When we discuss the crypto community, a few platforms such as Telegram and WeChat come to mind. These platforms host millions of users and have almost become the main mode of communication for anything related to crypto. To be taken seriously, a company that is focused on getting into the crypto market needs to have a Telegram presence. Yet, these platforms are not perfect and fail in a number of ways.
Their main limitation is their inability to adapt to differences in the community. For example, what if you are the owner of a crypto project who wants to be in contact with the communities of different countries? Each country has its own language and its own ways of communication.
WellSpring offers a platform that unifies the different communities into a single one. A project will not need to make different channels or have accounts on different platforms because WellSpring will provide a single platform for communicating with all of the different communities.
The platform aims to become the leading and the highest quality news network for quality crypto projects and believes that they will bring liquidity into the whole crypto market through this.
This will lead to the development of the blockchain industry and will provide people with a platform that they can trust for their latest news.
Demand for WellSpring
Market promotion is a requirement for successful crypto projects. Currently, such projects utilize platforms such as Telegram, WeChat, Facebook, Twitter, WhatsApp and a few others for their promotion. However, promoting content on these platforms is difficult as each uses a different mechanism.
Moreover, Korea, China, and Japan are the largest crypto industries in the world at the moment, and they speak different languages, namely; English, Korean, Chinese and Japanese. Promoting content in all these languages is an important step if a project wants to ensure success. But promoting in different languages is difficult, and users from some countries also prefer to use different platforms, which can lead to expensive and ineffective marketing.
Apart from marketing, exchanges fees have become a burden for investors, who simply cannot afford to invest in projects at today’s rates. This is why many hard-working investors find it nearly impossible to invest in projects and there is a requirement for a non-obstructed asset purchasing channel.
What WellSpring Offers
WellSpring explains that it offers something for everyone involved in the crypto industry. They explain that:
- For Industry
WellSpring believes that their platform will provide the whole crypto industry with fresh blood by attracting people to start more projects related to the industry.
- For Projects
WellSpring wants to be a platform, which will help projects working in the crypto industry achieve their goals, by acting as an incubator.
- For Investors
WellSpring will act as a platform, where investors, looking for good quality investments in the crypto industry, can check out high-quality crypto projects and then invest through WellSpring. That will provide them with original access to assets’ purchasing.
WellSpring will release their first version of the application in April 2018. In the future the upcoming application will have the following features:
- For Consumers
WellSpring’s app will give consumers the ability to trade tokens, monitor price of assets and a wallet account.
- For Businesses
Crypto businesses will be able to post press releases for their communities and set up rewards and public sale of tokens. These functionalities will only be offered to non-China users.
The WellSpring platform will be powered by an ERC 20 token, which is named: WELL. The project will create a limited number of tokens, a percentage of which will be sold to investors in the form of a crowdsale. The total number of tokens is 10,000,000,000 WELLs.
The token will be used in the following way on the platform:
- Users can use WELL tokens to exchange it for other cryptocurrencies at a 20% to 70% off market price.
- Users will be able to pay transactions fees with the help of their WELLs token. The benefit will be that the transaction fees will be offered at a highly discounted rate.
- Businesses can use WELL tokens to pay for community managers and to attract more participation from the blockchain enthusiasts.
- Business can use WELL tokens to pay for content promotion.
- Business can use WELL tokens to pay for trading services and open trading channels.
WellSpring has not released detailed information about its team members at this stage, but they explain that their performance should speak for their product. The company does clarify that it currently has a team of 31 members including product and development, promotion and marketing, project managers and multi-nation community maintenance.
Spectra Ventures & Advisory is the exclusive investor of Wellspring at the earliest stage. We are blockchain and cryptocurrency consulting company under the Spectra Group. We bring our enriched experience across industries and countries to practice professional advisory services for clients around the world.