FAQ - For Creators
If you have any questions for which you can't find an answer here, don't hesitate to shoot us a message.
What are the benefits of Creator Coin to a creator?
Coins give creators the power of their own digital economy within their own fan following community and, thanks to additional marketing on the platform, beyond that. This created economy can be independent from any specific platform, thus allowing them to connect with their fan communities like never before.
What can I do with my own token?
- Support your project, work, podcasts, TikToks or game streaming
- Organize fundraisers - fund your new project, prototype or idea
- Reward your followers
- Gather support for local communities
- Organize donations for a cause, non-governmental organizations (NGOs) and charities
- Use as a tool in games - potential in game currency
- Use as a points & rewards system for your Forum users
- Organize giveaways, discounts and promo codes for your brand’s or company’s community
How will tokens be distributed?
Currently tokens can be distributed freely to anyone who has a CoinOn account. Opening an account takes seconds, as we support various methods of authentication through social media accounts as well as email.
You can gift your fans as part of the coin launch and then have an ongoing way for your fans to earn more tokens. Earning coins by your community should be in alignment with any behaviors that you would like to incentivise. You can think of tokens as points that your community will be getting as rewards. You could for example organize token airdrops (to give some of your tokens to random members), organize newsletter sign-ups, subscriber rewards, music pre-saves, giveaways etc.
How do creators make money from Coins?
Coins (tokens) can unlock a new digital economy around your community by providing an opportunity to use platform-agnostic monetization.
Not only does it create an engaged community around a particular token, whose members can spend their creator’s coin to get exclusive access to special content, rewards, merchandise, limited offers and events, but also enables creators to monetize without paying very high platform fees. It’s worth mentioning that competitive platforms can charge up to 20% of Creator’s money. CoinOn does not need to do it.
How does Creator Coin help communities?
The main idea is that the holders of a particular coin (token) will get perks from the issuer, such as exclusive content, access to group chats, or digital merchandise. Coins (tokens) can be created by community members for particular communities, for example as an in-game points system, or a website addition for particular bloggers, or forum communities. Please contact us if you would like to receive our official support regarding your use cases and potential integration. You can also ping us on email: [email protected].
How to increase the price of my coin?
You can increase the price of your coin by driving adoption of it. It will work for any kind of coin except the ones that are backed by stablecoins.
You and your community could fund the tokens however you want, e.g. based on the stage or maturity of your community. If you are just starting out, there may be no funds backing your Token / Coin so there would be no value initially. This can actually attract core believers of your project or what your community tries to achieve. As your community matures, it can attract sponsorships, earn more revenues from sales and accept donations. If you don’t add additional tokens for the community, the price of your Token would actually increase.
How to drive adoption of my coin?
As the price of your coin increases with greater adoption, you have to provide unique ways for your followers to utilize your coin. To increase adoption you could write about it, share links to your coin on social media, organize newsletter sign-ups, coin airdrops, subscriber rewards, user-generated content submissions, music pre-saves or giveaways. Possibilities are endless!
What are potential perks/access that my audience would receive for holding my coin?
You could incentivise your audience with perks like access to exclusive content, ticket presales, newsletters, limited edition items in games, tiered memberships and more. We will publish more examples in our use cases section soon.
How long does it take to get my coin launched?
It is all a matter of using the CoinOn mobile application with Coin Creator on it. After filling in all fields and quick profile verification, your coin will be on the platform within minutes.
What are the requirements to be able to create my coin?
Firstly, you need to Sign Up to CoinOn either through the website or mobile app. Your account will work on both of them. Main requirement will be to go through the coin creation process. You will also need to fill some additional details about yourself in your profile, if you want your coin to be publicly visible on the CoinOn website or in the mobile app. Your details like address, phone number etc. are regulatory requirements set mainly by the European Union (EU), where users' privacy is treated with high priority & security in mind. Please mind that you cannot be based in a list of currently blocked countries. The list is made by the EU governors and it’s independent from us. We are obliged to respect current EU laws in these matters.
