A new social networking platform, UpSocial, plans to reward Content creators for their effort. Built on the Matic (Polygon) blockchain, this network takes advantage of the decentralized structure of crypto to distribute tokens to creators & their audience.
UpSocial is currently in beta, & interested parties can sign up as early testers, all the while earning tokens for their contribution. The token-backed platform is the brainchild of Hanif Shaikh, Ashish Verma & Divakar Choudhary. The team offers a transparent roadmap of their development strategy with clearly marked dates for each phase’s completion. The product has a three-year development timeline, with December 2024 set as the finalization date.
The network is built on a scalable blockchain that can process 65000 transactions per second, with complex smart contracts. Developed as DAO (Decentralized Autonomous Organization) software the platform uses collective, peer to peer principles to access the USN Blockchain, send transactions & receive updates.
Implementation is handled by the IPFS (Interplanetary File System), which stores & archives copies of blocks & status data as well as users’ file information. Security is implemented via a network proxy/anonymizer layer (USN Proxy) similar to the I2P (Invisible Internet Project), which hides the identity & IP addresses of Network nodes.
Users will receive USN tokens for their content and, also for engaging with content created by other users. UpSocial will calculate rewards based on engagement, quality of content & the consistency of use.
UpSocial will migrate to a personalized blockchain in the months to come so that gas fees & transaction times can be reduced further. This scaffolding will create a scalable ecosystem capable of catering to millions of users.
Advertising is part of UpSocial’s package, but instead of the platform displaying ads for their own profit, users will receive a share of the revenue generated. Advertising on the platform will be unobtrusive, with users able to select the type of content they want to see. Aspects such as location, gender & personal interests will all play a part in determining the nature of advertising displayed to each particular user.
UpSocial will also act as a crypto exchange & tokens & coins other than Ethereum, Matic (Polygon) & USN will be supported as rewards for users. Additionally, users will be able to create groups for fans or like-minded individuals & back it with their own platform-created token. The DEX will handle exchanging one token for any other, making the system a multi-crypto environment.
Image credit: UpSocial
