Authors: Alex Zuo, Ellaine Xu, Yiliu Lin, Hettie Jiang, Walon Lin, Caroline Li , Yuwei Hou
Original source: Cobo Ventures
According to your reading habits, please choose your own reading method, PDF download link (Baidu Netdisk/official website):
Table of contents
foreword
1. Why should we pay attention to the social track
2. Summary of Web 2.0 Social Product Development
3. What is SocialFi in the Web 3.0 era?
4. The core difference between Web 3.0 SocialFi and Web 2.0 Social
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Outlook and summary:
7. SocialFis current development limitations
8. Characteristics of Successful SocialFi Products
9. Looking Ahead: The Future of SocialFi
first level title
References
foreword
1. Why should we pay attention to the social track
Social platforms hold a large amount of user traffic, portraits and behavioral data, which contains huge commercial value
1.1 Market capacity:
According to the 2022 we are social report, as of April 2022, there will be 5.32 billion mobile users worldwide, 5 billion Internet users, and 4.65 billion active social media users. Active users of social media accounted for 58.7% of the global population, with an annual growth rate of 7.5%, higher than the 4.1% growth rate of Internet users and the 1.7% growth rate of mobile users. According to new research from GWI, Internet users worldwide now spend an average of 6 hours and 53 minutes a day online. Social networking is the rigid demand of almost every user, no matter in the era of Web 2.0 or Web 3.0.
1.2 Current pain points:
first level title
2. Summary of Web 2.0 Social Product Development
2.1 The development of traditional social products can be roughly divided into the following stages:
1) Early stage (1980-1998): In the era of desktop computers, online forums BBS, portal website Yahoo! and search engine Google appeared to provide services for interaction between users and to help users obtain information; , chat rooms, or specific forums.
2) Development stage (1999-2009): In the PC era, personalized space websites such as blogs and personal homepages became popular. Users can share personal information, life details and other information, and then communicate with each other in a friend-to-friend way. People you know make connections and expand your social circle; dating sites quickly become mainstream, and real offline identities and relationships are brought into the online world; Facebook, established in 2004, has become the worlds most popular social network since 2006, and the Internet ecology Since then it has been dominated by social networks.
3) Mature stage (2010-2015): In the era of 3G smartphones, social networks have become a rigid demand, a large number of social applications have emerged and increasingly emphasize interaction, the functions of social products have been continuously improved, and various subdivision tracks have been gradually improved. Social products and real life relationship is getting closer.
4) Stable development stage (2016-2019): In the 4G era, the entertainment and business attributes of social networking are continuously enhanced. People are both content consumers and content producers, and everyone is a media; on the one hand, the social product layout tends to be solidified. The top products of each track occupy the main market; on the other hand, the acceleration of Internet speed has made emerging fields such as live broadcast, mobile games and short videos relying on video emerge suddenly.
5) Future exploration stage (2020-present): In the 5G era, a new generation of social tools is still in the exploratory stage. 5G features high speed, large capacity, and low latency. Combined with technologies such as the Internet of Things, blockchain, and artificial intelligence, it can truly realize the interconnection of everything and put human beings in an intelligent and interactive network. This will completely change us. With the greatly improved network speed, the content shared by social media will also increase exponentially; the immersive interactive information created by VR and AR immersive experience is expected to replace text and pictures and become the next The main information carrier of a generation of social platforms.
Summary: It can be seen that the important reasons for promoting the evolution of social networks are the upgrading of network hardware facilities and the development of mobile communication technology, from desktop computers to PCs to smart phones, from 3G to 4G to 5G, and social functions from instant messaging to Convenience and diversification of interactive friendships are evolving toward more personalization, content creation, and business monetization, and social networking is gradually taking on more business behaviors.
2.2 Web 2.0 social products present the following characteristics:
1. Evolution of social mode: text chat→picture sharing→voice communication→video social (short video and live broadcast industry).
2. Evolution of social scope: 1-to-1 (communication) → 1-to-many (forum blog) → many-to-many (community group).
3. Top social products have a solid position: currently top products occupy most of the market, and emerging products are difficult to gain market share.
4. Text-based social networking still dominates, and video social networking is expected to become a new trend: 5G networks will make video screen transmission more stable and clear, thereby improving the product experience of mobile social networking and bringing about upgrades in gameplay.
5. Social application scenarios are more abundant and novel, which is expected to reshape the users social behavior chain: from acquaintance social interaction, stranger social interaction, entertainment social interaction to the current commercial social interaction (video up hosts and live streaming), the business monetization attributes of social networking are continuously enhanced .
6. The field of social products is continuously subdivided: including instant messaging, video social networking, photo sharing, personal homepage, question and answer social networking, audio social networking, dating and making friends, community forums, live social networking, music social networking and microblog, etc.
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3. What is SocialFi in the Web 3.0 era?
Data is one of the most important means of production in the existing and foreseeable future human society, and it is also the source of reverse leverage to productivity. The biggest difference between Web 3.0 and Web 2.0 is that Web 3.0 has changed the ownership and flow of data, which is the means of production (and other rights derived from it), and so on. It uses decentralization to return the means of production to Real producers, and then change the social production relations.