In short your Journey would look like:
- Sign up to the CoinOn Platform
- Create your Token (Coin) using Coin Creator
- Fill your profile information and take a nice selfie or picture of your document
- Await until your Token becomes public (usually it’s a matter of couple of minutes)
How much time does it take for my coin request to be accepted and verified?
Considering that you filled in all your profile information, it usually takes up to a couple of minutes for your token/coin to be publicly available. In some very edge case scenarios it may take slightly longer for us, but only if your profile isn’t properly verifiable.
Will people be able to buy my coin immediately after it is created and accepted?
Yes, people will be able to buy your Creator Coin immediately after it’s accepted and thus publicly available. We will list your coin publicly at the time of approval. Approval of your coin is an automatic operation. It is made based on whether you filled in all your profile information and whether your KYC (Know Your Customer) status is fine.
Where is my coin registered?
Your coin will be registered on our public Ethereum compatible chain. We chose Ethereum as a starting network, as the project is now more than 6 years old. Since its launch on July 30, 2015, it has established itself as the most actively used blockchain network, while its native token, ether, is now the second-largest cryptocurrency after Bitcoin. We chose Ethereum for its security, versatility and vibrant ecosystem of standardized tokens. We plan to expand Token & Coins integration into other networks as well.
What is the relationship between Coin and $COINON?
The relationship between Coin and $COINON is defined by a so-called Token Bonding Curve (TBC) that relates the circulating supply of Coins to its price in $COINON. The TBC acts as the underlying automatic market maker mechanism (AMM) to facilitate buying and selling and the overall relationship between your tokens’ supply and their price.
How is the price of a creator’s Coin determined?
There are just a couple of variables that determine the value of your Creator Coin. These are mainly supply and demand - if a coin is being held by community members or not, transactions, and market price of the $COINON coin, if your Coin is selected to be backed by $COINON. In general, the price/value of your coin is determined by benefits offered to your community members who hold the coin - coin holders.
How does a creator redeem their Coin for USD or EUR, or any fiat currency?
Creators and their communities can currently convert any Coin (Token) on the CoinOn platform into a $COINON coin. This coin can be currently transferred into any Ethereum wallet. Please bear in mind that such transactions may be subject to passing all compliance requirements, in accordance with current restrictions and limitations on amounts. This is so to respect the laws of your country and/or place of residence. We need to satisfy all compliance requirements from many countries. We are working hard to let creators use whatever medium of exchange they prefer, and we will soon allow for withdrawals to USD, EUR and other currencies.
How do I get my own Coin / Token?
It is very simple, all you need to do is to download our app from Google Play Store or Apple App Store and use coin creator to launch your coin. Please also check the following FAQ question: What are the requirements to be able to create my coin? for more information.
How are creators selected?
Currently we invite all creators and their communities regardless of size, interests, content produced or ideas. We want everyone to be able to create their own token to create their own, modern digital economy the way they want.
It’s important to note that there are some basic Terms & Conditions of service usage. For obvious reasons we will not be listing tokens that would undermine community standards, result in lack of peace, uneasiness, or propagate extremist, religious, discriminatory and/or political content. Scam coins are obviously not allowed on CoinOn as well.
Having that in mind, we support creators & their communities, by providing them with the right tools. We aim at increasing social inclusion rather than creating division, that is why we need some basic community filtering and content moderation in place. We want CoinOn to be safe to use even for children.
Is it possible that someone will be able to use the same picture/icon used for my coin?
We are working on a system to prevent coin picture/icon duplication. Until it’s there, please use the Contact form if you spot any issue on coins list or your image is used by somebody else. We appreciate your efforts to help us to keep community coins with original images.
Can I create a Bitcoin Coin / Token?
Bitcoin already exists. To avoid frauds and so called scam coins scam coins, we have introduced a Token moderation, KYC (Know Your Customer) procedures, and other, more automated special security mechanisms that are put in place in order to avoid coin duplications or detect frauds on the platform.
These mechanisms are a key to platform security and stability. It’s very important to acknowledge that coins / tokens imitating another coins available on the Internet, or the ones that are similar to Tokens of another companies, that are added to the platform without necessary rights, and/or violating DMCA (Digital Millennium Copyright Act), or any copyrights will be removed from the CoinOn platform’s official listings.