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In-depth analysis of SocialFi: Looking at the future development of SocialFi from the current market
Original title: "In-depth analysis of SocialFi—From the current market to see the future development of SocialFi"
Original author: Cobo Ventures
One: Why we should pay attention to the social track
Social platforms hold a large amount of user traffic, portraits and behavior data, which contains huge commercial value.
1.1 Market capacity
According to the report of 2022 we are social, by 2022 In April, there were 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
In the era of Web 2.0, giant companies control the All the data on the website, and pushed through the algorithm to trap users in the information cocoon; the advertising-based business model also makes the Web 2.0 platform full of all kinds of viral, eye-catching, and novelty-seeking information, inhibiting the real depth. content creation. In addition, the benefits obtained by the giants through the use of users' information and creators' production materials have not been fairly distributed to creators and users.
II: Web 2.0 Social Product Development Summary Picture
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 interaction between users and services to help users obtain information; interact with specific forums.
2) Development stage (1999-2009): In the PC era, personalized space websites such as blogs and personal homepages became popular, and users could share personal information and life details and other information, and then use the "friend-to-friend" method to connect with people you know, and continuously expand your social circle; dating sites quickly become mainstream, and real offline identities and relationships are brought into the online world; established in 2004 Facebook has become the most popular social network in the world since 2006, and the Internet ecology has been dominated by social networks since then.
3) Mature stage (2010-2015): In the era of 3G smartphones, social networking has become a rigid demand, a large number of social applications have emerged and more and more emphasis on interaction, social products The functions are continuously improved, each subdivision track is gradually improved, and the relationship between social products and real life is getting closer.
4) Stable development stage (2016-2019): In the 4G era, the entertainment and business attributes of social networking continue to increase, and people are both content consumers and content owners Producers, everyone is a media; on the one hand, the social product layout tends to be solidified, and the top products of each track occupy the main market; The field has sprung up.
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 PC computers To smartphones, from 3G to 4G to 5G, social functions have evolved from the convenience of instant messaging and the diversification of interactive friendships to more personalization, content creation, and business monetization, and social networking has gradually assumed more business behaviors.
2.2 Web 2.0 social products present the following characteristics:
1. Evolution of social methods: text Chat → picture sharing → voice communication → social video (short video and live broadcast industry).
2. Evolution of social scope: 1 to 1 (communication) → 1 to many (forum blog) → many to many (community groups).
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 socialization still dominates the mainstream, and video socialization is expected to become a new trend: 5G networks will make video transmission more stable and clear, thereby enhancing the mobile social interaction. Product experience, and bring gameplay upgrades.
5. Social application scenarios are more abundant and novel, which is expected to reshape the user's social behavior chain: from acquaintance social, stranger social, entertainment social to the current business social (Video up master and live broadcast with goods), the commercial monetization attributes of social networking are constantly increasing.
6. The fields of social products are continuously subdivided, including instant messaging, video social, picture sharing, personal homepage, question and answer social, audio social, dating, community Forums, live social, music social and microblog, etc.
7. Social products pay more attention to community building: With the continuous joining of young users, social products try to start from the establishment of communities with different interest circles, through UCG cultural construction Build customer loyalty, then grow into a many-to-many social club.
Three: 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 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, the ownership of production materials (and other rights derived from it), etc. It uses "decentralization" to return production materials to Real producers, and then change the social production relations.
In the social platform of the Web 3.0 era, people will have absolute control over their social data, which is a decentralized social method. SocialFi products are based on the underlying infrastructure of Web 3.0, starting from people's needs for "decentralized social" or "decentralized finance" (that is, DeFi), and then integrating the two needs into a product category. The combination of decentralized social networking and finance can break platform monopoly, eliminate single-point risks, and create new business models and product categories in the wave of the global digital economic system.
Four: The core difference between Web 3.0 SocialFi and Web 2.0 Social
Web 3.0 SocialFi While satisfying all the functions of the traditional Web 2.0 Social, the requirements are also realized:
4.1 Starting from the Social requirements:
< /p>
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 operator's centralized server, which cannot guarantee the privacy of user data.
