What is WOM Protocol?
WOM Protocol, named from the abbreviation for “word of mouth” is a blockchain-based user-generated marketing channel that gives brands, content creators, and publishers a way of monetizing honest recommendations on any app or platform.
WOM was created with the goal of enabling brands to connect with fans and reward them in exchange for their services. It is designed to have no central party profiting from the value created by genuine recommendations. Users together create value and have the possibility to be compensated for their work as a cooperative.
The links between WOM content and brand campaigns are created through smart contracts, which also measure the engagement rate of content and reward the creators and other parties involved.
The platform prevents attempts of creating bad, influenced, and not objective recommendations. It uses its own carefully designed process through which WOM content is rated by authenticators. This is a potentially subjective activity, therefore authenticators are asked not to give their own opinion of the content, but to try guessing the possible overall opinion of the market. They receive rewards only if they guess the market’s answer right. Moreover, as the WOM Protocol price depends on the credibility of the network, large stakeholders have more to lose than others. Thus, the risk of abuse from their side is also mitigated.
Payouts are made after the authentication process is finished. These are bundled and emitted in regular time intervals. The WOM token price does not influence the number of tokens emitted in each period.
Use Cases of WOM Tokens
The WOM Protocol token (WOM) is a focal point of the platform. Its main utilities may be divided into three groups. The first includes using WOM in various ways as the main currency of the platform. Users are rewarded with tokens for creating content. In addition, tokens are deposited in campaigns, allocated to users in exchange for sharing their data, and also serve as a means of payment of service fees.
The second can be described as earning rights. Content creators have to stake WOM tokens to make their content listed for campaigns. The amount of WOM needed to be staked is connected with the WOM Protocol price. As the price increases, a lower stake is needed. Accordingly, if the WOM price decreases, a higher stake is necessary.
The third utility is in governance. WOM holders have the right to make decisions that influence the changes introduced to the WOM smart contracts.
Who Founded WOM Protocol?
WOM Protocol was founded by a dedicated team, led by the CEO, Melanie Mohr. She has more than 20 years of experience in mobile applications, content creation, and digital marketing. Before WOM, she founded YEAY – a video m-commerce platform, targeting GenZ and providing them with a space to share and shop. Her team consists of app developers, brand and product designers, managers, and engineers having experience in blockchain and cryptocurrency software development, corporate systems, PR, and digital marketing.