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4. The core difference between Web 3.0 SocialFi and Web 2.0 Social
While Web 3.0 SocialFi meets all the functions of traditional Web 2.0 Social, it also fulfills the following requirements:
4.1 Starting from Social needs:
The core is to return the ownership of digital assets from the platform to individuals. In the Web 2.0 social field, users create content, operators formulate rules, and data is stored in the operators centralized server, which cannot guarantee the privacy of user data.
Using Web 3.0s decentralized computing, decentralized storage and decentralized privacy protection technologies can achieve:
The platform is connected, and user data does not need to be migrated (isolated island → open)
Stored on the chain, users can obtain richer information (closed → shared)
Encryption algorithm to improve privacy security (disclosure/loss/tampering → security)
As a result, the users identity attributes become richer, personal influence is more valuable, and it is also effective in various social platforms; traditional Web 2.0 highlights the platforms influence, while Web 3.0 will highlight personal social influence , promote the development of personal interests, and liberate the production enthusiasm of each participant; in addition, DAO can automatically verify the identity of users, and has more application scenarios in the DeFi field, such as decentralized credit.
4.2 Starting from Finance needs:
The core is to enable everyone to quickly and conveniently realize personal social capital through decentralized financial products, and realize the high-speed circulation of personal social influence value; in the Web 2.0 social field, the platform uses recommendation algorithms and customized advertisements Monopolizing most of the revenue, content producers only get a small part of the revenue, or even no revenue.
The form of Finance is reflected in the fact that users social activities (such as creation, comments, and likes, etc.) can:
Basics: Obtain assets in the Web 3.0 world (ERC20, 721, 1155, etc.) as proof of work
Intermediate: Access to the privileges of the Web 3.0 world, such as governance voting rights and whitelist qualifications, etc.
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5. Build the three-tier infrastructure of Web 3.0 SocialFi
5.1 Decentralized Computing:
The traditional centralized data processing framework is vulnerable to single point of failure, security risk and privacy invasion; the blockchain is considered as a new decentralized computing framework, there is no central entity, and all nodes are equivalent Participants, and jointly maintain the consistency of transactions through the consensus mechanism, which essentially allows unlimited computing nodes to join the blockchain system, so the blockchain can gather massive computing resources. In the underlying blockchain of Web 3.0 SocialFi, there are not only L1 public chains such as Deso as the underlying facilities for SocialFi services, but also Subsocial (the first layer chain in the Kusama ecosystem) designed for social networks. Compared to general-purpose blockchains, it can handle the storage and indexing requirements of social applications at a large scale.
5.2 Decentralized storage:
In view of the high storage cost on the chain, the storage solution of Web 3.0 SocialFi is usually an off-chain distributed storage. Distributed storage technology dispersely stores user data on distributed servers to ensure that data will not be controlled by a centralized organization, which can effectively prevent user data from being tampered with, protect data originality, and avoid large-scale data loss , and greatly reduce the hosting cost of the centralized platform; based on the economic model, nodes can also generate other income; common solutions include IPFS, Swarm and Arweave:
IPFS is a distributed peer-to-peer hypermedia protocol, and its incentive layer is Filecoin, through which nodes around the world can store and retrieve these data.
Swarm is also a similar decentralized storage network. The difference from Filecoin is that Swarms incentive system is built-in and executed through smart contracts on the Ethereum blockchain for storing and retrieving data.
Arweave took a different path: it promised permanent storage, that is, pay once, access forever.
5.3 Decentralized privacy protection:
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Example:
NYM protocol hybrid network: The data format in NYM is Sphinx, which is an anonymous encrypted data packet format, so that the source of the encrypted data cannot be seen and the data looks the same in structure and size, and the data is confused The sequence of entering the network makes it impossible for the outside world to know the original input and output sequence of the data, so that the data cannot be accurately located to avoid being attacked by hackers.
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Note: As a fair third-party research institution, the project cases of each category below are sorted in alphabetical order
6.1 Middleware
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Chainfeeds
Source：https://www.chainfeeds.xyz/
Overview: RSS Aggregator, an open-source cross-platform RSS reader, is currently not on the chain.
Value proposition: This tool can quickly organize and collect information from a professional perspective, help users quickly discover Web 3.0 trends, and solve the problem of RSS Feed initialization.
Product Features:
The web page has been launched; the content is subdivided into modules such as discovery, topic, in-depth and newsletter to meet the information needs of different users.
Mobile users can download a file with the suffix .opml and import the file into the RSS reader NetNewsWire, which contains more than 500 feeds; NetNewsWire is currently only available for iOS operating systems.
User portraits: Web 3.0 in-depth researchers, practitioners, communities, KOL, etc.
Team background: Founded by the team of Pan Zhixiong, former research director of Lianwen
Tokens: None
limitation:
limitation:
1. There is no search function on the web page, and users can only passively feed information; if users do not have Apple products, they cannot use the mobile terminal
textMask Network
Overview: Mask Network is a portal to help users transition from Web 2.0 to Web 3.0. Its main function is to encrypt and decrypt information transmission, and it continues to develop around this function, integrating privacy social networking, borderless payment networks, and decentralized files. Storage and sharing, decentralized finance, governance (DAO) in one.