Using Web 3.0's decentralized computing, decentralized storage and decentralized privacy protection technologies can achieve:
The platform is open, and user data does not need to be migrated (isolated island → open)
Stored on the chain, users can obtain more information (closed → Sharing)
Encryption algorithm to improve privacy and security (disclosure/loss/tampering → security)
4.2 Starting from Finance needs:
The core is to use decentralized financial products to enable Everyone can quickly and conveniently realize personal social capital and realize the high-speed circulation of personal social influence value; in the Web 2.0 social field, the platform monopolizes most of the revenue through recommendation algorithms and customized advertisements, and content producers only Take a small percentage of income from it, or even no income.
Finance is manifested in the fact that users' social activities (such as creation, comments, and likes) can:
Basic: Acquiring assets in the Web 3.0 world (ERC20, 721, 1155, etc.) as "proof of work"
Intermediate: Acquiring Web 3.0 World privileges, such as governance voting rights and whitelist qualifications, etc.
Advanced: Help users grow into Web 3.0 KOLs and possibly transform into real-world KOLs, Then establish a fan economy by establishing a personal brand (clothing, music, peripheral product sales, etc.), and earn reputation income (publishing books, speeches, guests, etc.)
Five: Build the three-tier infrastructure of Web 3.0 SocialFi
5.1 Decentralized computing:
5.2 Decentralized storage:
In view of the high storage cost on the chain, Web 3.0 SocialFi's storage solution 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 whose 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 Swarm's incentive system is built-in, through the intelligence on the Ethereum blockchain Contract execution for storing and retrieving data.
Arweave takes a different path: it promises permanent storage, i.e. pay once, access forever.
5.3 Decentralized privacy protection:
We can use zero-knowledge proof, such as zk -The "non-disclosure" feature of the SNARK protocol proves that the transaction on the chain is valid without revealing the details of the transaction (receiver, sender, transaction balance), and keeps social identity and transaction amount confidential. Realize secure and private transfer between two anonymous users.
Example:
NYM protocol hybrid network: The data format in NYM is Sphinx, which It is an anonymous encrypted data packet format, so that the source of the encrypted data cannot be seen and the data appears to have the same characteristic structure and size, and it confuses the order in which the data enters the network, so that the outside world cannot know the original input and location of the data. The order of the output, so that the data cannot be accurately located to avoid being hacked.
DID (Decentralized Identifier): Allows users to control their data, protect their privacy and ultimately ensure their freedom through an open, censorship-resistant web. Users own their personal data and can carry it across different decentralized applications.
Six: Web 3.0 ecology above the underlying facilities
Note: As a fair third-party research institution, the project cases of each category below are sorted in alphabetical order
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6.1 Middleware
In the Bridge layer, we see that there are many products in the form of Web 2.0 and Web 3.0, which can satisfy users in the The usage habits of Web 2.0 products also serve as a bridge for users to enter the Web 3.0 world.
Chainfeeds
Source: https://www.chainfeeds.xyz/
Overview: RSS Aggregator, open source A cross-platform RSS reader, 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 discovery, topic , Depth and Newsletter and other modules to solve 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 currently Only iOS operating systems can download.
User portraits: Web 3.0 in-depth researchers, practitioners, communities, KOL, etc.
Team background: Created by Pan Zhixiong, the former research director of Lianwen
Token: None< /p>
Highlights: The team has strong information collection and aggregation capabilities, has a certain influence in the Chinese community, and the content modules are very practical.
Limitations:
There is no search function on the web page, users can only passively feed information; If the user does not have an Apple product, he cannot use the mobile terminal
Does not support the user's personalized collection and information organization
Mask 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. Decentralized file storage and sharing, decentralized finance, governance (DAO) in one.
Value proposition: Hope to provide decentralized tools for the existing centralized Internet, build a bridge between the real world and the encrypted world, in order to realize the freedom of personal data
Product Features: Mask Network allows Twitter and Facebook users to share information on both social media platforms Encrypt their messages, and at the same time have functions such as encrypted currency red envelope sending and receiving, ITO, decentralized file upload and storage.
