Contentos (COS), which was priced at $0.02631, jumped more than 30% in the last four hours. Its price rose from $0.02631 to $0.03381 in just four hours.
However, the price has dropped to $0.02706.
If you are entering the market now, you will still find it to be quite choppy because of last night’s movements. But what was the cause of these massive COS price fluctuations?
Below is a brief summary of the events leading to the price rise.
What is Contentos?
Before we delve into the cause of yesterday’s price hike, it is important to first explain what Contentos is just in case it is your first time hearing about this blockchain and its token, the COS.
Contentos is a global decentralized content ecosystem. It aims to encourage content creation and diversity worldwide and to return the rights and value to the users. COS, its native token, is a Binance Chain(BEP2) token.
Its vision is to create a decentralized digital content network that allows content to be freely produced, distributed, traded and rewarded, while also protecting author rights.
Contentos’ platform includes a P2P Revenue distribution method with a decentralized income system. This system keeps the value of creation transparent and open to all parties, and rewards users directly. You can also get Decentralized traffic distribution to help you pay your users and encourage them to share the right content with the right people.
Contentos has also implemented traceable copyright transaction technology. This is a blockchain-based technology that allows copyright to be authenticated and transactions to be tracked. Contentos also has an immutable credit system, which allows users to take responsibility for their credit scores. These credit scores are calculated based upon each contribution.
COS.TV is Contentos’ most popular app. This is the first Contentos blockchain-powered video platform. Users can share their favourite videos, watch them, and even earn COS rewards.
Why did Contentos (COS) price shoot up?
Yesterday night’s rise in COS prices was due to the announcement of their VEST Loans Bidding Event, where $50 million worth VESTS will be allocated. It is expected that the event will take place in two rounds.
It is intended to give users loans and high weekly BP votes rewards. To participate, users will need to deposit a minimum amount of COS.
The official announcement read:
‘’It’s clear that the contents ecosystem is growing, and a $100 million market cap is relatively undervalued for the project. As such, it comes as no surprise that we’re seeing bullish momentum for Contentos as traders are flocking to the platform.’’
The VEST tokens you earn for watching videos are a great model. It was also used by Steemit, a crypto project that is widely recognized as the pioneer in blockchain-based content platforms. This model encouraged interaction.
As reported by Contentos, last week Contentos’ price rose by more than 30% because of their partnership with NFT Entertainment and Experience in Japan.
