AppCoins is aspiring to become the ultimate protocol for app economy, it wishes to reinvent the apps economy with the help of digital tokens and blockchain. This project was initiated by a mobile app store known as Aptoide.
The main purpose of AppCoins is to be used by developers for advertising apps, games, in-app purchases, etc. in the app store. AppCoins held its first ICO and has increased by 300% since it was added on Binance this January.
Let’s dive a little deeper into the working of AppCoins and understand more about the uses and features of this blockchain protocol.
What is AppCoins?
In the most basic terms, AppCoins is an open & distributed network protocol used by app stores. It suggests the advancement to blockchain three of the app stores’ critical flows which includes advertising, developer’s approval, and in-app purchases. It allows developers to redesign the transactions that occur in an app store and attempts to create an efficient structure with the help of disintermediation.
Basically, with the help of Appcoins blockchain protocol, app stores can be upgraded so that the developers can pay for the advertisement to the user as blockchain offers proof-of-attention. Also, users can utilize the purchases Appcoins to pay for their items. Also, depending on the developer’s rank, they have a say in the approval of an app in the apps store.
It has been designed in a way that it is extremely scalable and modular which helps in the seamless unification with every app store. AppCoins protocol is trying to revolutionize the app economy by providing the users with unparalleled levels of productivity and transparency.
How Does AppCoins Work?
As mentioned earlier, AppCoins is planning to use smart contracts and the blockchain technology to advance the app economy and has already been integrated with the Aptoid app store. However, it is said that it will soon integrate with other app stores like Amazon apps, Play Store, Samsung Apps, Yandex, etc. as well.
This is the simple process which users and developers will use to interact with each other on the AppCoin platform:
- There are no advertisement intermediaries in the AppCoin system so the developers and the users can transact in a low-cost app ecosystem. The fees collected through advertisements go for hardware manufacture and the app store.
- A developer can use the platform to advertise his apps and charges a small ‘cost per install’ rate on it. With other advertising networks, developers had to pay a high fee and users got nothing in return but with AppCoin platform, the developer has a choice to advertise their apps and sets up an initial cost per install campaign. So when a developer pays $1 for every install, the users receive $0.85 for the app installed.
- On AppCoin platform, developers also have a chance to develop a reputation through their transactional history across the app stores so even if a developer is new to an app store, he has a preceded reputation due to previous transactions.
- Since all the information is stored on the Ethereum blockchain, app approval is an automated process across all the app stores.
- Since in-app purchases don’t include any intermediaries, developers end up earning more. Due to the user of APPC tokens, developers end up paying lesser fees than they would have to if they were accepting credit/debit cards from the users.
- Finally, users don’t need traditional payment methods to purchase an app, they can simply use the APPC tokens. Also, users can transfer their AppCoins to other users without having to add their credit/debit or bank account details.
Team Behind AppCoins
Aptoid, a mobile app store which has around 200 million users and 800,000 distinctive apps, developed AppCoin and has accepted it as a digital currency since 2017. Aptoid was founded in 2011 by Paulo Trezentos and Alvaro Pinto and AppCoin team currently consist of many talented strategists, blockchain and bitcoin specialists, smart contracts experts, ICO experts, and so on.
Both AppCoins and Aptoid have their headquarters in Lisbon, Portugal along with their offices in Shenzhen and Singapore.
What is an AppCoin APPC token?
AppCoin tokens, aka APPC tokens, are ERC-20 congruent tokens which are built on the Ethereum blockchain and are in accordance with an associated ERC-20 smart contract. The APPC tokens are to be used in the platform of AppCoin blockchain to perform different transactions in the app store environment.
APPC tokens can be utilized to acquire resources on any app store which supports the AppCoin protocol and can also be used to reward the users. Here are a few uses of AppCoin APPC token:
- Developers can use APPC tokens to invest in the advertisement of their apps
- APPC tokens can be used to reward the users for installing and employing the sponsored apps
- It allows developers and users a transaction medium to buy and sell digital goods via in-app billing
How to Buy AppCoin
One of the easiest tasks in setting up an AppCoin wallet is purchasing the Ethereum from an exchange website.
