“SocialFi”, which integrates DeFi and DAO to create a new interactive way of social finance, hopes to create a more liberal and democratic Web3 platform.This article will give you a detailed explanation of what SocialFi is, its advantages, disadvantages, future development potential, and an introduction to existing potential projects. (Recap: Binance Changpeng Zhao predicts that SocialFi will be the main driving force this year. Where are the new opportunities in the Web3 environment?) (background supplement: Novice | Decentralized content publishing platform Mirror usage teaching: welcome to the Web3 era)
Elon Musk has said that his original intention to buy Twitter for $44 billion was to defend “freedom of speech”. He believes that Twitter has huge potential and looks forward to working with companies and communities to unlock it. Let supporters believe that a more liberal and democratic Web3 social platform will emerge, and integrate DeFi and DAO to upgrade technology and models, creating a new interactive way of social financialization – “SocialFi”.
Even CZ, the founder of the world’s largest exchange Binance, said at the beginning of the year that he predicted that SocialFi will likely become the main driving force in 2022, continuing to flourish and attract more attention. This article will give you a detailed explanation of what SocialFi is, its advantages, disadvantages, future development potential, and an introduction to existing potential projects.
What is SocialFi?
As the name suggests, SocialFi is a credit-creating application based on the underlying technology of the blockchain, combining social and finance.
SocialFi allows users to financialize their “social influence” and earn income through: creating content, participating in communities, NFT minting, communicating with other users, watching videos, etc. But unlike FB, Youtube and other Web 2 social networks, SocialFi can provide better privacy and security for user profiles, and even expects to distribute advertising revenue more equitably and provide a better user experience.
Why do you need SocialFi?
Web 2 social networking platforms such as Facebook, Youtube, Instagram, etc. have a large number of users and huge influences around the world, but these platforms have more or less the following structural problems and are criticized by others, so the concept of SocialFi came into being.
Excessive review power and opaque standards
Platform managers have the authority to delete creators’ content and even block accounts at will, but their review standards are often not transparent enough, and users’ dissatisfaction complaints are often reported.
Algorithmic dictatorship, information security leakage
Another pain point that seriously damages the user experience is the platform’s algorithm. Maybe it’s to get higher traffic or advertising revenue,The platform pushes the advertising content first through the algorithm and excludes the sensitive content in their eyes, becoming a kind of dictatorship that changes direction.In addition, the user’s personal data is often reported to be tracked, orconcerns about leakage.
Creators can’t get paid fairly
We know that the global digital advertising market is still growing, but the advertising revenue that many content creators get through the platform is declining, or there is no fair mechanism.lead toThe real source of profit for high-quality creators is mostly the business allocation of additional manufacturers.
Through blockchain-based technologies such as DAO governance and the transparency of smart contracts, we may be able to return the management and discourse power of social platforms to users, end algorithmic hegemony, tokenize the influence of creators, and provide a A fairer revenue distribution model.
— 10 SocialFi Potential Projects —
1. Mirror: A creative platform that will remain forever
Mirror It is a decentralized content publishing platform built on Arweave (a decentralized data storage protocol that can store data permanently and extensibly). After a user publishes an article on the platform, it will be stored in Arweave for free, and it can be minted into NFT to transfer or sell, or even initiate NFT crowdfunding.
Further reading:Novice | Decentralized content publishing platform Mirror usage teaching: welcome to the Web3 era
2. Matters: Chinese Web3 Social Platform
Matters YesFounded by Zhang Jieping, a well-known Chinese media person and former editor-in-chief of Duan Media. It combines the social interface of traditional Web2 and the IPFS function of Web3 (InterPlanetary File System, interplanetary file system, storage through blockchain).
There are now nearly 80,000 creators on the platform,Matters is also developing different Dapps, such as: Travelloggers, which allows each creator to have this NFTized log and resell it freely.