Value proposition: We hope to provide decentralized tools for the existing centralized Internet, and build a bridge between the real world and the encrypted world, so as to realize the liberalization and privacy of personal data, so that every user can control their own data
Product features: Mask Network allows Twitter and Facebook users to encrypt their messages on the two social media platforms, and at the same time has functions such as encrypted currency red envelope sending and receiving, ITO, decentralized file upload and storage, etc.
Twitter Red Envelope: The Twitter Red Envelope function jointly launched by Mask Network and MakerDAO allows users to send and receive encrypted currency red envelopes on Twitter without involving complicated mnemonic words; it becomes Maker’s largest traffic source other than DeFi and attracts Ethereum Founder Vitaliks attention and participation
Gitcoin donation: The donation function jointly launched by Mask Network and Gitcoin allows users to directly donate to projects on Gitcoin without leaving the Twitter platform
File upload and download: a decentralized storage function jointly launched by Mask Network and the decentralized storage project Arweave, allowing users to upload and store decentralized files directly on Twitter or Facebook
Team Background: Founder Suji Yan
Highlights:
Highlights:
1. Based on the strong user volume of Web 2.0, the Web 3.0 social ecology will have a considerable user base;
2. As the middleware for migrating from Web 2.0 to Web 3.0, it lowers the threshold for users to enter Web 3.0, and can take the lead in leading users to experience Web 3.0 functions and accumulate traffic and brand awareness before the threshold of Web 3.0 infrastructure is lowered;
3. Mini-programs like WeChat can integrate diverse Web 3.0 applications
Limitations: too attached to large Web 2.0 social platforms, and limited value capture of governance tokens.
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DeSo
Source：https://www.deso.org/
At a Glance: DeSo is an L1 blockchain dedicated to social protocols. Currently, 150+ projects have been deployed, including social products, creator tools, and data analysis tools.
Value proposition: DeSo is a public chain designed to support large-scale social functions in order to handle a wider range of social activities than just sending and receiving funds. Any content provider can run a node on the chain, and all user information and social behavior data are stored on the chain. Third-party developers can customize the user interface and content distribution based on these data.
Advantages compared to other public chains:
Support blockchain native social functions
More than 100,000 nodes have joined, and the current average cost of a post is $0.000017
Store as much information as possible on the blockchain, including personal data, posts, comments, and end-to-end encrypted private messages
Product Features:
Social token: On the Deso chain, every user can have a creator token, which is automatically generated when creating a user profile. The price of the token increases with the increase in the purchase volume and decreases with the increase in the sale volume. By purchasing other peoples creator tokens, users can obtain the relevant rights and interests of the creator, such as high-quality information, member content, event participation, potential investment, etc.
Social NFT: Users can display their purchased NFT on their personal homepage, and everyone can interact by commenting, liking and sending diamonds.
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Source：Deso Docs （https://docs.deso.org/about-deso-chain/readme#the-importance-of-storing-everything-on-chain）
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Token Economics: $DESO Single Token Model
Distribution: The total supply is 10.8 million pieces, the development team allocates 2 million pieces, about 8.5 million pieces are used for curve release, and the rest are used as mining incentives; besides being the original token of the blockchain, $DESO can be mainly used to purchase creator tokens currency.
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Source: Deso Docs（https://docs.deso.org/about-deso-chain/readme#the-importance-of-storing-everything-on-chain）
Creators can set the creator’s reward ratio, assuming it is set to 10%. Whenever a creator token is purchased by a fan, the creator can get 0.1 tokens, and the buyer can get 0.9 tokens. Deso motivates creators in this way Promote your token.
Creators can also choose to sell their creations as NFTs, and part of the income will be distributed to the corresponding creator token treasury. Fans can display the purchased NFT on their personal homepage to get a social show-off.
Highlights:
Highlights:
1. The biggest advantage of DeSo is that it is a Layer 1 public chain specially customized for SocialFi, which can run on bare metal without the need for a virtual machine.
limitation:
limitation:
1. Although the performance of the blockchain has been greatly improved, it still cannot catch up with the speed of traditional social platforms.
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BBS Network
Source: https://www.bbsnetwork.io/
Overview: The BBS forum of Web 3.0 is built on EOS. Users can decide the topic of the forum, create posts freely, initiate or participate in discussions, communicate with each other, express opinions, create content, etc.; all data is stored on the blockchain, and each post All are made into NFT and can be auctioned.
Value proposition: Build a BBS forum with freedom of speech, anti-censorship, user ownership, and revenue ecological sharing, and return the ownership of the content to the creator in the form of NFT.
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Source: White Paper (https://www.bbsnetwork.io/_files/ugd/a5afc9_5e3a4b4acd0f403b887cf54eec8cb2db.pdf)
Team Background: The founder Eyal Hertzog is the former product architect of the DeFi protocol Bancor Protocol, and Guy Ben-Artzi is also the co-founder of Bancor Protocol.