Here is a quick guide to help you out with this process:
- Go to Coinbase.com and sign up for a new account. If Coinbase doesn’t work for you, I’d recommend Coinmama as a good alternative.
- Verify your account by uploading an image of your ID and entering the preferred payment option.
- Verify your payment option.
- Buy Ethereum by clicking on the ‘Buy/Sell’ option and entering the required amount either in Ethereum or your local currency.
- Confirm your Ethereum purchase.
That’s it! You can now see Ethereum coins in your account which you can use to get APPC tokens now.
Exchanging Ethereum for APPC Token
You can get the APPC token from a few selected exchange platforms or by using the P2P method with other AppCoin owners. You can use Binance for exchanging your ETH for APPC tokens. For exchanging your Ethereum coins for APPC tokens, please follow the below mentioned steps:
- Go to Binance and register for a new account.
- Verify your email address clicking on the link received in your email.
- Login to Binance with your email id and password.
- Set up 2FA on your account to protect it from hackers and stealers. (Optional)
- Go to ‘Funds’ and click on ‘Deposits Withdrawals’.
- Initiate a deposit for your Ethereum amount and save the address displayed.
- Go back to your Coinbase account and open your ‘Accounts’.
- Find your Ethereum wallet and then click on send.
- Enter the wallet address that you copied from Binance and confirm your transaction.
- Wait for the transaction to be completed.
- Check your Binance’s ‘Available Balance’ for the newly transferred Ethereum coins.
You have now successfully transferred your Ethereum tokens to the exchange website where you can exchange them for APPC tokens. For exchanging to APPC tokens, please follow these steps:
- Navigate to ‘Market’ option available on top of ‘Buy APPC’ button.
- Enter the amount of Ethereum that you want to exchange.
- Press buy button to complete the transaction.
- Check your APPC tokens in ‘FUNDS’ under ‘Deposits Withdrawals’.
You will find that your order has been successfully completed and your Ethereum amount has been exchanged for APPC tokens as you requested. Now you can keep it here or you can transfer it to your wallet. Storing your APPC tokens in your wallet will be a safer and secure option.
How To Setup an AppCoin Wallet?
Since APPC tokens are ERC20 tokens, you would need to select a wallet which is compatible with ERC20 tokens. You can use MyEtherWallet since it is easy and convenient to use.
Follow these steps to setup your AppCoin wallet in MyEtherWallet:
- Go to MyEtherWallet.com and create a new wallet for yourself.
- Download your wallet’s keystore file and then save it in a secure place.
- Copy your private key for the wallet and keep it in a secure location too.
- Open your wallet by uploading the Keystore file that you downloaded in step 2.
- Save the value of ‘Your Address’, this will be used for making transactions.
Your AppCoin wallet is now ready to be used. All you need to do is purchase an ERC20 token like Ethereum and then exchange it for AppCoin token and then store the APPC token in this wallet.
How to Store APPC Token
Since AppCoin tokens are ERC20 tokens, it can be stored in an ERC20 congruent wallet. You will need an Ethereum wallet which is smart contract compatible and ERC20 token compatible for storing your APPC Tokens. A few of the wallets which are found to be ERC20 compatible are MyEtherWallet, Mist, Parity, Ledger, imToken, etc.
Since we have been using MyEtherWallet in the above steps, we will continue with the same for storing your APPC tokens as well. In Binance, you will need to click on the ‘Withdrawal’ button and then enter the APPC token amount, your MyEtherWallet address and the label of your transaction. Once you are certain, click on the Submit button. If you have enabled 2FA, then you will need to verify it and confirm your transaction via email.
Once this is done, you will see the APPC tokens in your MyEtherWallet wallet under the ‘Token Balances’ section.
Note: Since AppCoins token exists on the Ethereum network, you will need some Ether coins to move the AppCoins.