If you ask me the reason why users and communities are switching to blockchain technology, my answer will be decentralization and ownership. Blockchain provides a platform that cannot be controlled or manipulated by corporate giants or governments. It has become a playground for buyers, sellers and traders executing over a million transactions per day. Social network is one area where blockchain technology has yet to make a mark. There’s no web3 app or blockchain protocol that is dedicated to working towards building the next META. Thanks to Solcial, we finally have a decentralized social network in the making. Let’s explore what it has for users and creators, covering benefits over the existing social channels –
What is Solcial?
Solcial is the first permissionless, censorship-resistant web3 social network. Built on the Solana blockchain, it will reward users for their work while promoting Freedom of speech without worrying about ban or content censorship.
Each user will have their own user tokens (like Reddit’s Karma), allowing the followers to directly invest in them. The idea is further expanded with “invest-to-subscription” model. Solcial will introduce three subscription levels i.e Tier 1, Tier 2 and Tier 3. Tier 1 is a free subscription model which allow users to follow anyone for free, accessing their public content. Tier 2 & Tier 3 are reserved for users who want to invest and access the private content of their favourite creator.
Every new signup will receive a fixed 1 million user tokens
Since Solcial is a permissionless network, it has no central authority that decides what gets censored or permitted. The community governance will be taken care of by Solcial DAO and foundation. Allowing Freedom of speech doesn’t mean that all type of content is allowed. Certain content related to nazis, terrorism etc will not be permitted on the platform.
What Solcial stands for?
The primary goal of creating Solcial is to promote Freedom of speech on social networks that help citizens voice their opinions without government interference and without fear of getting banned or censored by the platform.
Apart from Freedom of speech, it has another goal that focuses on handing over the power of cryptocurrencies to the public. It will allow users to monetize their content by establishing a token driven economy within its platform.
Solcial will have a mobile app (Android & iOS), a desktop app and a website
How does Solcial work?
Solcial can be used like any other social network. Users can create posts, drop comments, upload articles, photos etc. Moreover, they can follow people they’re interested in. To create an account, a user needs to provide a username and an email address.
The account will then be created on the Solana blockchain, giving user the seed phrase to access the account using Solana wallet. Users with existing Solana wallets can directly create an account on the Solcial platform.
After the account creation, 1 million user tokens will be minted and sent to the account holder which can be kept or used by the user (burn, sell, buy, gift). Tokens represent the social market cap of the user. Followers can buy the tokens of their favourite creators to receive better and rich content.
Any user can customize the token plan according to the subscription model. It works like a membership plan of YouTube channel for loyal followers, like Tier 2 and Tier 3 subscriptions explained above.
Users can display NFT as profile pic to show-off or trade
What is SLCL Token?
SLCL is the native SPL token of Solcial network. It has the following utilities –
- Governance
- Trading Fee
- Network economy
Governance:
SLCL serves as a governance token of Solcial network. Token holders will have the right to vote, create & submit proposals to Solcial DAO which is an essential element in steering the project in the right direction.
Trading Fee:
Solcial will offer trading fee discount on every transaction made on the platform using the tokens.
Network Economy:
Users will need SLCL tokens to purchase other user tokens. If Katoch Tubes is an account with KT tokens (user token), then the trade will be made with the pair KT/SLCL.
User token plays the same role as Fan token on Chiliz (CHZ Coin)
SLCL Tokenomics:
The total supply of SLCL tokens is capped at 1 billion. The complete token distribution can be seen in the chart shared below –
The initial token supply is 9 million and the same will grow exponentially for the next 3 years, reaching the total output of 1 billion tokens in circulation.
Monetising on Solcial:
Both creators & users will be part of the rewarding system.
Creator Monetization:
Creator can produce content and monetize the same on the Solcial platform without the fear of censorship or demonetization. Being a creator, you can sell your tokens to the audience and give them access to high-quality private content.
Moreover, you can also monetize through NFTs by allowing fans to invest in you via tokens. There’s no need to hit a certain threshold to be able to monetize your content on the platform. Any creator can any point in time monetize his/her content on Solcial.
User Monetization:
Users can also display their NFT collection within the platform which can be further put on sale, generating more income.
In web2 there’s no reward for a casual user watching the content, it changes with Solcial. Everytime a user buys the token of his favourite creator, he’s directly investing in his own growth. As the creator grows, its token will increase in value and so does the value of tokens held by the follower (user).
How Moderation work in Solcial?
Solcial is a censorship-free platform that promotes Freedom of Speech. It does adhere to some guidelines to stop content that promotes violence or threat of any kind. Let’s look into the same.