Twitter Red Packet: The Twitter Red Packet function jointly launched by Mask Network and MakerDAO allows users to send and receive cryptocurrency red packets on Twitter without involving complicated mnemonics Became the largest source of traffic for Maker other than DeFi, and attracted the attention and participation of Ethereum founder Vitalik
Gitcoin donation: Mask Network and Gitcoin jointly launched The donation function allows users to directly donate to projects on Gitcoin without leaving the Twitter platform
File upload and download: Mask Network cooperates with the decentralized storage project Arweave Launched a decentralized storage function that allows users to upload and store decentralized files directly on Twitter or Facebook
Team Background: Founder Suji Yan
Token Economics: Governance Token MASK, Token holders enjoy the governance voting rights of MaskDAO; team 23%, investors 28.45%, foundation 39.55% , 7% for public sale, 1% for liquidity pool and airdrop each
Highlights:
Based on the strong user volume of Web 2.0, the Web 3.0 social ecology will have a considerable user base;
As Web 2.0 Migrating to the middleware of Web 3.0 reduces 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;
Similar WeChat applets can integrate diverse Web 3.0 applications
Limitations: Too much attachment to large Web 2.0 social platforms and governance Token has limited value capture.
6.2 Public Chain Layer
DeSo
< /p>
Source: https://www.deso.org/
At a Glance: DeSo is an L1 blockchain dedicated to social protocols. 150+ projects are currently 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 rather 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
< p>Can store as much information as possible in the blockchain, including personal data, posts, comments and end-to-end encrypted private messages, etc.
Product features:< /p>
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 Token increases with the increase of purchase volume and decreases with the increase of sales volume. By purchasing other people's "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.
Social tipping: The "Diamond" function serves as a form of tipping, allowing users to reward posts.
Source: Deso Docs (https://docs.deso. org/about-deso-chain/readme#the-importance-of-storing-everything-on-chain）
Team background: Founded by the algorithm Stablecoin protocol Basis
Token Economics: DESO Single Token Model
Distribution: Total supply 10.8 million The development team allocates 2 million tokens, about 8.5 million tokens are used for curve release, and the rest are used as mining incentives; DESO can be used to purchase "creator tokens" in addition to being the native token of the blockchain.
Supply Curve: The Token supply of each creator will be fixed at a certain amount range. As the number of Tokens in circulation increases, the Token price will increase accordingly ( Conversely, decrease), so that the creator's influence can be intuitively reflected through the currency price.
Source: Deso Docs（https://docs.deso. org/about-deso-chain/readme#the-importance-of-storing-everything-on-chain)
The creator can set the creator reward ratio, Assuming it is set at 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 encourages creators to promote their tokens in this way.
Creators can also choose to sell their creations as NFTs, and part of the revenue will be allocated to the corresponding creator's Token treasury. Fans can display the purchased NFT on their personal homepage to get a social show-off.
Creator Token and NFT can be endowed with more functions, such as member exclusive content and participation qualifications for special events, etc.
Highlights:
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 A virtual machine is required.
Based on the openness of data on the DeSo chain, other developers can build new social applications, and the sharing of application data within the ecosystem is conducive to the overall ecological construction .
Limitations:
Although the performance of the blockchain has been greatly improved, it still cannot catch up The speed of super-traditional social platforms.
In the future, the hybrid proof-of-work mechanism will be transformed into a 100% POS proof-of-stake mechanism, and the anti-malicious mechanism of nodes is not yet clear.
6.3 Protocol Layer
BBS Network
< /p>
Source: https://www.bbsnetwork.io/
Overview: BBS forum of Web 3.0, built on EOS, users can decide forum topics, freely create posts, initiate or participate in discussions, communicate with each other, express opinions, create Content, etc.; all data is stored on the blockchain, and each post is made into an NFT, which 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.
Ecological roles: including four roles: developers, operators, BBS forum owners and users; developers build front-end interfaces that conform to user experience based on underlying data, Operators provide data storage services, forum owners can create forums, and users can create and interact with content.
Source: White Paper (https://www.bbsnetwork.io/_files/ugd/a5afc9_5e3a4b4acd0f403b887cf54eec8cb2db.pdf)
Team background: Founder Eyal Hertzog is the former founder of the DeFi protocol Bancor Protocol Product Architect, Guy Ben-Artzi is also the co-founder of Bancor Protocol.
Token Economics: Dual Token Model, Including Governance TokenBBS and Community Stablecoin CT
BBS Can be used for community proposal voting and other governance activities
50% of Token allocation is used for engagement mining (essentially paid to BBS participants as advertising revenue for social media promotion) , 20% for liquidity incentives, 10% for early investors, 10% for team retention, and 10% for long-term development funds.