Token economics: dual-token model, including governance token $BBS and community stablecoin $CT
$BBS can be used for community proposal voting and other governance activities:
50% of the token allocation is used for engagement mining (essentially paid to BBS participants as advertising revenue for social media promotion), 20% is used for liquidity incentives, 10% is provided to early investors, 10% is retained by the team, and 10% For long-term development funds.
Advertisers can purchase $BBS as a reward and distribute it to ecological characters who provide services for project development.
BBS holders can pledge BBS for a long time to obtain higher voting rights.
$CT is a USD stablecoin
Each forum has its own CT token, and CT can be used as a means of forum governance (administrators have the right to temporarily freeze members CT).
Purchase $CT through $BBS, the $BBS paid for the purchase of $CT will flow into the forum treasury, and you need to pay $CT to purchase posts, that is, NFT.
Only by selling NFT, $CT can receive $BBS for realization, and $1 CT holders can realize $1 BBS.
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Highlights:
Highlights:
1. The introduction of external positive value through the form of trading NFT, that is, advertisers, can increase the income of the community and distribute the income to creators in proportion to realize the realization of content.
2. Encourage the entire ecosystem of BSS through Engagement Mining, and try to use collective strength to solve the problem of low website traffic.
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CyberConnect
Source: https://cyberconnect.me/
Overview: CyberConnect is a decentralized social graph protocol designed to allow developers to easily build Dapps based on the protocol on mainstream public chains, thereby freeing users from centralized databases owned by network operators. One-click migration of portable user data among multiple Dapps.
Value Proposition:
Composability: Provide a standardized API interface, any developer can integrate CyberConnects social graph data.
User sovereignty: All social graph data is open to the public, but users have ownership and management rights.
Multi-chain support: not limited to specific public chains, Ethereum and Solana are currently supported.
Token incentives: Adopt decentralized DAO governance model to reward participants with tokens.
Product Features
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Source: https://docs.cyberconnect.me/
Composable infrastructure: Dapps can come to CyberConnect with two lines of code and focus on building their own social layer without rebuilding the wheel.
Consistent Data Standards: Data interoperability is a core attribute of user-centric Web 3.0 applications, and CyberConnect has developed a data standard to enable portability and composability of user social data;
Multi-chain construction: The CyberConnect protocol was created for developers to build scalable applications in a multi-blockchain ecosystem, which enhances the portability and scalability of Web 3.0 social experiences.
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Source: https://app.cyberconnect.me/address/cyberlab.eth
Personal homepage display:
NFT Avatar set by the user
The wallet address connected to the user, the associated Web 2.0 App and Web 3.0 Dapp
User Follow Count, POAP and Galaxy Credentials
Comments and Mirror Blog features are currently not available
Team Background: Founder Wilson Wei is from UC Berkley Business School
Token economics: $CYBER has not yet been released to the public, with a total supply of 100,000,000. $CYBER tokens will only be used for early governance purposes.
Highlights: Users have data ownership, and when switching Dapps, friendships, watchlists, etc. will not be lost
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Lens Protocol
Source: https://lens.dev/
Overview: Lens protocol is a decentralized, open, and composable Web 3.0 social protocol built by the Aave team and deployed on Polygon. The data is stored in IPFS or Arweave; the protocol allows anyone to create non-custodial Social data, build new social application Dapp.
Value Proposition:
User owns the content: The creators homepage will be minted as a Profile NFT to follow the creator all the time, and the created content can also be issued as NFT to sell to fans, and the user has full control over their own chain activity track data.
Users have a social graph: In the Lens ecosystem, each user can clearly see the Dapps they are connected to, and can continuously expand their social graphs by connecting more Dapps.
Users own data: Authored content is stored in IPFS or Arweave.
Ecological roles: mainly divided into three categories: content creators, application developers, and ordinary users. Lens provides tools for these three types of roles.
Content Creator: Profile NFT
An address can have multiple Profile NFTs. Users use wallets to connect to the protocol and create a homepage. The homepage will be minted as a Profile NFT, which means that only the wallet address holding the NFT owns the homepage and has the right to create content, publish content, Commenting content and reposting content, these activities will be recorded in the Profile NFT on the chain, and users without Profile NFT can only follow the homepage, or bookmark the content published by the creators homepage.
Ordinary users: Follow NFT, Collect NFT
When a user follows a creator, the user will get a Follow NFT, and the creator can set the threshold for getting a Follow NFT, such as paying or completing certain tasks, which is similar to the membership mechanism of some social platforms. Follow NFT records the order and quantity of user attention, which is helpful for creators in traffic analysis. The self-incrementing tokenID of Follow NFT can also be used in applications such as DAO voting and Pass cards. For example, only the top 100 users in the follow list are given voting qualifications or tickets to the fan community.
When a user collects a creators content, the user will get a Collect NFT, which can record which fans have collected or purchased which content. The holders of this kind of NFT are often fans who are willing to pay for the content. The more the number of collected NFTs, the greater the potential purchase willingness of the user, and the greater the support for the creator, which is equivalent to a hardcore fan.
for developers
Lens Protocol provides Profile NFT, Follow NFT, Collect NFT, Mirror NFT and other module components, which are equivalent to a backend, providing developers with a complete chain of social function development. Developers can use these basic components arbitrarily. Build social products. The decentralized social platforms developed based on Lens all support users to use a wallet address to access, platforms can interact with each other, and the NFT assets built in the products can also be interoperable.
