Social Gold: How to Launch your own Currency

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    Social Gold: How to Launch your own Currency - Presentation Transcript

    1. Launching Your Virtual Currency Vikas Gupta Co-Founder/CEO, Social Gold
    2. Virtual Currency Platform http://getsocialgold.com/ “If I were to build the Linden economy again, I would do it on the Social Gold platform.” - John Zdanowski, ex-CFO, Linden Labs
    3. Overview • Virtual Currency: What, Why • Part 1: Currency and User Experience • Part 2: Building it • Part 3: Optimize, Analyze • Part 4: Make Money • Part 5: Create an Economy
    4. What is currency?
    5. What is currency? “Labour is the real measure of exchangeable value. “Wealth is power of purchasing labour.”
    6. What is currency? “Labour is the real measure of exchangeable value. “Wealth is power of purchasing labour.” Value in your economy is in your goods. Currency is a means, not the end.
    7. “Real World” Examples
    8. “Real World” Examples
    9. “Real World” Examples Goods, Services
    10. “Real World” Examples Goods, Services
    11. “Real World” Examples Goods, Travel, Services Luxury
    12. “Real World” Examples Goods, Travel, Services Luxury
    13. “Real World” Examples Goods, Travel, Services Luxury Entertainment
    14. “Real World” Examples Goods, Travel, Services Luxury Entertainment
    15. “Real World” Examples Goods, Travel, Services Luxury Entertainment Entertainment
    16. “Virtual Currency” Examples
    17. “Virtual Currency” Examples
    18. “Virtual Currency” Examples Goods
    19. “Virtual Currency” Examples Goods
    20. “Virtual Currency” Examples Goods Entertainment
    21. “Virtual Currency” Examples Goods Entertainment
    22. “Virtual Currency” Examples Goods Entertainment Games
    23. “Virtual Currency” Examples Goods Entertainment Games
    24. “Virtual Currency” Examples Goods Entertainment Games Flirting
    25. Why Virtual Currency?
    26. Why Virtual Currency? • Separate “Value” from “Money”
    27. Why Virtual Currency? • Separate “Value” from “Money” • Virtual currency is “cheaper” than “money”
    28. Why Virtual Currency? • Separate “Value” from “Money” • Virtual currency is “cheaper” than “money” • Train User Behavior
    29. Why Virtual Currency? • Separate “Value” from “Money” • Virtual currency is “cheaper” than “money” • Train User Behavior • Economy around user generated content
    30. How to introduce Virtual Currency?
    31. Part 1: User Experience
    32. Part 1: User Experience • Currency must be integral to user experience
    33. Part 1: User Experience • Currency must be integral to user experience • “Experience Economy”
    34. Part 1: User Experience • Currency must be integral to user experience • “Experience Economy” • Users pay for a memorable experience
    35. Example: A Farming Game Focus on Experience (Goods)
    36. Free Currency
    37. Labour Free Currency
    38. Labour Free Currency
    39. Labour Free Currency Currency
    40. Labour Free Currency Currency
    41. Part 2: How to Build
    42. Part 2: How to Build • Balance + Transactions
    43. Part 2: How to Build • Balance + Transactions • How “loose” or “correct” you want your ledger to be?
    44. Part 2: How to Build • Balance + Transactions • How “loose” or “correct” you want your ledger to be? • Auditable (Sum of transactions = balance)
    45. Part 2: How to Build • Balance + Transactions • How “loose” or “correct” you want your ledger to be? • Auditable (Sum of transactions = balance) • Repeatable (Replay the history)
    46. DIY or Partner
    47. DIY or Partner • Platforms like Social Gold available
    48. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market
    49. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency
    50. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low
    51. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low • Compromise real time transactions
    52. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low • Compromise real time transactions • “Eventually” auditable/repeatable
    53. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low • Compromise real time transactions • “Eventually” auditable/repeatable • Problems appear at large scale
    54. DIY or Partner • Platforms like Social Gold available • Reduces cost, time to market • Adds an external dependency • Ensure cost per transaction is low • Compromise real time transactions • “Eventually” auditable/repeatable • Problems appear at large scale • But lot easier to fix at small scale
    55. Part 3: Optimize
    56. Part 3: Optimize • What should you measure?
    57. Part 3: Optimize • What should you measure? • How do you optimize?
    58. Part 3: Optimize • What should you measure? • How do you optimize?