Advertisers can purchase BBS as rewards and distribute them to ecological roles that provide services for project development.
BBS holders can pledge BBS for a long time to obtain higher voting rights.
CT is USD Stablecoin
Each forum has its own CT token, CT can As a means of forum governance (admins have the right to temporarily freeze members' CTs).
Purchase CT through BBS, the BBS paid for by CT will flow into the forum vault, and the purchase of posts, that is, NFT, requires payment of CT.
Only by selling NFT can CT receive BBS for cash, and 1 CT holder can be cashed into 1 BBS.
Source: White Paper (https://www.bbsnetwork.io /_files/ugd/a5afc9_5e3a4b4acd0f403b887cf54eec8cb2db.pdf)
The NFT in BBS Network is automatically flowed into the market, the first sale price is 0.30, and every subsequent sale will be 30% increase; 1/3 of the extra 30% premium goes to the NFT creator, 1/3 goes to the previous NFT owner as secondary trading income, and 1/3 goes to the forum administrator. Due to the openness and transparency of the data, rational investors can evaluate the advertising value of NFT and then purchase it at an appropriate price, which can avoid hype and uneven income distribution.
Highlights:
Introduce external positive value through the form of trading NFT, that is, advertisers, It can increase the income of the community and distribute the income to the creators in proportion to realize the monetization of content.
Inspire the entire BSS ecosystem through Engagement Mining, and try to use collective strength to solve the problem of low website traffic.
Limitations: Through advertising monetization, advertisers can directly buy the advertising space at the top of the forum page, affecting user experience.
CyberConnect
Source: https://cyberconnect.me/
Overview: CyberConnect is a decentralized A 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, and users can migrate their data in multiple Dapps with one click. Portable User Data.
Value Proposition
Composability: Provide standardized API interface, any developer can Integrate CyberConnect's 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 a specific public chain, currently supports Ethereum and Solana.
Token Incentives: Adopt the decentralized DAO governance model to reward participants with Tokens.
Product Features
Protocol Functions:
Source: https://docs.cyberconnect.me/
< /p>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 users Portability and composability of social data;
Multi-chain construction: The CyberConnect protocol was created for developers to work in a multi-blockchain ecosystem Build scalable applications in Web 3.0, which enhances the portability and scalability of Web 3.0 social experiences.
Cyberconnect front-end application function (same name as the protocol):
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 Followers, POAP and Galaxy Credentials
Comments and Mirror Blog functions 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. CYBERToken will only be used for early governance purposes.
Highlights: Users control data ownership, when switching Dapps, friend relationships, watchlists, etc. will not be lost
Limitations: A large amount of data on the chain needs to be collected and cleaned, and it is necessary to consider how to collect data after the introduction of the privacy protocol on the chain.
Lens Protocol
< /p>
Overview: Lens protocol is a decentralized, open, and composable Web 3.0 social protocol deployed on Polygon created by the Aave team, data Stored in IPFS or Arweave; the protocol allows anyone to create non-custodial social data profiles and build new social application Dapps.
Value Proposition:
User Owned Content: Creator's homepage will be minted as Profile NFT has always followed the creator, and the created content can also be issued as NFT and sold to fans. Users have full control over their own activity track data on the chain.
Users have a social graph: In the Lens ecosystem, each user can clearly see the Dapps they have connected, and can continue to expand by connecting more Dapps own social graph.
User owns 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
One address can have multiple Profile NFT, user Use a wallet to connect to the protocol, create a homepage, and 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, publish, comment and forward content, and these activities will be recorded To the Profile NFT on the chain, users without Profile NFT can only follow the homepage, or collect the content published by the creator's homepage.
Ordinary users: Follow NFT, Collect NFT
When users follow creators, users Follow NFT will be obtained, and creators can set the threshold for obtaining Follow NFT, such as paying or completing certain tasks to obtain it, 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 the 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 the user collects the creator's content, the user will get 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 collection NFTs they have, the greater the potential purchase willingness of users, and the greater support for creators, which is equivalent to an iron fan.
For developers
Lens Protocol provides "Profile NFT, Follow NFT, Collect NFT , Mirror NFT" and other module components are equivalent to a backend, providing developers with a complete chain of social function development. Developers can use these basic components arbitrarily to build social products. Decentralized social platforms developed based on Lens support users to use a wallet address to access, platforms can interact with each other, and the built-in NFT assets of the product can also be interoperable.
