Solcial AMA Summary Recap with Shin Chan Community

We held a live AMA with Marketing of Solcial, Shri and Advisor of Solcial, Idris on 14 January 9:00 PM (UTC+8). Here’s the recap for those who missed it.

Introduction

Mika | Solcial: Good evening everyone, we are pleased to have Marketing of Solcial, Shri and Advisor of Solcial, Idris

Before AMA start, can you introduce yourselves and the team background?

Idris | Solcial: Sure, I’m an advisor to the Solcial project. My background is in financial engineering and I’ve been in crypto for many years. Most of the team members are engineers as well, and we decided to launch Solcial because we were fed up with the current state of social networks 🙂

Shri | Solcial: Hey, and I manage the Marketing of Solcial. I have been in crypto for a while, and joined solcial because i am excited for the mission of a decentralized social media.

Mika | Solcial: can u tell the community what is solcial in short

Shri | Solcial: Solcial is a decentralised social network allowing users to interact without fearing censorship, and allowing content creators to be rewarded fairly at market value and without middleman.

Our primary goal is to create a platform that helps citizens voice their opinions in a civil way, without government interference or fear of being prosecuted. But as we’re building the platform using blockchain tech, we are able to do much more than that…

Mika | Solcial: Do u have any upcoming news or events that the community need to keep an eye on?

yes, we’ll planning to launch in the coming weeks 🙂

Twitter Section Begins

Q1. I don’t really understand how social media can be decentralized, where all data will be stored, like centralized social media do? What does it actually mean to stay centralized? Will defi, nft, marketplace, staking, spot, and their derivatives be socially

Shri | Solcial: The data is stored on IPFS, and accessed through the P2P network. Essentially each user using Solcial on their phone or on desktop using the Social app, will be running its own IPFS node, broadcasting their data and the data of their friends to other peers (nodes).

We don’t plan to include DeFi, staking and stuff. Only NFTs though, and only spot trading, no futures. We focus on building a fully integrated app, that is simple and intuitive to use, yet very powerful behind the scene. We don’t want to add all the bells and whistles.

Q2. On Solcial, each user is rewarded fairly for what they contribute to their followers. But how do you manage to determine and reward in a “fair” way the contributions of a user? How do you manage to quantify what seems at first glance a subjective parameter?

Idris | Solcial: Good question, the fair price is what the market value your token price. Valuing the “social market cap” of anyone is something entirely new, so we don’t have models to value these tokens. Instead you could simply look at the price of other people, or other influencers.
If someone has a million followers on YouTube and her token is priced at $20, but someone with a thousand YouTube followers has a token price of $50, then there might be an arbitrage to make.
In fine, the price of anyone will be determined by the market, by speculation, by demand and human psychology: what people think you should be worth.

Q3. Many existing social media platforms are mismanaged and censored. What kind of solutions does Solcial offer both to prevent censorship and to make money for users?

Shri | Solcial: We are building a peer-to-peer (P2P) layer above Solana for all the content related operations (feed, posts, likes etc). And all the tokens related operations (minting, trading, swapping) are done on the Solana blockchain itself. All user content is stored on IPFS and accessed through the P2P layer without relying on censorable servers or gateways.

By building Solcial on a P2P layer secured by the Solana blockchain we are, by design, unable to censor content; if you post something it can remain hosted forever as long as someone, somewhere think this content is important, and cannot be deleted or cancelled by any other party or authority. Although we do have policies in place to prevent illegal and egregious content, no dictator or government body will be allowed to bully Solcial into censoring someone’s content.

Q4. I read that Solcial has 3 subscription levels to follow people. Can you explain what is the difference between each Tier level? as content creators what are the benefits if we have a lot of followers? Can content creators create “private content” that must be accessed for a fee?

Idris | Solcial: Yes to follow people we have 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 (what we call Tier 2 and 3 subscriptions) you need to own their token, to be an investor in them. That’s what we called the “invest-for-subscription” model.

If you have a lot of followers, then there must be a lot of demand for your token (to access your private content), so likely that your token price will go higher as you have more demand for it

Q5. Solcial allows anyone to share content in a completely unlicensed manner, circumventing censorship & rewarding. So, what do you think about the regulations in some countries regarding pornography or other issues that may conflict with social liberties?

Shri | Solcial: So we’re a platform that promotes freedom of speech. Content that is normally banned on dictatorships (like political stuff) should be allowed on Solcial (wherever you live).

But there is content that is not a question of freedom of speech, there is content that is simply illegal (on every country on Earth), like child porn, decapitations, terrorist discussions etc. And that type of content has to be moderated.

Yet we’re a platform that can’t delete content. But we can hide content in the UI through moderation: users can report content that is illegal, and when the ratio of reports/views is above a certain %, we’ll hide the content in the UI and unpin the data from our IPFS nodes. Because the community (as a whole) has voted that this content is disgusting or illegal and should be hidden. But if some community somewhere thinks that this content is important and should be visible, they can just continue to pin the content on IPFS and broadcast it using their nodes. So it will be visible to them via their direct links, but not visible on the UI to the broader audience.

We have also other incentivisation mechanisms to get the community to moderate this social network, this metaverse, but I won’t share everything today

Telegram Live AMA Begins

Q6. Why is Solana network your choice to build the platform??

Idris | Solcial: Its a fast blockchain, and the fees are cheap, which fits our needs for a consumer application

Q7. Do you have any Coin Burn & BuyBack systems or any $Token-Burn plans to increase the value of $Token and attract Investors to invest???

