Users of Popular Social Video Apps Paltalk and Camfrog Will Have the Potential to Earn Props Tokens, Providing In-App Functionality and a Stake in the Network
NEW YORK – (NewMediaWire) – June 21, 2019 – PeerStream, Inc. (“PeerStream,” the “Company,” “we,” “our” or “us”) (OTCQB: PEER), a communications software innovator developing enhanced security and privacy solutions for video, voice, and text applications and data transmission, today announced that it is joining with YouNow, Inc. as a launch partner in the Props developer network. The Company’s popular social video apps, Paltalk and Camfrog, will be among the first apps to integrate this novel token-based user reward system. PeerStream intends to go live with the initial integration in the third quarter of 2019.
Props is an open-source project intended to tokenize the digital economy by connecting a network of apps and developing a platform to reward the people who grow those digital communities using blockchain technology and a token. The Props Token is designed to enable a decentralized network of apps, operating independently of one another, to share an underlying currency that empowers end-users who create, consume and engage with content and services.
PeerStream intends to integrate the Props tokens as a loyalty system for users of its popular social video apps Paltalk and Camfrog, two of the largest live video social communities. Pending regulatory approvals, rights to receive Props tokens could be granted to users as a reward for video chat hosting, engagement and other beneficial community-building activities. Rewarded users can hold Props to get in-app benefits and take ownership in a token that has value on other participating apps.
Alex Harrington, CEO of PeerStream, commented: “We believe Props will enable us to turn Paltalk and Camfrog content creators into stakeholders in the network, and for the first time, become partners in the success of the network. It will be an important tool for us to better incentivize and align our ongoing success with the most important users of our apps.”
About PeerStream, Inc. (OTCQB: PEER)
PeerStream is a communications software innovator developing enhanced security and privacy solutions for video, voice, and text applications and data transmission. Our offerings target consumer, government and enterprise clients. Using multi-layered encryption, blockchain technology and other recent innovations, we are developing our proprietary PeerStream Protocol (“PSP”) to offer clients maximal data security and confidentiality over distributed or decentralized networks. We also recently launched our Backchannel product suite in private beta, which includes cross platform applications, middleware and software development kits designed to offer a highly secure end user communication experience when coupled with PSP. For 20 years, we have built and continue to operate innovative consumer applications, including Paltalk and Camfrog, two of the largest live video social communities. The Company has a long history of technology innovation and holds 26 patents.
For more information, please visit: http://www.peerstream.com.To be added to our news distribution list, please visit: http://www.peerstream.com/investor-alerts/.
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties related to our increasing focus on the use of new and novel technologies, such as blockchain and Props tokens, to enhance our applications, and our ability to timely complete development of applications using new technologies; our ability to effectively integrate Props tokens into our existing applications; our ability to effectively market and generate revenue from our new business solutions unit; development and acceptance of blockchain technologies and the continuing growth of the blockchain industry; legal and regulatory requirements related to the use of blockchain, including us investing in cryptocurrencies and accepting cryptocurrencies as a method of payment for our services; the use of the internet and privacy and protection of user data; risks related to our holdings of XPX tokens, including risks related to the volatility of the trading price of the XPX tokens and our ability to convert XPX tokens into fiat currency; and our ability to manage our partnerships and strategic alliances, including the ability of our partners to satisfy their obligations under these arrangements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.
Contacts [email protected] Kirin Smith / Stephanie Prince PCG Advisory Group [email protected] 646-863-6519