YouNow, the live streaming startup backed by Union Square Ventures, has filed a public offering for its Props token with the SEC, Reuters reports. Props tokens are the native token of Props, the decentralized digital video ecosystem launched by YouNow in 2017.
According to Reuters, YouNow does not intend to raise funds from the token sale. Instead, the company will be qualifying the distribution of its tokens in order to reward users in the Props ecosystem. Additionally, YouNow will also distribute Props tokens to "persons developing key apps or otherwise contributing to network development efforts." According to the filing, YouNow will be distributing 178 million tokens in total. According to a blog post published on Tuesday by the Props Project, YouNow's SEC filing "would enable Props to build one of the first consumer-focused token networks in the world that give users a financial stake in the network they help grow, and to do so in a fashion compliant with US regulations."