Highlights:
Highlights:
1. As an open source protocol, its modular components with strong composability can help developers to easily build a variety of social applications on Lens; developers can also develop new components, so as to continuously improve product experience and launch more innovative functions .
limitation:
limitation:
1. Users need to go to the NFT market to purchase Lens Profile to experience the complete product functions, and there are certain usage thresholds.
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RSS3
Note: Revery develops products for the RSS3 team project, which can aggregate and display user chain behavior (such as which NFTs are minted) and user Web 2.0 account dynamics (such as Twitter and instant)
Overview:
background:
background:
RSS (abbreviation for Really Simple Syndication) has developed a network aggregation format and standard, and is a network transmission protocol. Early developers developed the RSS protocol in order to track website information and grab content, so that information can be stored in RSS files in a structured manner, and content distribution can be realized at the same time. After the link is imported into the RSS reader, the reader will download all historical and latest content (supporting text, video, picture, podcast, Torrent, etc.) from the link, and regularly access this feed automatically for updates.
Web 2.0 products such as Medium, GitHub, Reddit, Substack, and Ghost all use the RSS protocol. However, the centralized business operation model lacks an incentive mechanism, and there are problems such as leakage of user privacy, loss of user content ownership, and manipulation of public opinion.
Value Proposition:
RSS3 integrates blockchain technology and RSS protocol, and aims to change the data control and capitalization methods of social platforms, build a transparent, open, and scalable decentralized information distribution protocol, and return content ownership to users.
Transparency: The RSS3 standard, the protocol itself, and all other supporting layers, such as hosting and indexing, are open source, and RSS3 encourages applications using the protocol to be open source as well, allowing developers to take advantage of the wide variety of open protocols and vast data set.
Data sovereignty: Store data on a decentralized network, and the ownership and private keys of information are completely controlled by users.
Openness: The scope of information aggregation is oriented to the entire Internet. As long as there is a centralized or decentralized application that supports RSS3, RSS3 can automatically aggregate information according to user preferences and publish it to the RSS3 feed; currently We are working closely with multiple Dapps (such as Mirror) to provide application tracking and subscription services;
Modularity: The process of creating, storing, distributing, and presenting information streams as specific information is done in a modular form by a decentralized protocol rather than a monopoly platform, allowing users to create a piece of information on any client they choose, which will Its stored on whatever decentralized network they like, distributed using a transparent distribution protocol, and eventually that information will be presented to another user by any client for consumption.
Product features: RSS3 is an open source protocol for information flow aggregation
When the user is using the RSS3 ecological application, the application will create an RSS3 file and associate the users Ethereum address, Web 2.0 account and other information; the application will obtain assets (ERC-20 Token, NFT) and interact in real time according to the Ethereum address. Behavior and other information, according to Web 2.0 accounts such as Twitter, real-time access to Twitter dynamics, such as forwarding, likes, tweets and other social data; the application will store the above data in the RSS3 network in a decentralized manner, so as to realize Return the content published by users on Internet giants to the users themselves.
When a user uses a Dapp, the front end submits the request for information flow aggregation to the entire RSS3 network, and the global indexer (GI) composed of relay nodes (RN) processes the data request, and then the service node (SN) The stored content is distributed and sent back to users. The information transmission between nodes is through RPC, and the information transmission between nodes and users is through REST API/GraphQL.
Application developers can easily call the information in the RSS3 file through the API to create different types of applications.
Revery, Cheers,Products such as rss3.io are front-end application products using RSS3. Users can log in through the wallet address, and the application will automatically display the users footprint on the chain, forming the users own honor wall; users can also interact with others (subscribe and like) ), so as to build a decentralized Dapp that can subscribe and associate with each other.
Team Background: Founder Joshua has been working on RSS since 2018
Token Economics: $RSS3 Single Token Model
Highlights:
Highlights:
1. Users can subscribe independently, which can promote the dissemination of high-quality content
2. Not only can collect information on the Web 3.0 chain, but also collect Web 2.0 information that conforms to the RSS standard
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6.4 Application Layer - Direct Social
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Rally.io
Source: https://rally.io/creator
Overview: Creator token issuance platform, deployed on the Ethereum side chain (Rally Blockchain), allows creators to use platform tools to quickly issue personal tokens, create personal communities and customize the utility of tokens, fans can purchase their tokens and Get special benefits set by the coin issuer.
Value proposition: Help creators form their own effective communities, help creators effectively communicate with fans, and make fans pay for creators content in a true sense.
Team background: Founder Kevin Chou is from UC Berkeley Business School, and other key members are from universities such as UC Berkeley and investment banks such as Citi.
Token Economics: $RLY Single Token Model
50% reward participants (distribute $RLY according to the proportion of Creator Coin held by users), 20.4% for community treasury, liquidity incentives, etc., 15.3% for investors, and 14.3% for the team.
