DAOrayakiResearch|Subsocial：A Social Networking Protocol Based on Polkadot & IPFS.
DAOrayaki Research | DAO Project — — Subsocial
DAOrayaki DAO Research Grant;
Fund Address: 0xCd7da526f5C943126fa9E6f63b7774fA89E88d71
Voting Result：DAO Committee Yes
Grant Amount：170 USDC
Category: Polkadot, IPFS, Substrate framework, SoFi, Web 3.0
Contributor：Jones, Julie @Daorayaki
Fundraising amount: Ongoing.
Fundraising Goal: $500,000 USD
Subsocial ICO price: $0.175USD
Subsocial volume: As the project is relatively new, Subsocial volume still not issued yet.
First announcement: Substrate developer conference sub0.1, 5–6 December, 2019 — Berlin, Germany.
Launch date: Subsocial is currently launched only on Testnet.
Token name: SUB stands for Subsocial.
Subsocial is a social networking protocol based on Polkadot & IPFS. As an open platform Subsocial allows anyone to start their own decentralized censorship-resistant social networks and marketplaces. Moreover, it is revolution in connecting social media with decentralized finance.
The devemoplment of Subsocial is held by the DappForce team situated in Kyiv. This team led by Alex Siman, who successfully completed two grant projects for the Web3 Foundation and is now enrolled in the Substrate Builders program.
Collaboration means success and this is to bring new features to Subsocial. Currently, Subsocial is partnered with the following teams:
Subsocial governance mechanism:
The governance mechanism of Subsocial is the same as Polkadot and Kusama. However, some of the adjustments and key points are also mentioned below:
Roles and Permissions:
By default, Subsocial offers four built-in and dynamic roles, where the space owners can specify and then dynamically update the role for any Subsocial account, accompanied with permissions to distinguish the account owner’s degree of permissions. Below we list the four kinds of roles:
- Everyone: refers to any account on the Subsocial blockchain.
- None: no account can do this.
- Follower: any account that follows a given space.
- Space owner: a current owner of a given space.
Spaces as DAOs:
The functionality provided by the roles & permissions modules looks like a DAO’s characteristics. That is, a DAO might run a space on Subsocial, while multiple owners (via multisig) can monitor and monetize the content in Subsocial. In addition, spaces can obtain their own token, thus the ownership of the space can be represented as a stake in the space’s token. In the same manner, each space is subjected and could evolve by its own governance mechanism, resulting a treasury for each space controlled by its token holders.
On the other hand, Governance can be used to modify space permissions, roles, elect moderators, or even collectively decide how to block unwanted content. Similar to Polkadot, Subsocial contains another layer of governance for the Subsocial parachain where token holders can vote on proposals that appear on-chain. Moreover, the chain upgrades and the treasury money expenses will be left to the governance of the chain to decide. Hence, upgrades can be new modules that provide new functionality options for all spaces.
The Subsocial treasury is a chain-level pot of tokens that can be consumed on community proposals to enhance the project and its ecosystem, hoping in the future that the treasury could sponsor chain development, creating different web and mobile apps, etc.
Subsocial incentive mechanism:
There is no final tokenomics concerning the Subsocial token, for that reason the information provided below may change according to the Subsocial dev team:
Token distribution in genesis block:
- 20% Team & advisors.
- 10–20% Private sale.
- 20–30% Public sale.
- 20% Dev grants, marketing, early adopters.
- 20% Kusama PLO (parachain lease offering).
For now, the Subsocial token is not transferable yet. Moreover, after establish a connection to Kusama/Polkadot as a parachain, other project’s token can also be utilized on Subsocial platforms.
Subsocial offers its users various approaches to monetize, some them are built-in and some can be created by users on their own.
- Tips: Are the simplest way for an author to get paid from the community, where an author can get paid per post, per comment, or even per space.
- Subscription: In this case the author offers private content to different types of subscribers.
- Selling or Renting: Subsocial made it possible to sell content as well as rent out posts or spaces, where the author retains the ownership and receives income.
- Monetization-custom: any space-owners can provide his own custom algorithm for monetization, such that the only limit they face is their creativity.
SoFi: DeFi side by side with Social Networking
Social Finance (SoFi) is another form of finance where blockchain technology can revolutionize payments for social networks. Moreover, it is necessary and essential for creators to gather the benefit for their work, it is also valuable to let the community be the final judge to decide freely who to promote and reward.
With smart contracts enabled on Subsocial, the community is able to their own composable SoFi primitives, same as in DeFi space. These kinds of primitives are already under developing taking for example tips and paid subscriptions where they will be available at the release. Moreover, the Subsocial team hopes to add pay-per-view and NFTs in the runtime.
According to Subsocial blog, the team still gathering participants opinions about what kind of social and smart contracts could be included since the project still in its early stages. On the other hand, Users of Subsocial are not only limited to the pre-defined functionalities powered by the chain, they can deploy their own smart contracts to experience unlimited creativity.
Official Website: https://subsocial.network/
Block Explorer: https://subsocial.polkastats.io/
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