Moderation Guidelines:
The community will be the moderator with the power to report, hide or downvote bad content. Any content promoting physical harm or violence will be put under scrutiny and will be removed. Please refer to the following pointers that fall under the content removal policy –
The complete list of moderation guidelines can be found on the Solcial Whitepaper. Users can directly report the content by clicking the report button available next to the post.
Solcial Roadmap:
Solcial is all set to launch its beta mainnet on the Solana blockchain. SLCL token release will also commence from April 2022. Checkout the complete roadmap –
Solcial Benefits:
Permissionless:
Solcial is a permissionless network which means anyone can join & share his/her content on the platform without worrying about content demonetization or censorship.
Full Privacy:
The email id is only used to send notifications and seed for opening the Solcial account and Solana wallet. Users with existing wallets can directly connect and access the platform. There’s no requirement for identity verification.
Monetization:
Creators and followers can earn crypto income by being part of the platform. Followers can invest in their favourite creator by purchasing his tokens which will appreciate in value as more followers join the creator. Moreover, users can showcase and put their NFTs for sale on the platform.
Multi-platform support:
Solcial will be available as a mobile app (Android & iOS), a desktop app and a website. Marking its presence on all the known platforms, which is also essential to onboard maximum number of users.
No Monetization Threshold:
To be eligible for monetization, a YouTube content creator need at least 1000 subscribers and 4000 hours of watch time. Fortunately, there’s no such condition imposed on creators by Solcial network. Any creator, influencer or artist can monetize his/her content anytime.
Solcial Drawbacks:
Competition:
Once the platform picks up momentum, it will face stiff competition with web2 players like META & YouTube. The existing social networks are giant organizations with deep pockets. They can anytime launch their own web3 vertical that can compete with Solcial network.
Mainstream Adoption:
Blockchain technology is yet to reach the masses. There’re legions who don’t have the knowledge to interact with blockchain platforms. Connecting a wallet to interact with the platform and buying user tokens may turn out to be a tedious job for many. Solcial may become popular in a short span but to reach the level of META or even Linkedin, a lot has to be worked in the blockchain space.
Case Study of Andrew Tate & Web2:
In one of its blogs, Solcial clearly explained how web2 social media can use its algorithm to bring the creator to power and how easily they can dismantle the influence by turning off the social accounts. The blog highlighted the case of Andrew Tate, the kickboxer turned online influencer who is known to run a Hustler University by selling online money-making courses while being upfront about his views.
According to Solcial, web2 social media has to be blamed for pushing his content to the public and then promoting it to reach the mass audience without understanding the effects it may have on the viewers. Now that the reports are indicating the negative effects of his videos on the viewers, Web2 social media has taken action by banning Andrew from all social platforms. This is a pure example of being not in control of your online assets or influence. Web3 changes that.
Solcial Coin Price:
Check the latest Solcial SLCL coin price –
Solcial Coin Price Prediction:
Solcial was recently launched on KuCoin reaching an all-time high of $1.50 and a low of $0.80 per token. The price action is new and the technical charts have yet to mature before determining the future price action of the project.
Solcial is a promising project and has already profited the investors who invested in the IDO round at $0.30 per token. Since the token was able to hit the $1 mark within days after its launch on KuCoin. I won’t be surprised if it surpasses $5 mark after listing on other top exchanges like Binance & Coinbase. The next best price for Solcial to target should be between $5-$10 per token.
Where to buy Solcial Coin?
Solcial or SLCL token can be bought from KuCoin & Raydium DEX. It will be soon available on other leading exchanges.
Is Solcial a Good Investment?
Harnessing the power of blockchain technology, Solcial became the first censorship-resistant, permissionless & open social network that is free from the control of big corporations or governments.
It’s one a kind platform that has “invest-to-subscription” model that connects creators and followers. Anyone can be a part of the network and monetize his content without worrying about censorship or hitting the minimum threshold limit like YouTube.
The team has a clear vision of decentralizing its social network by making it a community governed platform. Though the project looks promising, it has a long way to go and that starts with the launch of its beta mainnet on Solana.
The only problem that I see at this point is its acceptance by the masses. Many users are still unaware of using a simple web wallet and using Solcial may be an uphill task esp. when it comes to connecting the wallet and purchasing user tokens.
Having said that, it’s always better to login and experience its features. In the end, it all boils down to your experience with the platform. Just like Facebook of 2008, if you like it, you will use it. Investing in SLCL will become easy once you make yourself familiar with the platform.
This completes my review of Solcial network. In the next post, I will talk about Top 5 projects on Solana and Tokocrypto. If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Do remember to subscribe to my YouTube channel for more informative content, released every week.
DISCLAIMER:
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.