Paltalk Announces Launch of Props on Paltalk App
Props Tokens Integrated on Paltalk App
JERICHO, NY - (NewMediaWire) - August 11, 2020 - Paltalk, Inc., formerly known as PeerStream, Inc. (“Paltalk,” the “Company,” “we,” “our” or “us”) (OTCQB: PALT), a leading communications software innovator that powers multimedia social applications, today announced that it has launched YouNow’s Props tokens on Paltalk, thus completing the integration of Props tokens on both of the Company’s apps, Camfrog and Paltalk.
As previously announced, Paltalk’s popular social video apps, Paltalk and Camfrog, two of the largest live video social communities, are among the first apps to integrate the Props token-based user reward system. The Props token, a cryptographic token that exists on the Ethereum blockchain, is designed to enable a network of apps, operating independently of one another, to share an underlying asset that rewards end-users who create, consume and engage with content and services.
“Power users drive engagement on any app, and we believe that the Props token is an innovative tool that our users will embrace,” said Jason Katz, the founder and CEO of Paltalk, Inc. “Our users create content and enrich the social experience for others, and we believe that whenever possible, these users should share in the success of the community they help create. I believe providing users with loyalty and retention benefits via Props tokens creates a real competitive advantage for Paltalk and I’m excited to now have it integrated on both our video chat apps.”
Adi Sideman, Co-Founder of the Props Public Benefit Foundation, added, “Props empower app developers to align with their users by providing in-app benefits and a financial stake in the network. Users can now share in the value they help create, while apps are rewarded with tokens to their treasury. We are happy to see that Paltalk, an established brand with millions of users, has already integrated Props on both the Paltalk and Camfrog platforms.”
Props is an open-source platform for consumer apps to deploy a token-based loyalty program aiming to grow revenue & user engagement. Apps use the platform to easily share digital tokens with users as rewards for valuable activity. Users that earn and hold tokens get in-app benefits and a financial stake in the success of the network. Props is a digital asset qualified by the SEC and may be shared with any user worldwide.
ABOUT PALTALK, INC. (OTCQB: PALT)
Paltalk is a communications software innovator that powers multimedia social applications. Our product portfolio includes Paltalk and Camfrog, which together host one of the world’s largest collections of video-based communities. Our other products include Tinychat and Vumber. The Company has an over 20-year history of technology innovation and holds 18 patents. For more information,please visit:http://www.paltalk.com.
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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, the impact of the coronavirus outbreak on our results of operations and our business; our ability to effectively market and generate revenue from our applications; 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 secure new software development and licensing customers; legal and regulatory requirements related to the use of blockchain, including us holding and distributing 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 digital tokens, including risks related to the volatility of the trading price of digital tokens and our ability to convert digital tokens into fiat currency; and our ability to manage our partnerships and strategic alliances. 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 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.