Patron is a project founded in Japan under the umbrella of the Extravaganza company and is also basically an Ethereum based blockchain product that aims to maximize the potential of the SNS and the influencers market by issuing their PAT tokens which will serve as both identity and utility value to service payments within the platform. In a simple sense, they may be aiming for the tokenization of social network influence.
The platform seems to have achieved a huge success in the promotion of other ICOs in the past (precisely within the period of August and December 2017, as indicated in their whitepaper) amounting to about $27.9 billion USD aggregate by those ICOs; by promoting the ICOs through their Japanese PR and marketing company, the Extravaganza.
Their premium sale was slated for Dec 2017, while the pre-ICO stage was for Feb 2018 and the final stage for the crowd sale will run through 27th of March 2018 and 26th of April 2018.
Celebrities and social media influencers’ endorsements are worth between $1.6 to $2.5 billion USD. The influencers market is a growing niche of internet publishers and advertisers, which has to do with the way social media users – to include celebrities, public figures and people with a vast network of online friends and social relationships, can change the narrative and improve the economics surrounding a particular product or service to suit both customers and advertiser’s needs.
Patron is aiming to be at the forefront of the Japanese version of this market and ultimately the larger world, whereby they are taking the internet marketing space by the horns to address basic but crucial issues within this industry – viz, the way intermediaries often manipulate the market to their own self-interests alone while neglecting the interest of the influencers (in this case the pseudo publishers or brand ambassadors), and the advertisers. More so, they intend to amplify the role of these influencers to the bigger economy and initiate a unique and flexible bond between influencers and clients.
While they have a cling to the value of influencers, they want to express this in terms of financial and economic equivalence in order to truly rate the potentials and extent to which these people can create value out of their services.
The platform is going to be revolutionary because the Japanese IT sector is embracing the new blockchain economy, and with the likes of Patron, there’s bound to be a growing demand for the product once it is on the market.
The good thing about this project is that it is not entirely localized, they have plans to allow for a global participation and give members of the larger global community the opportunity to harness the potentials of a middleman-free influencers market.
So yes, the problem is real, and they are optimistic about their platform being the panacea to this decade-long problem.
Since the beginning of social media and the role social networks play in the development of businesses around the world, there has been a constant increase in many companies moving to social media publication systems to enhance their advertising and taking the competition beyond brand name and focusing on the power of influencers in the larger world.
What Patron proposes is to open the floor to all types of influencers regardless of differentials or status which may have outrightly hindered some potential publishers from participating in the tremendous market thereby creating a new age internet sharing economy.
The final product will be a marketplace that helps influencers and encourages publishers to negotiate terms of SNS services and payments based on a periodic time frame; that is paid every time or monthly or based on an annual contract. The platform will also be able to generate an index for more influential personalities and profiles to help the advertisers on retainer decisions.
Although competitors like SociaMedia.Market platform may be a huge competitor alongside other analogous platforms attempting to bridge the gap created by intermediaries in the traditional advertising systems.
The very important question here, is why blockchain? the simple answer would be to exploit the advantages of decentralization, distributed economy, and immutability of blockchain data.
With their private sale and their 50% successful pre-ICO, speaks so much about the interests of enthusiastic investors in the development of the project.
Their crowd sale objective is to raise the sum cap of $70 million USD from their premium sale through the main sale event of their TGE by selling 240 million PAT tokens of their total issue of 400 million PAT.
This fund is required to build the platform and integrate the decentralized applications that would be needed for the operation of the system. More so, they want to spend so of the funds on the expansion project to the rest of the world – hence they have strategized in not only capturing the Japanese market alone but also to spread their ‘influence’ across the borders of Japan.
They are currently on the last stage of their TGE, whereby they have successfully hit the targets for their Private sale and the Pre-sale.
The private sale was set at a target of $10 million USD (selling a 100% of the tokens allocated)
The Pre-ICO was set at a target of $20 million USD (they had 50% success)
At the time of writing, their public ICO has achieved a sale of over 35% of the total of $40 million USD Cap for the stage.
Although quite confusing, the progress bar on their website isn’t explicit enough to tell exactly how much has been raised so far. However, the project seems to be doing just fine and is heading for TGE completion in the next few days.
Out of a total distribution of 400 million PAT tokens, 240 million PAT will be sold during ICO stages and 160 million PAT will be distributed amongst the members of the team and advisory board, with a portion of it also reserved for future developments.
Their development roadmap reveals a ton of activity within the Q1 and Q2 of 2018 spilling into the early Q3. These activities are contingent on the success of their token sale event which is on the right track far, as product development and expansion programs are largely dependent on the availability of finance.
They will be releasing a decentralized mobile application for the platform to ease the functionality and communication between the stakeholders and end users of the app.
They have a full sight on the global market as indicated by the roadmap which suggests that the market is a very large one – projected to reach about 3 billion social media users by 2021.
The CEO and founder of the platform, Atsushi Hisatumi has quite the influence himself and is popular within the Japanese Influencers Marketing Industry. He is basically capitalizing on his successes and potential in the industry to transform into a new economy.
As a businessman, an entrepreneur and investor in the IT sector, he has an appreciable amount of experience with the marketing and brand promotion industry.
The CEO has served some advisory role to other blockchain based projects such as Crypto20, Cloutnet, and Tradove. His public LinkedIn profile is also made available with more information about his past achievements.
The team is also furnished with ambassadors and experiential personnel from different areas of expertise ranging from PR management, advertising, marketing, finance, investment, and app development.
They have quite an elaborate team of experts working on the development of the platform and are dedicated to achieving the objectives of the platform.
Their website has a stylish throughput with succinct information well laid out. A link to their smart contract code is embedded within the site also. A short profile of every member of the team is provided with their LinkedIn public profile to trace past achievements.
They have about three other translations apart from English – although the English version of the website has some kink in it, which may be as a result of poor translation and editing from the original language. However, the overall information is well outlined.
Their whitepaper has some grammatical and typographical issues, which makes it quite hard to understand some key aspects of their analysis. More so, it would seem also that the document was translated from the Japanese language to English, which could account for the deep variation in meaning and expression of certain terms and ideologies; other than these, the document is rich with economic propositions.
They have an impressive followership on some social media platforms, like on Telegram, only the English chat group has over 15,900 members; the personal twitter page of the CEO has over 17,600 followers, and their Facebook business page has over 45,000 followers so far.
They have a medium page with no publications on it yet but also have sponsored articles that have been featured on other prominent media outlets for cryptocurrencies and blockchains.
Since the token is an Ethereum ERC-20 based token, they do receive contributions in ETH, however, they also accept BTC, LTC, and BCH from investors. Although no form of escrow is involved in the transaction of their tokens during the token sale, funds are directly sent to the smart contract address or alternate addresses provided to each investor.
As for the security of investment, the team looks credible however, it would be prudent for an investor to observe due diligence and do his personal research before investing in the project.
The project idea is a unique one in the sense that:
In conclusion, this project is one of the few blockchain projects that are addressing real-world problems and are on the verge of an emerging economy involving internet publishers and advertisers.
With the way Patron wants to harness this economic opportunity, there is a high possibility for them to establish themselves as a brand for the coming age of blockchain as a ‘service’ to the advertising industry.
Undermining the effects of their poorly edited documents, the ICO is already on its way to success as they have crossed most of their benchmarks for their financial objectives.Visit website