In addition to Friend.tech and Tip Coin, other popular SocialFi projects

Communication and Sharing

What is Social Finance

Social Finance (SocialFi) is a concept that combines social media and financial technology. Its aim is to merge social interactions with financial services to create new financial products and services, as well as enhance the existing financial experience. As the name suggests, SocialFi is built on the underlying blockchain technology, combining social (Social) and financial (Finance) applications for trust.

SocialFi allows users to monetize their social influence by creating content, participating in communities, minting NFTs, engaging with other users, watching videos, and more. Unlike traditional Web 2 social networks like Facebook and YouTube, SocialFi platforms offer enhanced privacy and security for user profiles and aspire to distribute advertising revenue more fairly, providing a better user experience.

SocialFi 想解决什么问题？

One of the key objectives of Social Finance (SocialFi) is to address structural issues present in Web 2.0 (traditional social media and the internet).

This arises from the fact that platform operators have the authority to control the entire platform, whereas the decentralized nature of SocialFi allows the operation and moderation of the platform to be collectively maintained by its users. Decentralized social interactions increase communication costs but effectively reduce the risk of malicious actors exploiting social platforms for wrongdoing."

1. Excessive Centralized Power and Censorship Risks: Traditional social media platforms often have the authority to arbitrarily remove content and even block user accounts, leading to concerns about opaque content moderation standards and user dissatisfaction with moderation decisions.
2. Algorithmic Dictatorship and Data Privacy Concerns: Web 2.0 platforms frequently prioritize certain content through algorithms, often for the sake of increased traffic or advertising revenue. This results in a form of indirect censorship. Additionally, users often worry about the tracking and potential leakage of their personal data.
3. Inadequate Compensation for Creators: Despite the global growth of digital advertising, many content creators see diminishing advertising revenue through traditional platforms or lack a fair mechanism for compensation. This often forces creators to seek additional sponsorships.

Other Noteworthy SocialFi Applications

Lens Protocol: Lens Protocol, developed by the Aave team, presents community interactions in the form of NFTs. Users can convert their profiles into NFTs, and when they follow other users, they receive corresponding NFTs. These tokens can be used for trading, platform governance voting, and more. Lens has undergone significant codebase improvements to enhance readability and is currently open source for developers to explore.

Tip: Tip Coin has become a popular community application in the realm of SocialFi. Users can earn points by posting tweets, replying to posts, and tweeting, all of which can be accumulated as points. Its simplicity has garnered favor among social media users.

Mirror: Built on Arweave, Mirror offers decentralized data storage that is permanent and scalable. Users can publish articles on the platform, which are stored for free on Arweave. They can also mint their content as NFTs for sale, gifting, or fundraising purposes.

RSS3: RSS, a tool reminiscent of the blogging era, allowed users to subscribe to content from various websites and track their latest posts. RSS3 combines the functionality of RSS with blockchain technology, making the process more secure and decentralized. By utilizing distributed hosting for content, creators gain greater control over their content through private keys.

LikeCoin: LikeCoin acts as a bridge between Web 2 and Web 3. Creators register as CivicLikors on LikeCoin, and with the integration of LikeCoin's expansion software on Web 2 platforms, they earn LikeCoin when other CivicLikors appreciate their content through likes. This approach narrows the gap between Web 2 and Web 3 while encouraging content creation.

Development Contacts