An article to understand the Web3 social network Solcial

The GameFi sector has received relatively good attention in 2021, and the track as a whole has ushered in an explosion, which can be confirmed by the data performance of the number of users, transaction volume, and the market value of the overall sector projects. In addition to the GameFi sector, the SocialFi sector also ushered in a small climax of development in 2021. Although the overall popularity is not as good as GameFi, many teams have begun to focus on the SocialFi sector.

Projects emerging in 2021 include Whale, Chiliz, Rally, Solcial, BitClout, Friends with Benefits, DeSo, ROLL, Torum, Monaco Planet, BBS network, Cent, Yup, Matataki, and Mirror.xyz, etc. (with incomplete statistics about 50 more than one). In 2022, new members will further emerge in the SocialFi sector, and it is expected to become a new focus sector.

Solcial has been in the preparatory stage for this project as early as late 2021. In addition to program development, it raised $2.9 million in a round of financing in October last year. This round of financing was led by Alameda Research and Solana Foundation , Rarestone Capital, GBV, Shift Capital and Noia Capital participated in the follow-up investment. And after obtaining financing last year, it has been favored by many communities.

Solcial has not had a new round of market progress until recently. For example, it launched an early market for $SLCL on the Launch platform Solstarer on Solana on March 23, and it is now available for trading on Raydium.

Solcial's SocialFi model

Solcial is a content-based "middleware-free" social platform. Its model has certain similarities with products such as Knowledge Planet and Xiaomi Circle. Except for some differences in mechanism, Solcial is a blockchain application built on Solana , and the data is stored in the form of IPFS. At the same time, it also allows anyone to create different social tokens based on Solcial to further promote the link stickiness between roles, and to be able to self-govern and motivate after being given a value capture mechanism. Solcial is expected to build a new paradigm in terms of anti-censorship, improving creators' income, and preventing data abuse.

On Solcial, each user has their own tokens and allows investors to directly invest in these assets. When a user registers, he will receive 1 million tokens (SPL standard). The supply is constant and any holding Either can choose to keep or sell. Therefore, from the perspective of the functional classification of the pass, Solcial belongs to the SocialFi project of personal tokens, that is, personal tokens are mainly issued and governed by individuals, and are mainly used for fans to enter the community and for the entry threshold of various activities within the community, and Used for community internal rewards and governance, etc. Solcial can also be used as an NFT display space, which allows anyone to import NFT assets in the data column. Of course, some rare and high-value NFT assets may better demonstrate their identity.

Whether content creators, KOLs, artists, etc. can create their own private traffic domains based on encrypted tokens, of course, in addition to these roles, some companies can also monetize their "social capital" through Solcial.

When some influencers create an account in Solcial, they will allow fans to subscribe to his account, and the subscription is divided into three levels. Tier 1 subscribers can subscribe for free and allow access to their public content (similar to Twitter or Instagram). Second-level and third-level subscribers will be able to further access some of their private content, and to become second-level and third-level subscribers, they need to hold or spend the pass of the influence to obtain subscription levels with different rights and interests. Holders are also considered investors in these influencers, a model known as “subscription investing.” Of course, you can judge the quality of content by the number of holders of the content creator’s pass.

Therefore, based on the token economy, influencers can further build a fan economy to broaden income channels, and further convert influence and high-quality content into income. Some potential investors will also be able to make early investments in potential influencers to hold their crypto assets. The tokens of different content creators may have different prices and market values ​​due to their influence, which can be called "social market value".

Therefore, in the future, when the creator has a high degree of attention and the value of the encrypted asset rises, the sale will make a profit. Therefore, users and creators are expected to be deeply bound through the token economy and obtain their rights and interests from it.

Additionally, some companies can monetize their “social capital,” which is different from a company’s equity value and is more flexible, and offer its token holders premium access to store discounts or exclusive content And good ductility.

anti-censorship

The content platform of the traditional Internet is usually based on a centralized server, and all data and website front-end pages are stored in the server. The platform party has the right to delete or restrict the content on the platform at will. For example, twitter often deletes some users' tweets at will because of their stance. From a data point of view, user data is the bargaining chip of these platforms, and of course this is a potential business for the platform side.

The content in Solcial is stored in the form of IPFS in the form of user data and information, and is accessed through Solcial's P2P layer, which means that no one can centrally hold these contents, because the data can only be obtained by specific groups of people, which means Meaning it is censorship resistant.

Although Solcial is anti-censorship, for some illegal content, the community will be able to vote to delete it from Solcial’s IPFS node through the user’s report, and encourage users to stop broadcasting, and at the same time cannot be displayed on other users’ view on the page.

Governance Token $SLCL

$SLCListhegovernancecertificateofSolcial,holding\; itwillbe\; able\; tovoteonthemodificationorcreationofthemechanismwithintheecology,the\; roleofecologicaldevelopment,etc.resolution.In\; additiontogovernanceinterests,$SLCL is also a circulation token within the ecosystem.

$SLCLcanbe\; used\; forthe\; purchaseoftokenswithinthe\; ecosystem.For\; example,\; ifa\; userwants\; toobtainanexclusivetokenofacontentcreator,heneeds\; touseSLCL\; topurchase$ in Solcial according to the actual exchange rate$.$ exchange. In addition, Solcial also supports NFT transactions, of course, these are also$SLCLis\; priced,and\; holding$ SLCL may allow you to get a discount on your transaction.

For each transaction in Solcial, a 0.3% handling fee will be charged, and part of this fee will be used to buy back $SLCL.

Summarize

As a content-based and censorship-resistant Web3 social platform, Solcial can give everyone the right to build an encrypted economic system by issuing personal tokens, and users and fans who follow influencers will be able to follow With the increase of the creator's influence, further benefits will be gained. Solcial's three-level subscription system is an innovative point in the current personal token SocialFi project. It stratifies fans and distinguishes how many core circle users an influencer has, so as to further improve them. Influence is judged. Although Solcial has not launched an application yet, there is still considerable potential to be tapped.