If you want to issue creator tokens, you need $RLY, but the platform will not share the benefits of interaction between creators and fans
The Token Bonding Curve (TBC) defines the relationship between the Creator Coin supply and its price in $RLY.
limitation:
limitation:
1. In terms of content: currently only creators at the bottom of the waist have settled on the platform. Top creators themselves have extremely high cash flow and do not need to issue tokens for additional cash. Star KOLs who can really produce high-quality content have not yet settled in.
2. Realization: Creator Coin can be converted into $RLY and then bridged from the Rally side chain to their Ethereum wallet. Such transactions may be subject to compliance review and have time and monetary limits.
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Nansen Connect
Source：https://www.youtube.com/watch?v=I_E_hgRBip0
Overview: Nansen Connect is a Web 3.0 encrypted messaging application announced by Nansen, an on-chain data analysis platform
Value proposition: quickly and accurately build high-quality communities through on-chain tags, and find like-minded people
Product Features:
Users can log in with their wallet, choose a username based on the wallet tag provided by Nansen.
Based on the number of users cryptocurrency holdings and on-chain behavior tags, users can join corresponding groups and send DMs (using end-to-end encryption) to other users, and finally establish OTC channels to achieve more efficient transactions.
The Beta release will include Smart Money and Blue Chip NFT Holder channels and will expand user access over time.
Highlights:
Highlights:
1. Further excavated the value of on-chain behavior analysis and label data in the social field.
2. Has cooperated with many well-known communities such as Millionaire Club, Rare NFT Collector, etc.
limitation:
limitation:
1. The information is not uploaded to the chain, and there is a single point of risk. After the service is shut down, the chat information may be lost.
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6.5 Application Layer - Community Social
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Mirror.xyz
Source：https://mirror.xyz/
Overview: A decentralized writing platform issued on Ethereum; through wallet address and ENS domain name registration, authors can publish articles for free, or cast articles as NFTs and permanently store them on Arweave, and readers can purchase the NFTs as collections; Mirror also provides token issuance tools for creators to crowdfund.
Value Proposition: Provide creators with a new way to monetize content, allowing creators to have direct ownership of their works.
Product Features:
Publish articles: You can use the online editor provided by the platform, and also support one-click import of articles from outside.
Crowdfunding: Anyone can initiate or participate in crowdfunding through Mirror.
Collaborative profit sharing: Through smart contracts, creators can automatically share the creators income with multiple authors.
DAO: Mirror can quickly start a DAO and provide functions such as voting proposals, token snapshots, multi-signatures, and proxy voting.
Permanent storage: For articles published on Mirror, you can choose to cast them into NFT and store them permanently on Arweave, and you can see the unique address stored on the chain at the bottom of the article.
Team background: Mirror was founded by former a16z partner Denis Nazarov
Token economy: $WRITE, the only way to join Mirror DAO is to burn a $WRITE, $WRITE is not currently on public sale, it is an invitation system, and the top 10 people who participate in the Write Race every week will get the invitation.
limitation:
limitation:
1. The product lacks functions such as article search, likes, comments, and rewards.
2. Send a message to the Ethereum mainnet in the form of NFT. If the gas fee is too high when the network is congested, it will affect the user experience.
3. If the NFT price set by the creator is too high, it is not conducive to the rapid dissemination of content.
Monaco Planet
Overview: The social platform deployed on BSC, the main content mining is to create content to get token rewards.
Value proposition: the concept of content mining, directly rewards content creation, and promotes the prosperity of the content community
Product Features:
The $MONA released every week (released with a steady linear decline within 8 years) will be distributed to users who pledge $MONA for content mining.
Users can publish posts, search for other users and follow, like, comment, DM, display NFT, etc.
The platform will rank users based on their influence and NFT net worth.
Team Background: The Co-Founder is an international student from UC Berkeley and USC
Token Economics: Single Token Model $MONA
The total supply is 1 billion pieces, 55% of which are used for content mining and distributed to users, 15% for strategic investors, 20% for team and seed round investors, and 10% for ecological development.
Highlights: The team has strong event marketing capabilities. In the initial stage of website promotion, the platform was limited to Yacht NFT holders and users with invitation codes to register and use. For a while, the floor price of Yacht NFT on OpenSea rose rapidly, and an invitation code also It was fired to hundreds of dollars. There is a special section on the platform for users to display the NFTs they have bought, which increases the usage scenarios of NFTs and satisfies the social behavior of users to show off.
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6.6 Application layer - social networking
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Friends With Benefits
Source：https://www.fwb.help/
Overview: Established in September 2020, it is a high-value community DAO that adopts a membership screening system. It brings together people with the same hobbies, topics, and goals to hold concerts, develop projects, conceive digital art, and learn encryption Knowledge, etc. There are currently 3,000+ active members, about 10% of whom are core contributors.
Value Proposition: Through a high-quality, fraternity-style closed community form, it meets high-quality social needs and brings a sense of honor in the circle.
