The Most Important Thing You Must Do to Win a Chinese Competition
By: Crypto Influence
Tags: Event, Blockchain, Competition, Ethereum

Xunlei Limited was founded in 2003, became one of the biggest internet service providers in China, received a $200 million investment from Xiaomi in 2014, and went public on the Nasdaq Stock Exchange, selling 7.315 million American depositary shares (ADS) at $12 and raising just shy of $88 million. With monthly users reaching 142 million and a market share of 81.4% in the cloud-accelerated products and services market in China, Xunlei has announced its entrance into blockchain technology and launched China’s first blockchain exchange and application development platform — the StellarCloud and the ThunderChain Open Platform — in Beijing on May 16, 2018.

What’s exciting about the company is that they hosted the 2018 Xunlei Blockchain Application Global Challenge with GeekBang on July 6th with a grand prize up to 1 million Chinese Yuan. Their mission was to seek the best talents and projects in the blockchain space around the world.

The competition included a shortlist stage and a final stage, covering competition projects with Blockchain and multiple sectors, including public welfare, healthcare, education, gaming, social contact, transportation, commodity identification, copyrights, etc. The judges were from George Washington University, Tsinghua University, China Electronics Standardization Institute of Ministry of Industry and Information Technology, and more credible institutes.

When they selected the best blockchain project teams from more than 500 entries from different industries, BOOSTO was one of the top 10. Trust us, we worked so hard to reach that spot and stand out among 500+ projects.

During the competition, judging was based on project blockchain adoption, technology implementation, commercial value, creativity, and product design. BOOSTO managed to receive the loudest ovation, especially when our CEO Heidi role-played as an influencer and our CTO Chen role-played as a developer (which was easy, as they are influencers and developers in real life) to speak about the problems that influencers and developers face. They perfectly illustrated how BOOSTO blockchain technology can easily solve these problems by connecting the influencers and developers together without middlemen.

Out of a total possible score of 130 in the competition, we scored 95 points. We managed to receive the highest score on our demo and product creativity among the other 9 teams of the top 10. What dragged us down, unfortunately, was the online voting system. Heidi almost cried because we didn’t really pay attention to the online voting, which counted for 10 points of the final score. Even though we have a 10,000-user community, no one who didn’t have a verified Chinese cell phone number could vote for us. To rectify this, we will partner up with Xunlei from now on to start building our Chinese community.

Result from online voting, we were at #8. Without promotion we received only 573 votes.

— Let’s have an onsite review.

What are some problems that influencers are facing?

Heidi: Even though I have lots of followers on centralized social media platforms, I cannot monetize that. My interactions with followers are limited. I really want to interact with them more without being dissed.

I posted a lot of sponsored posts and had a lot of followers download the sponsors’ games, but I do not get any revenue after they download the games, even if they fund their accounts.

What are some problems developers are facing?

Chen: As a developer, my biggest problem is when no one uses the apps I develop because I cannot afford the huge marketing expense. Even if I manage to stand out from 5,000,000 apps and fund their accounts, the app store takes 30% to 50% of the revenue. Developers are not earning our desired percentage.

Professor Neil Wasserman, one of the earliest blockchain adopters, says that, “BOOSTO is precisely targeting the pain points of social media, and the business model is also very clear. I think the team is doing something great. I believe that they are moving into an area that no other blockchain project in the United States is doing. The only concern from me is if their influencer resources are powerful enough to support the ecosystem.”

What can BOOSTO offer to developers?

BOOSTO is a protocol built on Ethereum that provides coding, library, and framework for developers. Developers only need to write a few codes to get onto the chain and receive payments. We also provide fast payment, letting you do token transfer without knowing the other party’s Wallet info and transfer without the GAS fee.

We also provide a smart contract for influencers and developers to share revenue and offer social media data that is based on our existing product, SocialBook. Our data lets us recommend the perfect DApps for influencers. We also support cross chain payment!

What can BOOSTO offer to influencers?

As an influencer, you can choose from all kinds of different DApps in your own influencer store and use the DApp you choose to interact with your followers. Also, you will get a cut whenever there is a transaction going on.

You will also gain income by talking to your followers. Most importantly, your followers can buy your limited items, and all of the trades will be recorded on the blockchain in a way that is totally public and transparent.

Why BOOSTO?

We already have a solid existing influencer business.

SocialBook.io is the world’s biggest influencer search engine, including data on 350,000 influencers and covering 20,000,000,000 followers. We use big data and AI to recommend the best DApps to influencers.