Social Media has gained popularity as an art form In recent years. With rapid development and numerous assistants, connections can be made, information can be shared, and it can be received simply, swiftly, and effectively.
However, due to the fact that the bulk of social networks in use today, including Facebook, Twitter, and YouTube,… users will be carefully monitored by developers and limited in a variety of ways. Without having to pay you, Facebook can sell your data. You will have to pay the same amount for advertisements as YouTube. Because they disagree with you, Twitter won’t be able to ban you or censor your tweets.
In short, every social networking site built on a centralized platform can sell your data to third parties, which you certainly don’t want to happen. This is why Subsocial was born, the project was built to protect your data rights, your values, everything is under your control and no one can take it away.
Additionally, with 100,421 KSM (roughly $19 million since then) and 11,920 addresses participating in community contributions, Subsocial is the 16th project and the leading project of the five winning projects to win the parachain slot on Kusama in the first week of the auction period from November 27, 2021 to January 2, 2022.
What is Subsocial?
Subsocial is an open platform that allows anyone to launch their own decentralized censorship-resistant social networks and marketplaces. Subsocial will help you create your own decentralized version of the popular sites we see today, such as Medium, Twitter, Reddit, Instagram, Discourse, Patreon, OnlyFans and more.
Their software uses the Substrate blockchain framework and IPFS for decentralized file storage. This enables personalized news feed and notifications, transparent reputation, full text searching, rich content formats, without sacrificing SEO (search engine optimization).
Using Substrate also allows Subsocial to connect to the Polkadot and Kusama networks. Polkadot is a next-generation blockchain protocol that unites an entire network of purpose-built blockchains, allowing them to operate seamlessly together at scale. Polkadot will provide cross-chain interaction as well as providing a shared security platform upon which Subsocial can scale whilst remaining secure.
What is the unique selling point?
- Speed: Subsocial runs on the Polkadot ecosystem and can handle more than 1000 TPS, the speed is comparable to DOT.
- Performance: Build and iterate quickly with the TypeScript SDK (TypeScript software development kit) library, making it easy for developers to develop large projects. Subsocial allows for almost complete customization to meet the needs of the community.
- Earning: Subsocial provides users with multiple approaches to monetization, some of which are built-in and some of which can be user-generated.
- Cross-chain Interaction: More than just a platform to build social networks replacing things like Twitter, Reddit, and Medium as an independent chain. Besides as a parachain on Kusama, it is possible to use XCMP to communicate with all the other parachains, which will allow them to create great feature integrations.
- Scalability: Subsocial allows the community to create their own space on the Subsocial chain, data will be shared between dApps. Users will be able to seamlessly join any community on any app built on Subsocial (compared to traditional social networks that are being segregated, such as Facebook and Twitter).
How to make money through Subsocial
Some ways to make money for creators on Subsocial:
- Tipping: Community participants easily tip creators.
- Smart Contracts: allows custom payment methods by developers.
- NFT: turn your Subsocial posts into NFT, then can rent or sell them.
- Promoted Comments: Use more tokens for comments to ensure notifications from influencers.
- Social tokens: Creators will be issued tokens specifically for their community.
- Advertising: Sell ad slots in your space directly to advertisers.
- Launch of parachain
- Updated Subsocial’s website
- Improved web application search function
- Add Sub.ID and improve performance
- Community rewards distributed
- Community organization and public sales
- Released Dotsama Domains v1.0
- Implement tips/donations on the web app
- Migrate all tokens to parachain
- Distributing the rest of the initial token (teams, investors, treasury, etc.)
- Rename our web app
- Implement voting/polling on our web app
- Free trading pallet release
- Add bets (colleagues/accounts/dapps)
- Create another web app to showcase Subsocial’s capabilities
- DevEx improvements (documentation, sample apps, etc.)