Product Features:
A strict written application is required and certain tokens are required to join;
Review Criteria: Real-life information including professional background, work projects, personal social networking sites; consideration of artists, musicians, creative thinkers, practitioners, and members deeply involved in Web 3.0; application submitted for review by a 15-person committee, currently approved The rate is less than 40%;
Tickets: Global membership 75 $FWB (about 1,300 US dollars), can enter all Discord channels and content, participate in various online and offline activities and have governance rights; local membership 5 $FWB (about 85 US dollars), can participate in the citys online Downstream events and Discord channel;
Seven sections: Highly active, including public area (chat and self-introduction), learning area (understanding Web 3.0-related knowledge), trading area (trading opportunities in Crypto and traditional investment markets), NFT area (from NFT production to promotion) A series of topics), creative area (art, music creation and development, etc.), quality life area (food, reading, fitness, etc.) and governance area (community governance topics);
Five categories of activities: including Coffee Time (inviting guests from various industries to share their views and inspirations), Seed Club (cooperating with Seed Club to share interesting facts about Web 3.0), Max Pain (discussing topics about investment), Into the Weeds (discussing about Crypto field various tracks, each issue has a theme), Lifestyle Hours (discussing the combination of Web 3.0 and culture)
Team Background: FWB contributors are made up of members from around the world, including a core group of 400 people.
Token Economics: $FWB Single Token Model
Token distribution: community circulation accounts for 40%, treasury accounts for 35.6%, teams account for 19.9%, and liquidity providers account for 4.4%
$FWB tokens can be used as community tickets, governance voting rights, and participation in events;
Community contributors can get $FWB tokens as rewards;
$FWB can perform Swap with most mainstream currencies on Uniswap;
Highlights: The threshold for users to join is relatively high, and high-value users can be screened out to ensure the quality of the community.
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Whale
Source: https://whale.me/
Summary: In May 2020, Whale Shark created the WHALE Vault DAO, which currently has over 20,000 members. DAO issues token $Whale, the value of which is based on the NFT assets held by WHALE Vault, the valuation can be viewed on the website http://NonFungible.com, WHALE Vault is managed by Whale DAO;
Value proposition: Use tangible and rare NFT assets as the endorsement of $WHALE, and seek a balance between wealth preservation and growth speculation through a basket of high-quality NFTs;
Product Features: As the worlds largest digital art collection library, WHALE Vault invests in digital art, digital real estate, digital game assets, and other digital collectibles; WHALE Vault is also home to Pak, Hackatao, XCopy, and many other top-notch digital artists and designers The largest collection of works, NBA Top Shot accounts for the largest proportion in the vault, accounting for 74%, The Sandbox accounts for 2%, SuperRare accounts for 13%, Gods Unchained accounts for 1%, and CryptoVoxels accounts for 2%;
Token Economics: $WHALE Single Token Model
The total supply is 10 million, the team accounts for 10%, and the community accounts for 42.6% (40,000 $WHALE is released every month for the acquisition of NFT, donations to artists, team salaries and community activities, etc., and recorded through Discord), investment Accounted for 10%, the foundation retained 37.4%;
$WHALE holders can benefit from the Vault and the project, including renting NFT in the Vault, obtaining airdrops, exclusive information, liquidity mining rewards, WHALE DAOs voting governance rights and WhaleSharks own communication opportunities, etc.;
Highlights:
Highlights:
1. Whale Shark once predicted that 99% of NFT projects will eventually fail. Therefore, Whale tends to look for high-quality NFT projects that have long-term vitality and can go through bulls and bears.
2. Whale DAO is the first DAO that can manage such large-scale assets by community members. Everyone votes to decide whether to buy or sell NFT, and improve the quality of decision-making as much as possible through collective wisdom.
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7.1 Bottom end
1. Technical level: The underlying infrastructure such as cross-chain technology, distributed storage, privacy computing, etc. has not yet fully matured; the underlying structure of each public chain is different, and communication between public chains requires cross-chain technology to interconnect and interoperate. It will also involve issues such as security and iteration of cross-chain communication. At present, there is no perfect solution, and the prosperity and development of an industry requires a mature infrastructure.
2. Governance level: DAOs governance system is not perfect, some governance mechanisms are too complicated, and community popularity and user participation need to be improved.
3. User level:
- The migration cost of social software users is extremely high: when users are accustomed to Web 2.0 products, while Web 3.0 products have a higher threshold for getting started and the product experience cannot catch up, it is difficult for users to migrate to Web 3.0;
- At present, the accumulation of user volume is not enough: the explosive growth of Web 2.0 social media appears after 100 million users; currently, Ethereum has 180 million addresses, with less than 1 million active users, and OpenSea has less than 25,000 active users. The volume has not yet reached the critical point of the outbreak.
7.2 Social demand side:
1. Lack of social belonging: When users are used to the real world at the bottom of Web 2.0 social networking, the link between Web 3.0 social networking and the real world is only through wallets and mailboxes. Because of their anonymity, users cannot obtain the social experience of physical belonging.
2. The social protocol is still immature: Although there are many players and capital layout in the SocialFi track, there is not yet a mature social protocol that really stands out and accumulates a large number of users, and various protocols are still in the trial and error stage.