    59. Part 3: Optimize • What should you measure? • How do you optimize? • Good Metrics are actionable
    60. Number of transactions is a good measure of the health of your economy
    61. Measure Sources vs Sinks
    62. Effective Channels
    63. Price Testing
    64. Revenue Drivers
    65. DIY or Partner
    66. DIY or Partner • Platforms like Social Gold can do it for you • Leverage a large suite of tools and expertise
    67. DIY or Partner • Platforms like Social Gold can do it for you • Leverage a large suite of tools and expertise • Measure everything
    68. DIY or Partner • Platforms like Social Gold can do it for you • Leverage a large suite of tools and expertise • Measure everything • Metrics are useful when data set is large
    69. Part 4: Making Money
    70. Part 4: Making Money 1. Engagement before money
    71. Part 4: Making Money 1. Engagement before money 2. Value is perceived from goods, not currency
    72. Part 4: Making Money 1. Engagement before money 2. Value is perceived from goods, not currency 3. Understand your user demographics
    73. User Experience
    74. User Experience Weave payments into your user experience!
    75. User Experience Weave payments into your user experience! e.g., in-Flash Payments by Social Gold
    76. Payment Methods
    77. Payment Methods • Credit cards drive majority of the revenue
    78. Payment Methods • Credit cards drive majority of the revenue • Mobile phones (teens/international)
    79. Payment Methods • Credit cards drive majority of the revenue • Mobile phones (teens/international) • Pre-paid cards (cash paying users)
    80. Payment Methods • Credit cards drive majority of the revenue • Mobile phones (teens/international) • Pre-paid cards (cash paying users) • Incentivized Offers (subsidized by advertisers)
    81. Payment Methods • Credit cards drive majority of the revenue • Mobile phones (teens/international) • Pre-paid cards (cash paying users) • Incentivized Offers (subsidized by advertisers) • Alternate local methods
    82. Subscriptions
    83. Subscriptions • Long term commitment
    84. Subscriptions • Long term commitment • Demonstrate Economic value
    85. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay
    86. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay • Don’t limit your revenue
    87. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay • Don’t limit your revenue • Combine it with currency
    88. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay • Don’t limit your revenue • Combine it with currency • DIY or partner:
    89. Subscriptions • Long term commitment • Demonstrate Economic value • Subscription is a way to save, not pay • Don’t limit your revenue • Combine it with currency • DIY or partner: • Social Gold, Paypal, Zong
    90. Part 5: Making it an Economy
    91. Part 5: Making it an Economy • Who controls goods and prices?
    92. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar
    93. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar • User generated content
    94. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar • User generated content • Prices determine by users (market)
    95. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar • User generated content • Prices determine by users (market) • Trade against “real” currency
    96. Part 5: Making it an Economy • Who controls goods and prices? • e.g., Linden Dollar • User generated content • Prices determine by users (market) • Trade against “real” currency • “Virtual” Labour creates “real” wealth
    97. Tools
    98. Tools • Potentially infinite catalog
    99. Tools • Potentially infinite catalog • Catalog for UGC (user data, history)
    100. Tools • Potentially infinite catalog • Catalog for UGC (user data, history) • User to User transactions
    101. Tools • Potentially infinite catalog • Catalog for UGC (user data, history) • User to User transactions • Currency trade, Secondary markets
    102. Tools • Potentially infinite catalog • Catalog for UGC (user data, history) • User to User transactions • Currency trade, Secondary markets • Deep Analytics and Fraud Control
    103. Summary
    104. Summary • Currency is a means, not the end
    105. Summary • Currency is a means, not the end • Engage before you monetize
    106. Summary • Currency is a means, not the end • Engage before you monetize • Build infrastructure to scale at low cost
    107. Summary • Currency is a means, not the end • Engage before you monetize • Build infrastructure to scale at low cost • Actionable Metrics
    108. Summary • Currency is a means, not the end • Engage before you monetize • Build infrastructure to scale at low cost • Actionable Metrics • UGC creates an “economy”
    109. Virtual Currency Platform http://getsocialgold.com/ vikas@jambool.com

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