Shri | Solcial: yes the Solcial token will be under a buy-back and burn program

Q8. Is the SOLCIAL platform open source? How do you moderate inappropriate content? Do you not remove inappropriate content if the percentage of complaints does not occur?

Shri | Solcial: Not yet, but we plan to open source our code when the platform is live and ready to live without us!

So we’re a platform that promotes freedom of speech. Content that is normally banned on dictatorships (like political stuff) should be allowed on Solcial (wherever you live).
But there is content that is not a question of freedom of speech, there is content that is simply illegal (on every country on Earth), like child porn, decapitations, terrorist discussions etc. And that type of content has to be moderated.

Yet we’re a platform that can’t delete content. But we can hide content in the UI through moderation: users can report content that is illegal, and when the ratio of reports/views is above a certain %, we’ll hide the content in the UI and unpin the data from our IPFS nodes. Because the community (as a whole) has voted that this content is disgusting or illegal and should be hidden. But if some community somewhere thinks that this content is important and should be visible, they can just continue to pin the content on IPFS and broadcast it using their nodes. So it will be visible to them via their direct links, but not visible on the UI to the broader audience.

Q9. Solcial is a project with a foundation. Do you have someone who sponsors this non-profit foundation that is made with the money?

Idris | Solcial: Yes Solcial has a DAO, and a foundation. The foundation is non-profit, and all the holders of the Solcial tokens will be members of the foundation

Q10. What is the use of Solcial Token (SLC) for users? Are there any plans in the future to integrate Solcial into the Metaverse?

Idris | Solcial: The usage of the Solcial token is treefold: 1/ you have discount on trading fees, 2/ voting power on the DAO, and 3/ to buy the token of anyone, you need SLC

Q11. Where can I get the latest update? And what social links do you create for the community?
Telegram
Twitter
YouTube
Instagram
Facebook or etc

Shri | Solcial: Below are the links to our community
Website: solcial.io
Communities:
1. Telegram (EN): https://t.me/solcial
2. Announcement Channel: https://t.me/solcialAnnouncements
4. Twitter: https://twitter.com/solcial
5. Medium: https://medium.com/@solcial
6. Instagram: https://www.instagram.com/solcialofficial/

Q12. You say we’ll be able to get paid for what we give to our followers, but how will Solcial benefit me if I’m not really an influencer and just want to view celebrity posts?

Idris | Solcial: You can still invest in other people’s token. If their price go up, you profit

Q13. Will we be able to showcase and trade our NFTs on the Solana network on Solcial? What kind of services will you provide regarding NFTs?

Idris | Solcial: Yes Solana based NFTs will be displayed on your profile, so you can trade them with others directly

Q14. I Would like to Know that If I Post the VALUABLE
and the QUALITY Contents to the SOLCIAL Platform than What Incentives and Rewards , i Will be Able to get ?

Shri | Solcial: good question, on Solcial you are actually encouraged to post valuable content to your followers that have invested in you for a reason. So you can share whatever insights, knowledge or information you want to share with them.

Whatever is your talent, or your value-add, as long as the world is willing to pay for what you offer, you can have a market cap, and create a business of your own. Even if you’re just a humorist, making jokes all day, people can buy your token to see your ‘premium jokes’ on their feeds. And you can monetize your talent by becoming like a public listed company. This is very powerful and should incentivize people to post valuable, quality content on this social network, rather than wasting their time with funny dances like on tiktok or others 🙂

Also youtubers will be able to share their insights right away to their investor/subscribers, they don’t have to make 5min long videos for some insights that last only 10seconds. People want the quality, and your token price, and marketcap, will be reflective of that.

Q15. How does the Solcial platform make money, can you tell us what kind of ecosystem you have created for both the Solcial platform and your members to make money? Do you have farming or staking programs for token burning and income on the Solcial platform?

Idris | Solcial: Solcial will keep 50% of the trading fees revenues, the rest will go to buy&burn of the Solcial token (similar to BNB, FTT)

Q16. You say that we will be able to get rewards for what we contribute to our followers, but if I am not really an influencer, but I just like to see celebrity posts, then how will Solcial benefit me?

Shri | Solcial: A follower can earn if the token of the influencer/blogger he invested in is going higher, if his/her audience is growing.

Q17. Most of investors only focus on short-term token price instead of understanding the real value of the project. Can you tell us the Motivations and Benefits for investors to Hold Solcial token in the long term?

Idris | Solcial: most of our investors believe in the mission behind why we’re doing the project, its not like a new game or new farming project, the reason why we’re building Solcial is to let people have freedom of speech, people that are being censored, or live in dictatorship will be able to use solcial to talk, without being banned. This a world changing mission, this project should help millions of people.

Q18. fact is very important for SOCIAL to achieve a network effect. How will SOCIAL achieve a network effect?

Idris | Solcial :by getting high engagement from the first communities, we much prefer to have 100 users love solcial and use it all the time, than to have 100k users that kind of like it

Q19. How will users be able to get out of the traditional of current social networks and of a management solely oriented to increase profits of a small conglomerate? Why should they choose Social as the best social media proposal?

Idris | Solcial: because instead of collecting likes or followers on other social networks, they can come to Solcial and collect crypto, and build up their actual market cap

Q20. Hack attacks are so often happening and this scares many investors to invest in new project. That’s why please tell us about the Security of Solcial. How strong security do your project have and did you already have an Audit to be more sure about your security?

Idris | Solcial: yes Kudelski security is auditing our code and infrastructure (its the same firm that has audited solana the blockchain itself)

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