YouTube star wants a cryptocurrency payday for you every day

Phil DeFranco is betting on a new cryptocurrency called Props to help stoke a YouTube rival that rewards both creators and fans.

YouTube star Philip DeFranco is advising and investing in a new cryptocurrency aiming to rebuild the ecosystem for online video.
That's the basic idea behind Props, a cryptocurrency that aims to reward anyone who contributes to a new social live-video app called Rize. Anytime you stream, you can earn Props. Every time you get a "like," you can earn Props. If a friend of yours joins, you earn Props.

Theoretically, it's a YouTube where the only participant not getting a payday is YouTube itself.
Like cryptocurrency-based social network Steemit, Props and Rize are aiming to create a new ecosystem in which blockchains and tokens recompense everyone whose contributions make the network worth visiting. It's one of the many uses of blockchain, a technology best-known for underpinning bitcoin but used in a wide range of applications, such as tracking prescription drugs, tracing organic foods and ensuring the legitimacy of elections.

Props payouts are based on a formula that evaluates how valuable your contribution is: A stream with thousands of viewers will work out to more Props than you'll earn from a live-video chat with friends in a virtual living room. You can convert Props to dollars, you can use them to send virtual gifts on Rize, or you can hold onto them if you believe they'll rise in value.

Props is one of the latest cryptocurrencies to crop up after the massive attention garnered by the likes of bitcoin and Ethereum, and another example of how their foundational technology -- blockchain -- is poised to change your life.