Token Economics: Using NFT as the standard for value carrying and circulation, ERC-20Token has not yet been issued
Highlights:
As an open source protocol, its modular components with strong composability can help developers easily build diverse social networks on Lens applications; developers can also develop new components, so as to continuously improve the product experience and introduce more innovative functions.
External Dapps can also access Lens to build a Lens ecosystem
Limitations:< /p>
Users need to go to the NFT market to purchase Lens Profile in order to experience the complete product functions, and there are certain usage thresholds.
In the absence of currency issuance, the ecological governance mechanism needs to consider how to ensure decentralization.
RSS3
Note: Revery develops products for the RSS3 team project, which can aggregate and display users on the chain Behavior (such as which NFTs are minted) and dynamics of users' Web 2.0 accounts (such as Twitter and instant)
Overview: RSS3 can be divided into RSS and 3; RSS is Web A content aggregation protocol in the 1.0 era, 3 represents Web 3.0. RSS3 runs on Crossbell, an EVM-compatible chain built by the team and embedded in a specific smart contract.
Background: RSS (abbreviation for Really Simple Syndication) has developed a network aggregation format and standard, which 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 structured The method is stored in the RSS file, and the content distribution is realized at the same time. After the link is imported into the RSS reader, the reader will download all historical and latest content from the link (support text, video, picture, podcast and Torrent, etc.), and Automatically access this feed regularly 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 integration Blockchain technology and RSS protocol are introduced, aiming 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 Various open protocols and huge data sets in the ecosystem.
Data sovereignty: store data on a decentralized network, information ownership and privacy The key is completely controlled by the user.
Openness: The scope of information aggregation is open 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; it is currently working closely with multiple Dapps (such as Mirror) to provide application tracking and subscription services;
< p>
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 message on any client they choose, store it on any decentralized network they like, distribute it using a transparent distribution protocol, and eventually that message will be presented by any client for another user to consume.
Product function: RSS3 is an open source protocol for information flow aggregation
When users are using When using the RSS3 ecological application, the application will create an RSS3 file and associate the user's Ethereum address, Web 2.0 account and other information; the application will obtain assets (ERC-20 Token, NFT), interactive behavior and other information in real time according to the Ethereum address. 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 the integration of users on the Internet The content released by the giants is returned to the users themselves.
When the user uses the Dapp, the front end submits the request for information flow aggregation to the entire RSS3 network, a global network composed of relay nodes (RN) The indexer (GI) processes the data request, and then the service node (SN) distributes the stored content and sends it back to the user. 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, rss3.io and other products are front-end application products that use RSS3. Users can log in through the wallet address, and the application will automatically display the user's on-chain Footprints form the user's own exclusive honor wall; users can also interact with others (subscribe and like), thus building a decentralized Dapp that can subscribe and associate with each other.
Team background: founder Joshua, has been engaged in RSS-related work since 2018
Token Economics: RSS3 Single Token Model
The total supply of Token is 1 billion, of which 64% will be allocated to the community, 15.4% to the team, and 15.4% to the team. 4.6% to seed round investors, 10% to private equity round investors, 5% to Natural Selection Labs, and 1% to advisors.
Highlights:
Users subscribe independently, which can promote the dissemination of high-quality content
It can not only collect information on the Web 3.0 chain, but also collect Web 2.0 information that conforms to the RSS standard
Limitations Responsibility: Currently, only products of the information flow type can be aggregated in terms of content, and applications that comply with the RSS standard can display content.
6.4 Application Layer - Direct Social
Product Features: The motivation of users to carry out social activities is Realize 1v1 peer-to-peer interaction, including the interaction between KOL and fans (KOL as the initiator, such as Rally), or DM between people with the same attributes (such as Nansen Connect).
Rally.io
Source: https://rally.io/creator
Overview: Creator Token The 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 obtain special benefits set by the issuer .
Value proposition: Help creators form their own effective communities, help creators effectively communicate with fans, and make fans truly creators paid content.
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 (according to user The proportion of Creator Coin held is distributed to RLY), 20.4% is used for community treasury, liquidity incentives, etc., 15.3% for investors, and 14.3% for the team.
