Project Overview
This project is a social network, which pays the content creators for garnering upvotes on their work along with people who curate the best content on the site by upvoting work done by others.
The platform will be built on Steem blockchain, to routinely create new units of the currency through the network and then distribute the same to its users. The users can exchange these digital currency units for real money.
Client Background
This was an Inhouse Proof of Brain concept hosted by Yudiz to experiment with a social network that assesses work done by content creators and curators through smart currency. It expands on the social consensus algorithm used for token allocation.
Assessing Rewards Pool
- Tokens are distributed to content creators. These tokens are produced regularly and distributed to people based on mining capability. Tokens in Steem are generated at a fixed rate of one block every three seconds.
- These tokens are distributed to actors such as content creators, curators and others in the system based on blockchain rules.
- The actors in the system are incentivized to add value to the social network.
- Of all the new tokens, 75% compose the “rewards pool” which are distributed to all content creators and curators. 15% are distributed to token holders, while 10% are distributed to block producers who are co-operating with their consensus protocol.
Users creating content add value to the system, keeping other users engaged and entertained in the network. The currency is distributed across several users across the network. Users who evaluate and upvote content help distribute currency to valuable users. The Steem blockchain rewards both activities based on the voting system.
The network facilitates users to have a single vote per account and they can increase influence in the system by increasing their stake.
The Challenge
The project was a proof-of-brain concept that needed to prove social consensus algorithm effective enough for token allocation in a social media project. The challenge was to leverage the proof of brain concept to utilize rewards and incentives transparently in an immutable format to pay content creators and curators on the social network. The project is expected to be free for users to get started, which means it should make money through the system itself.
Our Solution
Steem is the first blockchain which introduced the “Proof of Brain” social consensus algorithm for token allocation. It is the first social media platform that establishes a protocol for enabling smart, the social currency for all kinds of publishers and content businesses on the web.
The platform revolves around token systems that reward users whenever they contribute to a token-based social network. It requires mechanisms for establishing and evaluating content’s social value.
Key Outcomes
- The social network based on the Steem Blockchain is designed to be a reward-based social network.
- It incentivizes content creators and curators making the network efficient enough in adding value.
- The Steem Blockchain serves works as a digital token processing system and a mainstream social media platform. It allows us to publish and store the content directly and permanently into its immutable ledger as plain text.
- Once stored in the blockchain, Data is available publically for developers to build from.
- The Steem Blockchain uses participant’s user name as a wallet address, bolstering user experience for participants.
- The platform offers a decentralized token exchange wherein users can access the system using the blockchain API.
- The irreversible nature of blockchain transactions establishes the security of the transactions along with their assurance from both parties owing to a third party designated as an escrow service. Funds will be released when the terms and requirements are met.
- The posting key allows posting, commenting and editing on other accounts. The active key helps in transferring funds, power transactions, converts Steem dollars into real money, etc.,
- The system rewards multiple beneficiaries with financial interest including the authors, referrers, hosting providers, and curators too.