta on April 20th, will host groups based on various interests but with a main access point. Groups would feature micro-blogs, full articles, video content and Q&A sessions. BitKan also plans to provide APIs for third-party access to the platform.
Some features will be familiar to users of popular social networks, with the ability to create user accounts, custom widgets and interest groups (called “Circles”). To maintain a high content quality standard, users pay a small fee to join Circles and the groups have the opportunity to charge for more exclusive content, like professional discussions.
News sites will be able to feature their original content and build follower communities, driving traffic to their own pages. Groups can be small or large, and projects may create smaller, exclusive versions for their own internal discussion and media.
Yu presented BitKan’s plans for K Site at the Satoshi’s Vision conference in Tokyo last weekend. The network is crypto-agnostic and open to any group within the wider blockchain community, and will facilitate payments in multiple currencies and tokens.
Yu has experience building this type of online community. The former Huawei software engineer said she once built an online knowledge-sharing community of 170,000+ users with just $500 USD setup capital — after the company’s previous $24 million attempt had failed.
What did Huawei do wrong? They gave employees cash incentives to contribute content, rather than looking for what really motivated and interested them. Quoting Lao Tzu’s take on the Taoist notion of “the action of inaction”, Yu said it’s about finding the inspiration that truly motivates people to be creative, by leveraging their values — rather than simply rewarding them with goodies.
Online communities where people talk about cryptos out of sheer enthusiasm for the topic? The world already has Reddit, BitcoinTalk, Twitter and Telegram, among many others. Why create a new one?
But looking closer at each of those reveals their shortcomings: Reddit divided ideologically, Twitter is random and full of scams, BitcoinTalk (also ideological) isn’t particularly user-friendly for newcomers. Chat groups often bury real information under piles of off-topic banter.
“Information on IM (instant messengers) is very sparse, most of it has no value,” Yu said. Groups are usually segregated into silos by topic (e.g: a specific cryptocoin). In places like China (and elsewhere), projects regularly pay users in tokens or cash to shill for them in chat groups, leading to even more unreliable information and occasionally outright scams.
K Site will have its own native token called “KAN”, for exchange between other currencies and as payment for site features. KAN will be listed on exchanges, however there won’t be an ICO.
To get K Site going, BitKan plans to recruit a “first batch of excellent content producers and community ecosystem developers” worldwide.
BitKan has been one of China’s best known bitcoin and cryptocurrency data sites for over four years. The formerly Shenzhen-based company has recently branched out with new locations in Hong Kong, Singapore and Tokyo, and is refocusing on information services after experiments with P2P trading and wallet software.
Does K Site sound like a good idea? Tell us what you think in the comments below.
Images via BitKan, Jon Southurst
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