If creator Token is to be issued, RLY is required, but the platform will not share the benefits of interaction between creators and fans
< /p>The Token Bonding Curve (TBC) defines the relationship between the supply of Creator Coin and its price in RLY.
Highlights: As the pioneer of personal Token issuance, Rally has made bold innovations in product functions and Token economic models; currently the platform has nearly 300 celebrities Social Tokens are available for users to choose, and there are also exclusive NFTs of celebrities that can be purchased.
Limitations:
Content: currently only the creators of the waist and tail enter the platform, the head Some creators themselves have extremely high cash flow and do not need to issue Tokens for additional cash flow. Star KOLs who can really produce high-quality content have not yet settled in.
Monetization: Creator Coin can be converted to 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.
In terms of form: Social activities and fan management rely heavily on traditional Web 2.0 applications, such as reading user Token balances through Discord robots, grouping them and unlocking corresponding content.
Nansen Connect
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Source: https://www.youtube.com/watch?v=I_E_hgRBip0
Overview: Nansen Connect is a Web 3.0 encrypted information transmission application announced by Nansen, an on-chain data analysis platform
Value proposition: quickly and accurately establish high-quality social links through on-chain tags Group, find like-minded people
Product features:
Users can log in with their wallets, according to Nansen Select a username from the wallet tag provided.
Based on the user's cryptocurrency holdings and chain On the Behavior tab, 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.
Beta release will include Smart Money and Blue Chip NFT Holder channels and will expand user access over time.
Team background: Alex Svanevik as CEO, used to be the chief data scientist of Coinfi.
Highlights:
Further excavated on-chain behavior analysis and label data in the social field value.
Has cooperated with many well-known communities such as Millionaire Club, Rare NFT Collector, etc.
When launched, there are dedicated Club channels such as Pudgy Penguins, BAYC, etc.
Limitations:
Information is not uploaded to the chain, there is a single point of risk, after the service is shut down , there is a risk of losing chat information.
Compared with Discord, users need to have corresponding behavior tags before joining the group, which has a high barrier to entry.
6.5 Application Layer-Community Social
Product Features: The motivation of users to carry out social activities is To achieve more than 1v interaction, content is usually used as the carrier. The platform provides a series of tools, and everyone forms a community based on common topics. Social activities promote the dissemination of high-quality content, emphasizing the self-operation of the community.
Mirror.xyz
Source: https://mirror.xyz/
Overview: One in Ethereum A decentralized writing platform issued by Arweave; through wallet address and ENS domain name registration, authors can publish articles for free, or cast articles as NFTs for permanent storage on Arweave, and readers can purchase the NFTs as collections; Mirror also provides creators with Token issuance tool for crowdfunding.
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 Import articles from outside with one click.
Crowdfunding: Anyone can initiate or participate in crowdfunding through Mirror.
Cooperative profit sharing: Through smart contracts, creators can automatically share the creator's 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 NFTs and store them permanently on Arweave, and you can see the only one stored on the chain at the bottom of the article address.
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. The top 10 people who participate in the Write Race every week will get the invitation.
Highlights: Mirror's content monetization format encourages creators to migrate from Web 2.0 to Web 3.0, while promoting the output of high-quality content.
Limitations:
The product lacks article search, likes, comments and rewards, etc. Function.
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.
If the creator sets the NFT price too high, it is not conducive to the rapid dissemination of content.
Monaco Planet
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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 reward content creation, and promote the prosperity of the content community
< p>Product features:
Mona released every week (released in a steady linear decline within 8 years) will be distributed to users who pledge MONA for content mining.
Users can post, search for other users and follow, like, comment, DM, display NFT, etc.
The platform will rank users according to their influence and NFT net worth.
Team background: Co-Founder is an international student from UC Berkeley and USC
Token Economics: Single Token Model MONA
The total supply is 1 billion, 55% is used for content mining and distributed to users, strategic investors 15%, the team and 20% for seed round investors, 10% for ecological development.
Highlights: The team has strong event marketing capabilities. In the initial stage of website promotion, the platform is limited to Yacht NFT holders and users with invitation codes. Over time, the floor price of Yacht NFT on OpenSea has risen rapidly, and an invitation code has also been 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.
