Goodbye to deceptive advertisements! The WOM protocol revolutionizes the marketing industry

Goodbye to deceptive advertisements! The WOM protocol revolutionizes the marketing industry

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WOM is a protocol based on blockchain technology that provides brands, content creators, publishers and social networks with a way to monetize “word of mouth” recommendations, or person to person, on any platform.

The name of the system itself refers to this, with WOM being the acronym for “Word Of Mouth” (word of mouth).

wom, Goodbye to deceptive advertisements! The WOM protocol revolutionizes the marketing industry, Criptomonedas e ICOsThe concept behind this project is that the future should and should not have publicity. So, to achieve this goal, it is dedicated to the global advertising business of US $ 240,000 million with a completely new solution that can bring brands and consumers to build trust.

Why is the WOM protocol needed?

Currently, advertising is bossy, suffocating and dishonest. What has led most people to use adblocks every day, to avoid being harassed and deceived by a deceptive propaganda.

The Z generation is the most skeptical of all. Studies confirm that more than half of people have stopped using social networks because of advertising, while almost half believe that influencers have not been authenticated.

However, marketing is not only bad for consumers. Advertisers are having difficulties as consumers become skeptical and attention is declining. All this, while losing more than $ 6 billion annually, due to the crisis of fraudulent clicks and ads that use bots.

It is increasingly difficult to attract user attention through paid advertisements, and this is partly due to excessive saturation of the marketing channels. User attention periods are decreasing to the point where, on average, a person spends less than two seconds on a piece of Facebook content, and it would take much longer to go through the average creative ad.

But, on the other hand, people are still strongly influenced by those they trust. Almost 50% of purchases are made based on the recommendations of their peers, also known as “word of mouth.”

It is the oldest and most effective technique to convince the product because it is based on two main ideas: genuine and reliable.

Hence, many smart marketers are seeing the downward trend of paid ads and are turning to alternatives that evoke more trust in users, such as “word of mouth.”

However, to be able to rely on digital recommendations under this premise, an authentication mechanism is needed and that is where the WOM Protocol comes in, which connects content creators, authenticators (to verify the authenticity of the recommendations) and platforms.

wom, Goodbye to deceptive advertisements! The WOM protocol revolutionizes the marketing industry, Criptomonedas e ICOsHow does it work?

Within the WOM Protocol platform, users will start earning tokens by providing and sharing genuine product recommendations.

For each suggestion made, the authenticators will identify and validate authentic recommendations that allow WOM content to be registered and rewarded. Consensus is reached by rewarding authenticators for agreeing with the majority and penalizing authenticators by taking WOM tokens if they deviate from the majority.

In turn, independent decentralized applications will connect brands with the WOM ecosystem without the participation of third parties, which will allow them to manage campaigns as they see fit.

All payments will be handled through smart contracts, so that the creators are compensated fairly and reliably.

The WOM protocol ecosystem

The WOM ecosystem is a community of participants who build, operate and interact with content creation and distribution services, encouraged by the fair issuance and distribution of tokens.

The open source protocol allows community participants to interact transparently with each other without the need for an intermediary that controls the broadcast and distribution.

This system works as an acceptance legislation, where parameters and an automated court have been established. Forcing a fair peer-to-peer interaction, without the need for a centralized intermediary to control activities within the economy.

Since participants can receive fair compensation for interactions with the WOM Protocol, there is an incentive for malicious activities, which could erroneously increase the personal payment of WOM tokens, within an open system without a central part that I rejected.

wom, Goodbye to deceptive advertisements! The WOM protocol revolutionizes the marketing industry, Criptomonedas e ICOsHowever, to counter the incentive of malicious activities, the WOM Protocol will force participants to deposit tokens as a security to act within the set of rules, if they want to earn WOM tokens for performing their task.

This allows the protocol to penalize participants autonomously and eliminate tokens if participants do not do their job, or deliberately deceive the ecosystem. These tokens will be redistributed to other participants who act fairly.

In this ecosystem, content creators, consumers, authenticators, brands, retailers and marketers, content publishing and distribution platforms, TGE Participants and future token holders participate.

These participants interact with each other and with the WOM Protocol, either directly through DApps, or through centralized gateways such as applications, content management platforms and campaign administrators.

These provide user interfaces and currency bridges controlled by a centralized and reliable third party.

The WOM token function

The digital utility token, cryptographically protected from the WOM Protocol (WOM Token ), is a transferable representation of the attributed functions specified in the protocol / code of the WOM Protocol, designed to play an important role in the functioning of the ecosystem in the WOM Protocol and intended to be used only as the main utility token in the network.

The cryptocurrency is implemented as a token contract in Ethereum Blockchain, based on an ERC20 compatible standard such as ERC777. The desired main functionality of the token contract is a decentralized and unreliable way of transferring ownership of WOM tokens.

The objective of introducing WOM Token is to provide a convenient and secure method of payment and settlement among participants that interact within the ecosystem in the WOM Protocol. Functioning as a value creation incentive to establish and maintain stable value creation within the ecosystem and which is controlled by smart contracts, which define the emission and distribution pattern.

In essence, the currency allows the WOM protocol to reward content creators, authenticators and content distribution platforms to disseminate information about brands, products and services.

This increases the circulating supply of WOM tokens in a controlled manner, while creating value for all participants . The process of rewarding the creation and authentication of content is similar to the process of rewarding the creation of blocks and security for Ethereum or the Bitcoin blockchain, better known as mining.

Do you want more information? Visit WOM Protocol.


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.

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This post is also available in: Español (Spanish) Русский (Russian)

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