AMA Recap: Diversity Ventures X Solcial

On January 17, 2022, we had a chance to welcome Idris – Advisor of Solcial to join an AMA to share with us information about the roadmap and features of Solcial

Solcial is a decentralised social network on the Solana blockchain. Solcial allows anyone to share content in a fully permissionless way, avoiding censorship, and rewarding users and content creators in a fair manner. A truly open crypto platform for social networking and monetisation.

In order to help our community get more understand about Solcial as well as the information about the roadmap and features of Solcial in 2022 and in the near future, Diversity Ventures has organized an AMA with Idris – Advisor of Solcial

Time: 20:00 UTC+7 |17/1/2022

🏘 Địa điểm: Diversity Ventures Group

🗣 Hosted by: Ngọc Nguyen – CMO Diversity Ventures

👥 Guest: Idris – Advisor of Solcial

💵 Reward: $200

Below are the main points of this AMA session:

PART I: INTRODUCTION OF SOLCIAL

Today I’m very happy at AMA to introduce a potential project to our community. It’s called Solcial. This Web3 social network project is attracting many investors because of its extremely special points. Joining with me is @idri5 – Advisor Solcial. 

Host: Hi Idris, are you ready to talk about today’s project with the Diversity community?

Idris: Hey 👋 yes ready to answer all your questions 🙂

Host: Let’s start today’s AMA! Now, we will begin with the first question

Can you tell me and the community a simple description of the Solcial project?

Idris: 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.

Host: Thank you for your answer

Can I ask what desires will Solcial solve for users?

Idris: The 2 main desires for Solcial to bring to the world are 1/ to promote freedom of speech and let people discuss without being censored or banned. And 2/ to let users monetize their content, their value-add, irespective of their talents

Host: Wonderful!!!

Can you tell me how Solcial works?

Idris: Solcial is a mobile app (iOS and Android), as well a desktop app, and a website. On Solcial each user has their own token, allowing you to invest directly in people. You get minted 1 millions coins when you signup, that supply is fixed and the same for everyone. These coins are yours, you can keep them or sell them (or send them to friends).

Then 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.

We also display your NFTs on a user profile, either just to show off, or to buy & sell your NFTs with your friends.

And we have a few more cool features, but I won’t share everything today 🙂

Host: I’m impressed with Solcial’s censorship resistance

Can you answer more specifics about it? Is everything a user posts saved on Solana’s blockchain, right?

Idris: No, actually everything related to content (posts, feed etc) is stored on IPFS and accessed through a P2P layer that we developed. So it doesn’t rely on censorable servers or gateways. And the token related operations (minting, trading etc) are all on the Solana blockchain.

Host: I really hope this is a potential project and strong development

Now, let’s talk about the partnership and investment of Solcial? The community is also very interested about this information

Idris: Sure, we are backed by tier 1 investors: Solana Ventures, Alameda research, Rarestone, Newave Capital, NOIA Capital, Genesis Block ventures and more. They all provide us broad support from industry networks to community marketing

PART II: QUESTIONS FROM TWITTER

I noticed the Solcial project gets asked a lot on Twitter. I will choose the 5 most asked questions for you to answer.

Host: The first question is: In the first quarter of 2022, what activities will the Solcial conduct?

Idris: We will launch Solcial, and we are preparing a few events around the launch, which we shall announce in the coming weeks!

Host: What will happen if the user posts some “especially sensitive” content such as racism, pedophilia, murder, or anti-political action?

Idris: Good question, 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. The way we hide this content from the UI is 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 🙂

Host: Woww. A complete and wonderful project. So, what can I post on Solcial? Images, status, video, music,… Is there anything that I have to limit?

Idris: Thanks 🙏

For the V1 we will allow users to post images and text, and later on we’ll allow more type of content like videos and music

Host: Can I create NFTs on Solcial and trade them?

Idris: ah 🙂 Yes you’ll have the ability to trade NFTs right from the app!

Host: Currently, on the market, there are many projects, users have also gradually become more familiar with the concept of Web3

And who is Solcial’s target audience?

Idris: Our main target audience is the crypto natives, people familiar with blockchains, wallets, trading, NFTs etc

PART III: LIVE QUESTIONS

Thank @idri5. And now we’re on to the final part of today

We will “UNMUTE” Diversity Community group with in 2 minutes or until we feel enough question, and you will pick 5 best questions to answer.

Question 1: Where will the project’s profits come from?

Idris: Profits and revenues will only be generated from the trading activity: we charge 0.3% trading fee on every trade (when people buy or sell the token of anyone), we plan to keep half of these revenues for our own development, and with the other half we’ll do a buy and burn of the SLC

Question 2: Will the project have benefits for content creators?

Idris: Absolutely, creators will be able to monetize their content by having a token related to them directly, with its own price and market cap. So creators become like public listed companies

Question 3: Please tell me more about the DAO in this project?

Idris: The DAO will be the place where people vote on future decisions of the platform, what do and what not to do, which direction to choose etc. But the transition to the DAO will take a bit of time, projects should not decentralise their governance right away, but after the initial phases have been successful and everything runs smoothly.

Question 4: Do I have to pay higher to get higher ranks in Solcial?

Idris: No, we won’t have advertising, but instead its the quality of your content that will determine if people are interested in what you post or not, and therefore that will determine the demand for your token (the better your content, the more people should be interested in following you and/or in investing in your token).

Question 5: Is your project audited? And Solcial has a token burn mechanism?

Idris: Yes we have Kudelski Security (the firm that has audited the Solana blockchain itself) that has been reviewing our infrastructure and code, and will audit our final version.

Host: All Idris’s answers have helped the community better understand the Solcial project. And the AMA almost answered everyone’s questions

So we’ll end the AMA now.

Thank you everyone, thank you Idrris and Solcial for joining the AMA with our community. And please always stay tuned for new information from us, we would like you to join us on our social network.

Idris: Thank you so much!!

Host: Do not forget to follow all the channels of Solcial for more info!

Solcial

– Follow Twitter Solcial

– Join Cộng Đồng Solcial

Thank you, goodbye and see you next time.