Limitations: There is no reasonable mechanism to restrict the content quality of creators. A large number of users form alliances, mutual relations and mutual praises in order to obtain Token rewards, and produce irrigation content , leading to the proliferation of low-quality content on the platform and the deterioration of the quality of the community.
6.6 Application Layer - Social Social
Product Features: Motivation of users to carry out social activities It is to achieve multi-v multi-interaction, usually in the form of a group, to bring together some people with common attributes, the same needs, and hobbies, and everyone will carry out a variety of social activities under the rules jointly formulated by the community.
Friends With Benefits
Source: https://www.fwb.help/
Overview: Established in 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 jointly hold concerts, develop projects, conceive digital art, and learn encryption knowledge. There are 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:
Requires strict written application and holds a certain Token
Review Criteria: Real-life information, including professional background, work projects, personal social networking sites; consider artists, musicians, creative thinkers, practitioners and A member who is deeply involved in Web 3.0; after the application is submitted, it will be reviewed by a committee composed of 15 people, and the current pass rate is less than 40%;
Ticket: Universal Member 75 FWB (approx. 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 city's offline activities and Discord channels;
Seven sections: Highly active, including public area (chat and self-introduction), learning area (understanding Web 3.0 related knowledge), trading area (Crypto and traditional investment market trading opportunities), NFT area (a series of topics from NFT production to promotion), creative area (art, music creation and development, etc.), quality life area (food, reading and 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 things about Web 3.0), Max Pain (discussing topics about investment), Into the Weeds (discussing various tracks in the Crypto field, 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% , the treasury accounts for 35.6%, the team accounts for 19.9%, and the liquidity provider accounts for 4.4%.
FWBToken can be used as community tickets, governance voting rights and participation in activities;< /p>
Community contributors can get FWBToken as a reward;
FWB can be used with most
Highlights: The user entry threshold is relatively high, and high-value users can be screened out to ensure the quality of the community.
Limitations: The registration system (mailbox) is used to define identities. Due to the lack of a universal governance system on the chain, it is necessary to explore a reasonable DAO governance solution to ensure decentralization , the current review committee of only 15 people is too centralized.
Whale
Source: https://whale.me/
Summary: May 2020, Whale Shark created the WHALE Vault DAO, which currently has over 20,000 members. DAO issues TokenWhale, whose Token value 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 world's 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 NBA Top Shot accounts for 74% of the vault, 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 proportion 10%, the community accounted for 42.6% (release 40,000 WHALE per month for the acquisition of NFT, donate to artists, team salaries and community activities, etc., and record through Discord), investors accounted for 10%, and the foundation retained 37.4% ;
WHALE holders can benefit from the Vault and the project, including renting NFT in the Vault, getting airdrops, exclusive information, liquidity mining rewards, WHALE DAO's voting governance rights and WhaleShark's own communication opportunities, etc.;
DAO plans to use all treasury asset sales income or rent to buy more NFTs, thereby adding value to the treasury ;
Highlights:
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.
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 through collective wisdom, as much as possible Improve decision quality.
Limitations: The distribution mechanism for releasing 40,000 WHALE per month is vague.
Seven: SocialFi's current development limitations
7.1 The bottom end
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1. Technical level: The underlying infrastructure such as cross-chain technology, distributed storage, privacy computing, etc. have not yet fully matured; the underlying structure of each public chain is different, and the Communication requires cross-chain technology to interconnect and interoperate, and this 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. condition.
2. Governance level: DAO's governance system is not perfect, some governance mechanisms are too complicated, and community enthusiasm and user participation need to be improved.
3. User level:
The cost of social software user migration is extremely high: when users are used to When Web 2.0 products are released, and 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;
Current user volume accumulation Not enough: The explosive growth of Web 2.0 social media appeared 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, and the user volume has not yet reached the peak critical point.
7.2 Social demand side:
1. Lack of social belonging: when users get used to The bottom layer of Web 2.0 social networking is the real world, while 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 the SocialFi track has many players and capital layouts, there is not yet a mature social protocol that really stands out and accumulates a lot Users, various protocols are still in the trial and error stage.
3. Incomplete privacy protection: There is currently no pluggable privacy solution. Users want to delete social records, such as comments, attention, and likes in Some platforms cannot really revoke, and the traces on the chain will be permanently preserved.
