In the run up to the much anticipated 1st December NOTES token unlock Choon have been pushing out new features regularly the past couple of weeks. Here's a quick run down on Two Factor Authentication, Geographical Stream Data and User Badges/Staking.
Two Factor Authentication
A feature many users had been asking for to help keep their accounts secure was two factor authentication (2FA). This is a common feature nowadays across various web based services. You are sent, or can generate a one-time access code, this then has to be entered after you have got past the initial username and password logon screen.
On November 19th Choon announced that 2FA had been enabled. They chose to go with the Google Authenticator app for their 2FA, which is personally my favourite implementation and much more preferable and secure than receiving a text message with a code. Choon’s announcement and instructions for setting up 2FA can be found in the following medium post written by Choon team member Kassy Ruimy: https://medium.com/choonhq/new-feature-alert-two-factor-authentication-5028f7475b96
Geographical Stream Data
Users have been asking for more information on their streams to help with assessing the effectiveness of different marketing strategies. Choon have always been committed to transparency with their streaming data and royalty payments so it was only a matter of time before they started to make more data available in this regard.
The first stage of giving access to that data went live on 21st November with the announcement of high level data on the geographical location of streams. The information is now available through the user account section and shows the top 10 stream locations for both tracks and playlists. Very interesting information and in some cases a little surprising, with countries that I expected and some I definitely didn’t. Croatia for instance is a country I haven’t targeted any marketing efforts at but will make sure to do so in future!
I’m sure Choon will be opening up more of this data over time and being a bit of a data guy myself I can’t wait.
User Badges / Staking
Last night (28th November) a few users started to report seeing some changes on the platform with little Choon icons appearing alongside artist names.
A few minutes later the changes were announced by the Choon team. Users attain the badges based on how many NOTES they currently hold (not earned) within their wallet, a user-friendly form of staking.
At certain levels new features will be unlocked, for instance at the 250k mark you can now set a banner for your profile page. If you withdrew the NOTES from your account then this perk would also be removed.
I was proud to see that I’m one of only two artists on the platform currently holding over 1 million NOTES. It also shows that the current number one in the stats (Sebastian Markiewicz) has already withdrawn the NOTES he has earned, as no badge shows up at the moment.
The idea behind this is to encourage users to ‘stake’ their NOTES on the platform, if artists leave their NOTES on Choon rather than selling them immediately then there will be less NOTES available for sale. This should help to support the price of NOTES as well as reduce volatility.
If there are less NOTES for sale then the sellers can command a higher price for them and buyers will have to be prepared to pay more to acquire them. The flip side of this is that if everyone were to sell their NOTES on day 1, the number of sellers would far outweigh the number of buyers and these buyers would be able to pay very little for their NOTES.
It will be interesting to see what other perks the team roll out as the platform develops further. You can read the full announcement written by Choon co-founder Matt Hall in this medium article: https://medium.com/choonhq/new-feature-user-levels-and-permissions-627aa6f2e7e1
With the token unlock now only 2 days away I wonder whether the team have more surprises in store for us!
Remember to stay Chooned to ChoonTrance for more news, information and guides coming very soon. Also let us know what's currently top of your wish list of new features yet to be added in the comments below!