Blockchain promises to decentralize the world we live in, but can it take on such dominant player as Facebook? It is hard to imagine anything like that taking place in the next year or two, but down the road – who knows. Perhaps users simply get enough of Facebook and scandals it’s involved in.
Anyhow, there’s a new blockchain project in “town,” promising to turn our procrastination into profit by incentivizing us to create, share and like content.
Smart Media Platform
Called APPICS, the up-and-and coming decentralized social network will be one of the first Smart Media Tokens (SMT) on the Steem Blockchain, where the concept of transforming likes into token rewards has already been explored through the Steemit platform. APPICS wants to use the idea on a wider scale, to effectively turn our idle time into money. Cause, you know, people spend a whole lot of time on social networks, and what’s the better way to incentivize them than to offer them money for all the data they leave behind.
With APPICS, social media accounts effectively become bank accounts / crypto wallets, making it that much easier to users to start collecting their rewards in the form of XAP tokens. Also, the service puts end users in control of their content, offering creators 65 percent of the revenue generated, while 25 percent is going to the users who supported their post by liking or sharing it, and the remaining 10 percent going to the platform to support the ecosystem.
Not all Likes are made equal
As that’s the case with regular, decentralized platforms – APPICS will also make distinction between different users’ likes. Since likes effectively mean transferring APPICS tokens to the content creator’s account, those voting with more money (tokens) will have a louder voice. There is a limit, however, at how loud any one voice could be as the platform will employ the “like bar” that will be used to decide how much support (and XAP tokens) the user wants to give to another post. Also, to prevent an influential account from liking content en masse, daily voting power would be finite.
And that’s not all. APPICS will also try to make its service appealing to “traditional influencers,” who have gained reputation and following on other social networks. These individuals will act as category judges and have a significant voting weight, with their likes of content boosting the rewards given to users.
Speaking of content, it will be spread across 15 categories, ranging from lifestyle to tech, music, gaming, fashion and more.
It’s all about the users
In its white paper, APPICS takes a look at how traditional social networks like Facebook and YouTube have taken advantage of their users. It too will enable content creators to monetize their online activities, but would not include users’ data as part of the equation; at least not in the sense Facebook has been doing it.
Additionally, APPICS argues that censorship is limiting the expression of content creators, though it adds while it will be open to different points of view it will NOT allow content that is violent, hateful or racist.
APPICS token sale is under way
APPICS’ Initial Coin Offering (ICO) has started on March 28th, when 120 million XAP tokens were offered for $0.15 apiece. Before that, the company held a pre-sale during which it managed to raise $1.5 million in just 26 minutes.
The story is solid, and now it’s all about execution. To out-Facebook the Facebook is not an easy task, and we do gotta wonder whether that’s even possible. But with all the media “love” Facebook is getting these days, it actually might be feasible. Or not. What do you say?