Further reading:Web3 Content Platform｜MattersLab Completes $2 Million Financing, Longling Investment and Protocol Labs Participate in Investment
3. RSS3: Get rid of the alternative possibility of platform publishing
Have you ever used RSS (Really Simple Syndication, Simple Information Aggregation) in the era of bloggers? It’s like a bookmarklet, subscribe to the creators you’re interested in on different sites and keep track of their latest releases.
RSS3 It is the integration of blockchain and RSS, which makes the process more decentralized and secure, and uses distributed hosting to store content; creators can use private keys to make greater decisions on content creation.
Further reading:Popular Science | What is RSS3?Bring back the flower of the web that was forgotten by Web 2.0
4. BitClout: Social Tokenization
BitClout YesA social platform launched by Nader Al-Naji, founder of stablecoin Basis Cash, and built on the native public chain DeSo.Creators can mint their own social token Creator Coin through DeSo, and fans can also use DeSo to buy creator tokens to support their favorite creators.
5. LikeCoin: Turn likes into tokens
LikeCoin It was established by Gao Reconstruction, a well-known blockchain writer. It attempts to provide Web2 creators with an entry into the Web3 ecosystem. Creators can register as CivicLiker at LikeCoin, and can add LikeCoin plugins on traditional Web2 pages or platforms.
whenever other CivicLiker (Citizen Appreciation)pointIf you like your content, you will be given a corresponding amount of LikeCoin according to the number of likes.
6. Project Galaxy: On-chain reputation system
Any achievements you complete on the chain can provide you with credentials through Project Galaxy, just like online games, simple tasks such as using Uniswap and buying DAI; more complex tasks such as voting, providing liquidity…etc .
If the project wants to find potential airdrop users and early users, it can use the platform’s reputation service to develop customized operations. The project party can obtain early user feedback, and users can also obtain interesting experiences and leave a footprint on the chain.
7. Lens Protocol: Social Platform NFTization
Lens Protocol By Aave The team is nowyear 2 Monthly launch.Lens Protocol by NFT The form presents community interaction, converting the user’s profile into a NFTs,As long as users follow other users, they can get corresponding tracking NFT.These tokens can be sold, or used to manage voting on platform governance, etc.
8. Friends With Ben
Friends With Benefits(FWB) is more of an intentional community consisting of DAOs. Users who want to join FWB need to submit a written application and hold a certain amount of FWB tokens. After the community members review and vote to determine their user qualifications, they can join the community.
At present, the community has nearly 2,000 members who have launched different projects from 2020, including a token-gated events app (tokens are used as event tickets), NFT galleries, virtual music studios, etc., and try to combine virtual experiences extended to real life. (Has received investment support from well-known venture capital a16z in October 2021)
9.BBS Network: a discussion forum that can be moved out at any time
Similar to Mirror,BBS Network It is also a decentralized publishing system that allows anyone to build their own discussion forum ecology, and each article published in the discussion forum is also an NFT.
Unlike traditional discussion boards, the operators of the community are just hosting roles. After you have established a communication board, you can transfer all the content of the discussion area at any time. The data here cannot be completely deleted, but can be completely restored by the user, eliminating the worries of previous censorship.
10. ShowMe: Social like doing game tasks
ShowMe It also uses NFT technology to establish a community, and uses NFT to prove the qualifications of subscribers, allowing creators to flexibly control the subscription model.
ShowMe proposed the concept of PONA (Proof of NFT Achievements). All users’ social behaviors on the platform will be recorded and saved as NFTs. ShowMe hopes to help creators reach users more accurately through gamified social NFTs.
In-depth Views | MetaFi: The Rise of Metaverse Finance! DeFi 2.0 innovations will be unleashed in the Metaverse
Socialfi platform Monaco Planet launched and set off a boom!Main content mining, but Razan, only supports English to provoke anger … chaos spreads frequently
Binance CZ Outlook 2022: SocialFi and GameFi will be the key drivers!Estimated 4x jump in cryptocurrency adoption
Make the Telegram news channel of the dynamic zone powerful again! ! Join now to get first-hand blockchain, cryptocurrency news coverage.
LINE and Messenger serve you from time to time