3. Imperfect privacy protection: There is currently no pluggable privacy solution. The social records that users want to delete, such as comments, follow, and likes, cannot be truly revoked on some platforms, and the traces on the chain will be permanently saved.
7.3 DeFi demand side:
1. The underlying business model is immature: successful SocialFi products need to meet the DeFi needs of users. Currently, there are few highly liquid platform tokens, and the token returns fail to meet the basic survival needs of creators, giving them the motivation to continue Creation forms a virtuous circle.
2. The fairness of Web 3.0 needs to be redefined: social tokens are equivalent to creating better liquidity and more direct means of capitalization for top creators and KOLs, which will inevitably lead to a new round of social Matthew effect. Attention, resources and wealth effects will be concentrated on KOLs more quickly with capital.
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8. Characteristics of a successful SocialFi product:
1) The cost of use is low, and ordinary users can afford it;
2) Bring users a product experience that is not inferior to that of Web 2.0, with low barriers to use, complete product functions and innovation;
3) Timely and comprehensive user data synchronization (can be integrated on-chain and off-chain);
4) An innovative marketing strategy with a rapid dissemination mechanism;
5) A balanced and reasonable token economy can give full play to the role of tokens in the ecology;
6) There is a continuous incentive mechanism and mature community operations to strengthen user stickiness;
7) Open up agreements with other tracks to empower more scenarios, such as open up agreements with DeFi to realize credit loans among community group members;
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9. Looking Ahead: The Future of SocialFi
Web 3.0 social can solve the problems of data ownership, data privacy and benefit distribution existing in Web 2.0 social.
In the wave of Web 3.0 information freedom and information right confirmation, users can control the ownership of content by themselves without relying on the centralized platform; the traditional identity ID system is email account, user name password and real user information, while the ID system of Web 3.0 Need to pay attention to DID and SBT.
9.1 DID（Decentralized Identifier）
That is, the decentralized identity system. Utilizing technologies such as blockchain, DID enables personal data ownership, privacy and convenience. In the framework of DID, individuals can have a digital identity that contains all information without trusting a third party to keep it, and no individual or organization can use these identities for any purpose without the explicit consent of the owner. People will be able to carry this digital identity with them and show their complete self when traveling through different online spaces; no matter which platform they are on, what people create, contribute, earn and own on the Internet reflects their preferences and interests. experience. This will bring us closer to how things work in the physical world — property and reputation that are tied to us rather than platforms, and we can take them with us and use them however we want.
9.2 SBT (Soul Bond Token)
The soul-bound coin is the latest idea proposed by Vitavik based on the vision of building a decentralized society (DeSoc). It is a Web 3.0 social identity bound to the users soul. These non-transferable SBTs held by souls (that is, accounts) can be used as the basis for building Web 3.0 social relationship networks, and these relationships are encoded by tracking the commitments, certificates, and connections of souls on the chain.
Why SBT is needed: According to A16zs Jad Esber Scott Kominers article A Dual Token Economic Model Based on a Reputation System - A Novel Framework for Reputation-Based Systems mentioned If a Token can be easily transferred, then those People who dont have a reputation can simply buy it, so in the future SBT can function as a reputation signal.
9.3 Possible practical applications of DID and SBT in the field of SocialFi
Unsecured lending and community lending: 1) Information related to personal credit (eg including personal education, work, income, and activity certificates) covered in the soul can be used as a credit certificate for lending; 2) Information on the chain can be used for lending Credit rating, more transparent analysis of repayment risk; 3) Similar to the community lending practice pioneered by Muhammad Yunus and Grameen Bank, community members with the same SBT can conduct mutual Debt guarantee, SocialFis functional attributes as a community will be magnified, and at the same time, a new bridge will be built between SocialFi and DeFi, and new business scenarios will be expanded.
Private key information recovery: an idea to avoid single point of failure, using multiple SBTs bound by souls to assign trusted members in multiple communities, and when all these members agree, the private key can be modified; SBT can use A set of social relationships with the widest range to avoid the loss of private keys expands the functions and business scenarios of the SocialFi platform.
Precise airdrops: The current airdrops are not accurate enough. In the future, project parties can target airdrops based on the SBT (eg participants in an event) held in the soul account to obtain greater single-user value, and the SocialFi community can also obtain bigger gains.
Zero-Knowledge Proof - ZKPs (Zero-Knowledge Proof): The information encrypted by the Zero-Knowledge Proof will become the SBT held by the user, which can allow the user to publicly provide certain proofs to the society while maintaining the confidentiality of the users private information. Such as age, income, etc.
9.4 Focus on the direction:
In addition to the underlying infrastructure, according to the three levels of SocialFi, we can focus on the following directions of SocialFi
Public chain layer: Each chain has its own unique value and ecology. In the future, there will be several public chains focusing on building the SocialFi ecology;
Bridge layer: Based on the interaction between the chain and Dapp, a general DID protocol/SBT will bring more users from Web 2.0 to the era of Web 3.0, and socialize on this basis;
Protocol layer: Based on off-chain and on-chain data, user portraits can be obtained after cleaning and analysis, so as to achieve content recommendation for thousands of people and faces
