Thousands of years ago, Socrates, the father of philosophy, was presented with two options:
- Abandon your freedom of speech
- Drink a cup of poison
Socrates went for the poison. He gave his life to help promote freedom of expression. Fast forward to today and the ability to express your thoughts is just as important. In fact, this is one of the reasons why the internet and Web 2.0 were invented.
Somewhere along the way, social media giants gained power over speech. Through censorship, overall abuse of user data and monopolisation, they destroyed a dream over 2000 years in the making.
Web 3.0 and Solcial changes everything.
Solcial is a decentralised social network on the Solana blockchain. Solcial allows anyone to share content in a fully permissionless way, avoiding censorship, and rewarding users and content creators in a fair manner. A truly open crypto platform for social networking and monetisation.
Social Media is Broken
There are key ways in which social media is broken:
- Censorship. Tech giants and governments have been censoring content that might be too political, too controversial, or simply too different. Even content around crypto has been falling victim to censorship.
- Unfair monetization for creators and limited ways to generate revenue. Web 2.0 is built on a model of monetization that favours the platform, not the creator.
- Abuse of user data. Various leaks suggest that these tech giants collect user data and sell it to the highest bidder.
With all these setbacks in mind, it’s unsurprising that Jack Dorsey left Twitter and that Facebook was left with no choice but to rebrand to Meta. The anger towards current social media platforms is at unprecedented levels.
Web 3.0 brings with it the opportunity to address all the shortcomings of Web 2.0 social media. The technology is now ready.
That is exactly why Solcial is building a Web 3.0 social network; a truly open crypto platform for networking and monetisation.
Solution Part 1: Uncensorable Social Media
By building Solcial on a P2P layer anchored in the Solana blockchain, the team are, by design, unable to censor content. All the activity will happen on-chain in a truly open, permissionless and uncensorable way.
You’ll have the ability to interact with friends and key opinion leaders by writing posts and comments. As well as sharing your trade ideas using real time data to your community of supporters.
What’s more, you may purchase NFTs directly from friends and followers. You can also engage with your favourite artists or celebrities through in-built NFT galleries.
Solution Part 2: Power To Creators
Solcial is developing new ways for creators to earn and allow their fans to grow with them.
- Solcial works with the main Solcial token (SLCL), which allows users to get access to some content, free discounts on the platform, governance rights on the platform’s future, and other special features.
- Your Own Token. Each user will also have their own tokens, which are initially owned only by the user, until he/she decides to sell them to monetize their services. You are minted 1 million coins when you sign up, that supply is fixed and the same for everyone.
- Invest-for-Subscription Model. Then to follow people there are 3 subscription levels: you can follow someone for free (Tier 1) to access their public content (similar to Twitter or Instagram), and to access their private content (Tier 2 or Tier 3) you need to own their token, to be an investor in them.
- Effectively each content producer turns themselves into a business, with their own market cap, where customers are also shareholders.
- Anyone can buy or sell these tokens, and withdraw them to their own wallets. The platform is fully open, in the true crypto spirit.
Some example use cases include: bloggers providing newsletters only to subscribers holding their token, influencers providing insights only to their token holders and artists providing private shows only to viewers holding their token (and selling their NFTs prioritising these investors/believers).
Solution Part 3: Bringing Back Internet Privacy
The best part? All of this is being achieved without the need to collect users data and sell it to the highest bidder. All user content is stored IPFS meaning Solcial does not keep, store or sell any user data.
With executive level leadership backgrounds, blue chip experience and decentralised storage expertise, the Solcial team couldn’t be better positioned to bring this vision to life. Team past experience includes Goldman Sachs, Apple and 30-under-30 nominations.
Funding The Future
If it’s good enough for Socrates, it’s good enough for world class investors.
In their seed round led by Alameda Research, Solcial raised $2.9 million with participation from Solana Capital, Rarestone Capital, GBV, Kucoin Labs and NOIA Capital.
“I’ve been a crypto native for a few years now, and while twitter is my platform of choice, I absolutely feel the need to move to a decentralised platform that gives the users more flexibility and say in what happens.” argues Charles Read, partner at Rarestone Capital.
The funding is being put to excellent use. Helping towards hiring, marketing and product development of the social network.
Solcial also benefits from a global community that is passionate about the mission.
Solcial will completely disrupt social media. Never before have we had the opportunity to own and monetize our content in a censorship resistant environment. Solcial powerfully captures all the benefits of Web 2.0 and uses the pioneering technology of Web 3.0 to strip out the downsides. The future is finally here.
To learn more about Solcial and the future of social media, refer to the following resources.