Altcoins: Solcial - What Is It? SLCL Explained
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Table of Contents
· What is Solcial?
· How does Solcial work?
· What makes Solcial unique?
· Who created Solcial?
· Closing thoughts
The internet unlocked a new era of communication where people across the globe could come together, share ideas, and conduct business via an array of social platforms. However, centralized organizations have complete control over these platforms, which allows them to introduce restrictions as they please.
Such restrictions include content censorship and banning users that flout set rules. Apart from this, web2 social networks lack effective content monetization capabilities.
To address these issues, Solcial seeks to become an inclusive social network that encourages freedom of speech. Specifically, the platform aims to let everyone voice their opinions without worrying about government interference, being banned, or being prosecuted for something they say.
Solcial also aims to foster economic prosperity by letting users monetize their content regardless of their talents. In doing so, the platform offers anyone the prerequisite tools to become a business. Watch KuCoin official YouTube video and know more about SLCL: https://www.youtube.com/watch?v=8JUDx4JleO4
How Does Solcial Work?
Solcial combines the benefits of blockchain technology and crypto to unlock the next generation of social interaction.
By creating mobile and desktop apps as well as an online platform, Solcial plans to make the signing-up process a breeze. The process involves providing a username, a display name, and an email address. Solcial only uses provided email addresses to send users notifications.
After submitting the above information, Solcial creates a user’s account on the Solana blockchain and offers them a seed phrase for their account. This seed phrase applies to a user’s Solcial account Solana wallet. Users that already have a Solana seed phrase can use that seed phrase to create their Solcial accounts.
Solcial will mint 1 million tokens on the Solana blockchain for each user once they sign up. Users can customize the name, price, and market caps of their tokens, according to their preferences. Token names, however, must not exceed seven characters. Each user can choose to hold, sell, burn, or send their token to their followers.
The Solcial platform features three levels. Tier 1 allows users to follow other Solcial users and access their public content without paying anything. The second and third tiers are subscription levels.
Followers need to invest in the tokens of users in the second and third tiers to access their content. This creates an invest-for-subscription model. Each user can customize the number of tokens their followers need to purchase to view their tier 2 or 3 content, with tier 3 subscriptions needing followers to buy more tokens. This helps incentivize users to buy the tokens of creators, and provides an incentive for creators to produce content that will give value to their token-holders.
The invest-for-subscription model makes Solcial an ideal platform for everyone, including content creators, influencers, companies, and artists. While normal users might not have a specified way to earn, investing in the tokens of talented people or companies, especially those that are just starting, offers them a chance for their investments to grow.
Being a web3 social platform, Solcial allows users to display avatars of their non-fungible tokens (NFTs) on their profiles. Users can choose to either show off or trade their digital collectibles.
What Makes Solcial Unique?
Solcial stories all content on an InterPlanetary File System (IPFS) and only allows access through a peer-to-peer (P2P) layer it is developing. This design offers users in all jurisdictions, including those under dictatorship, the freedom to share their thoughts worry-free. Nonetheless, Solcial does not allow all content on its platform.
At its core, the platform seeks to promote freedom of speech. However, some content is not a matter of freedom of speech and is illegal in all jurisdictions. This includes child porn, terrorism, hate speech, doxxing, fraudulent post, and nazi posts, among others.
Unlike web2-based social platforms, which are under the control of centralized organizations, Solcial’s community will govern and moderate the Solcial ecosystem through a decentralized autonomous organization (DAO) and foundation. Users can use the upvote or downvote buttons to show their approval or disapproval of content posted by someone they follow.
For content that goes against the community’s guidelines, users can use the Report button. If a piece of content gets a high enough view/report ration, that content will be removed from Solcial’s centralized server and unpinned from the IPFS nodes. Solcial will also encourage users to stop broadcasting the content.
However, Solcial cannot ultimately delete the content. As such, if a content creator and their followers deem reported content meaningful, they will continue seeing it and can continue pinning it to their IPFS nodes and broadcast it, albeit at a slower bandwidth.
SLCL token will serve as Solcial’s governance token. Holders will be able to vote on issues affecting the platform. SLCL will also offer holders trading discounts. Additionally, each user will need to hold SLCL to buy the tokens of other people on the platform.
Who Created Solcial?
The team behind developing Solcial comprises 15 individuals from around the world. All the team members are long term crypto enthusiasts and strong believers of free-speech.
Solcial currently employs 8 developers, 4 marketing persons and 3 persons in operations. All the team members had previous experiences in web2 or web3 startups before joining Solcial.
Closing Thoughts
By offering users freedom of speech and content monetization, Solcial positions itself as the ultimate social network for all users across the globe. Solcial’s decentralized governance model also allows its community to choose what it deems acceptable.
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Source: KuCoin