- Organized the first hackathon for dapps on social networks
- Migrate Memory to Crust Network
- Integrating aUSD from Karura
- Token Name: Subsocial
- Ticker: SUB
- Blockchain: updating…
- Token Standard: updating…
- Token type: Governance & Utility
- Total Supply: 1,000,000,000 SUB
- Circulating Supply: not live yet.
SUB token supply has been increased from 100,000,000 SUB to 1,000,000,000 SUB, and token allocation will not be change.
Token Release Schedule
- Private Sales: 20% at TGE, 80% will be distributed within 2 years.
- Advisors & Team: 1.2% at TGE, 98.8% will be distributed within 2 years.
- Initial Crowdloan: 20% the crowdloans rewards at TGE that will be initially unlocked, 80% will be distributed over a 48-week period of the parachain slot rental.
- Subsocial Foundation: 2% at TGE, 98% will be distributed within 2 years.
- Airdrops & Claims: 4% ai TGE (10% of The Dotsama Token Claim), distributed over 2 years (the remaining 900,000 SUB of The Dotsama Token Claim will be paid earlier than planned).
- Treasury: Used for future grants, hackathons, and community loans to support ecosystem development. Treasury is not included in the token issuance chart as it will not necessarily be in circulation. The only way to use tokens from the Treasury is to submit a Treasury proposal that may or may not be approved.
*SUB will suffer from inflation at the rate of 7.5%/year and will be adjusted according to the chain governance mechanism to ensure a fair payout ratio for many project contributors and maintain balance.
Tokens generated through inflation will likely be distributed accordingly (these numbers can be changed through governance):
25% for collaborators and nominees (you can stake tokens for staking rewards, protect you from inflation);
25% for online treasury;
25% for content creators;
25% for future parachain community rewards.
Token Use Case
SUB is the native token of Subsocial Network and has the following main functions:
- Governance: SUB token holders (can lock the token) can vote, participate in proposals and contribute ideas to help developers build Subsocial Network projects.
- Security, Dapps, and Creators: code SUB owners can join node operators for the secure network, dapp developers, and content creators.
- Social network: SUB tokens can be locked on Subsocial’s parachain to earn free transactions on single wire, social network takes place. This thing includes posts, comments, feedback, and creation space.
- Rewards: get rewarded from users for creating great content by sending you donations, subscribing to you or purchasing your social tokens.
- Samuel Häfner: is a research economist at the Web 3 Foundation, where he analyzes the current dynamics and cryptography in the Dotsama ecosystem. He is an applied microeconomic theorist with research expertise in contracts, contests and auctions.
- JAM: is a blockchain consultant and freelance developer who focuses on helping teams build tools that empower users, rather than themselves. Alumni of Parity Technologies, Councilor on Kusama Network, Member of Kappa Sigma Mu Association, and currently working on DatDot.
- Edward Thomson: formerly the Director of Funding at the Web 3 Foundation, Edward currently works as a consultant and advisor on various projects in the Web3 and blockchain space.
- Shawn Tabrizi: is the runtime engineering lead for Parity Technologies, where he guides the development of Substrate and the Polkadot runtime.
- Bruno Škvorc: Bruno is the founder of RMRK.app, Council member on Kusama, and former Council member on Polkadot.
Subsocial is a project supported by the Web3 Foundation, and Subsocial is one of the first 17 projects that have been carefully selected by Parity Technologies to participate in the Substrate Builders Program (Substrate Builders Program is a program in which projects will be greatly supported from engineering, business development, marketing, funding by Parity to take the development project to the next level).
In addition, the Subsocial project is invested by many large funds in the crypto market. These include some prominent funds such as: Alameda Research, OKEx Blockdream Ventures, NCG Ventures, Hypersphere…
Subsocial has built a SocialFi (social finance) toolkit of decentralized finance principles optimized for social networks. In addition, the project was evaluated by Gavin Wood (founder of Parity, Polkadot and co-founder of Ethereum) as a potential project with ideas that will serve in the Kusama and Polkadot ecosystems.
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If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.