7.3 DeFi demand side:
1. The underlying business model is immature: successful SocialFi products need to meet users’ DeFi needs. At present, there are few highly liquid platform Tokens, and Token rewards cannot meet the basic survival needs of creators, so that they have the motivation to continue to create, forming a virtuous circle.
2. The fairness of Web3.0 needs to be redefined: Social Token is equivalent to creating better and more direct liquidity for top creators and KOLs The means of capitalization will inevitably cause a new round of social Matthew effect, attention, resources and wealth effects will be concentrated on KOL more quickly with capital.
3. Value capture and incentive methods need to be improved: At present, the value capture mechanism of the SocialFi project has not formed a benign closed loop, and the Token incentive algorithm of some projects is not reasonable, resulting in content The quality of output and social activities is low; therefore, the standard of high-quality content needs to be defined, and the incentive mechanism of high-quality content and effective socialization needs to be improved.
Eight: Features of successful SocialFi products:
1) Low cost of use, common users Affordable;
2) Bring users a product experience that is not inferior to that of Web 2.0, with low barriers to entry, complete product functions and innovation;
3) User data synchronization is timely and comprehensive (can be integrated on-chain and off-chain);
4) Innovation
5) A balanced and reasonable Token economy can give full play to the role of Token in the ecology;
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6) There is a continuous incentive mechanism and mature community operations to strengthen user stickiness;
7) Comparing with others The protocol of the track is opened to enable more scenarios, such as the agreement with DeFi to realize credit loans among community group members;
8) Products It meets the native needs of Web 3.0 itself, not just solves the needs of Web 2.0;
Nine: Outlook: The future of SocialFi
< /p>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 rights confirmation, users can control the ownership of content by themselves without relying on the centralized platform; the traditional identity ID system is Email account, username and password, and real user information, while the ID system of Web 3.0 needs to pay attention to DID and SBT.
9.1 DID (Decentralized Identifier)
It is a 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 institution can use these identities for any purpose without the express 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)
It is Soul Bond Token, which is based on Vitavik The latest idea proposed by the vision of building a decentralized society (DeSoc) is a Web 3.0 social identity bound to the user's 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 A16z's Jad Esber & Systems" mentioned that "if a Token can be easily transferred, then those who have no reputation can simply buy it", so SBT can play a role as a reputation signal in the future.
9.3 Possible practical application of DID and SBT in the field of SocialFi
Unsecured lending and community Borrowing: 1) Information related to personal credit (e.g. including personal education, work, income, and activity certificates) covered in the "soul" can be used as a credit certificate for lending; 2) Credit ratings are made through information on the chain, which is more transparent 3) Similar to the community lending practices pioneered by Muhammad Yunus and Grameen Bank, community members with the same kind of SBT can guarantee each other's debts, SocialFi as The functional attributes of the 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 the soul, assigning trusted members in multiple communities, and modifying the private key when all these members agree; SBT can use a set of breadth The largest social relationship to avoid the loss of private keys has expanded the functions and business scenarios of the SocialFi platform.
Precise airdrops: the current airdrops are not accurate enough, and future project parties Based on the SBT held in the "soul" account (e.g. participants in a certain activity) targeted airdrops, greater single-user value can be obtained, and the SocialFi community can also obtain greater benefits.
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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 realize the user to provide certain proofs to the society publicly at the same time , to maintain the confidentiality of the user's private information, such as age, income, etc.
9.4 Focus on the direction:
In addition to the underlying infrastructure, according to the three-level division 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 chains and Dapps , 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 recommend content with thousands of faces; judge user participation, stickiness and retention rate based on user’s on-chain data; or can analyze the granularity of data
Application layer: allows members to discover and connect with each other , platforms that can improve their social graph through interest discovery and vertical communities (communities around specific topics or activities) will achieve rapid growth;
Ten: Summary
Most of the current SocialFi products can only meet the social + financial needs of Crypto Native users on the pure chain. SocialFi products that map the social + financial needs of the real world under the chain can help us integrate social into all aspects of our lives, including video entertainment, games, music, fitness, etc. We can join the corresponding community, carry out these interest activities and get Token Bonus; Web 3.0 becomes even more powerful when the delightful SocialFi is skillfully combined with basic human connection, because ultimately, we want to find ways to build mutual connections in this world in authentic and positive ways.
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