CEO of Binance CZ Predicts That SoicalFi will be the Main Driving Force this Year. Will it be Big in 2022?
Not long ago, CZ_Binance published a comment in the India section of Fortune magazine. “DeFi saw rapid innovation in 2021, and we may see booming interest and innovation in 2022, with SocialFi and GameFi being the main drivers,” he said. “SocialFi Quick Facts” introduces the basic concepts of SocialFi. It’s been over a month and as far as the speed of change in the blockchain world is concerned, the projects on the Web3 SocialFi track are also a gesture of a hundred flowers blooming and a hundred contending schools of thoughts.
“Is the era of SocialFi coming in 2022” ?
As a member of ComingChat, can we enjoy this wave of track dividends?
When it comes to SocialFi, most of the opinions are something like “I can understand that it’s a token derived from socialization. My on-chain interaction can bring me value, but people don’t really consciously own it”
It’s generally believed that SocialFi is different from DeFi, NFT or Cryptos, it is neither based on on-chain-interaction for consumption to generate interactive value or deploy applications nor to participate in market circulation and gain profits. So, for products that are just not needed or less profitable, it is naturally difficult for them to gain market popularity.
But to understand SocialFi fundamentally, you have to start by understanding Web3. After all, SocialFi is based on Web3. In the context of Web3, SocialFi has a relatively hidden but important advantage. Let’s understand what it is
Think about Web3’s most classic slogan.
Web1: Read (read)
Web2: Read, Write
Web3: Read, Write, Own
Your ownership of your personal data is the biggest difference in the Web3 era, but what exactly can personal control over data ownership bring to you? What benefits does it offer to you?
The benefits you will gain in the future all come from your on-chain data, such as your on-chain behaviour, your on-chain relationships, and your on-chain achievements. As long as the chain does not disappear for a day, your data will have meaning and will continue to grow repeatedly.
SocialFi exists and rises to tokenize your data.
Web 2.0 offers a way for creators to build their reputation and business and to “connect the world”. In the Web 2.0 era, users can not only read the content but also interact with it. Facebook’s claim to fame in the early days of Web 2.0, Facebook’s massive outage on October 5 — including more than five hours of outages for its subsidiaries Instagram and WhatsApp reminded people that the web is embedded in “almost every aspect of existence” — Retailers, News producers, Healthcare providers, and even Religious services have been disrupted around the world.
Facebook is a dying company, and so is the entire Web 2.0 business model as echoed by the Wall Street Journal reporting on its Facebook profile, that the Web2.0 era is coming to an end.
A lot of attention has turned to the exciting world of cryptocurrencies. This is especially true for young people who took advantage of the downtime during the coronavirus pandemic, to figure out how to use non-fungible tokens (NFTs) on crypto-specific platforms (Discord and Telegram) to generate and farm tokens, chat and express opinions.
The economic model of Web2 brought about by everyone’s transition to social platforms is gradually declining. In the Web2 era, wealth and data are attributed to industry oligarchs. Whether it is Google or Facebook, the growth of its company or industry will not bring about the growth of users’ wealth, and users cannot gain any benefits from the company’s growth.
But in the Web3 world, all economic activities become more open, transparent, and unaltered. SocialFi turns users into direct beneficiaries, Web3 social platform companies monetize users’ contributions, and users who spend a lot of time and effort due to its contributed effort and time will be rewarded equally.
So SocialFi is all about demonstrating personal value. Only by empowering individuals with creative content and social influence can more individuals benefit from the creator economy, and the value ecosystem of SocialFi can grow thereafter.
You may now ask, then how do we understand CC?
ComingChat is a social platform based on Web3 ecology, and its ecology is developing rapidly.
1. ComingChat Chat
Chat in ComingChat is an on-chain social property. You can add friends in ComingChat, create group chats, share articles, initiate personal or group transfers, and more. You can view the NFT holding status of each CID address, and the reputation level of its CID number.
At present, the reputation level in ComingChat is judged according to your interaction time in ComingChat, and the ComingChat project team is developing and optimizing the Reputation Warrant System.
Consequently, the reputation level will be more abundantly judged, your message transmission, on-chain behaviour will help you gain rank levels.
2. ComingChat DApp
ComingChat will use the reputation warrant system based on your on-chain behaviour to tag you in future, just like playing a game. For example, you used SoSwap DEX, added LP tokens, participated in interactions, used SherpaX Web3 Browser for performing a cross-chain top-up, or you have pledged to vote through ChainX Web3 Browser, etc. The interactions you make in the DApp will not be liquidated; it will be kept on the chain forever.
This is exactly the data the project party needs. The project party wants to find potential airdrop users, early users, loyal users, etc. They can pass various screening conditions, and borrow the reputation warrant system and labels in ComingChat to conduct customized operations; reward feedback will also be given based on your on-chain behaviour data. For example, the SherpaX platform cooperated with ComingChat not long ago to allow users to conduct sBTC cross-chain activities and completed the rewards based on NFT, PCX, KSX, and CID for users who experience cross-chain interaction in the future. While the project party gets feedback and interaction, users also experience a bunch of new projects and get rewards, which can be regarded as a win-win situation.
As a social platform, ComingChat has already undertaken projects such as Comfuture, SherpaX, and ChainX. With the access of more project parties in future, ComingChat users can experience various ecological applications on a single platform and according to the data on the chain, get an airdrop.
3. ComingChat Wallet
Wallet is an application-level function currently promoted by ComingChat, but it is not just a function of an electronic wallet. It is more like an on-chain social project. You can view the NFT holdings, transaction history, etc. of each address. Coming Wallet has achieved quite remarkable achievements at the wallet application level, and what is more interesting is that NFT creators and users have many user-friendly functions. Users can become NFT KOLs, both users and creators can create their own channels in the ComingChat App to share their insights and thoughts on the current state of the NFT or cryptocurrency market. As they share their own thoughts and opinions on a particular project, they can present their NFTs and Tokens to prove the authenticity of their own tokens using blockchain technology. In addition, Coming Wallet will support functions such as red envelopes in the future and accept and send various tokens such as USDT, ETH, BTC, PCX, KSX, Mini Point, etc. in its application.
With all these unique features provided by Coming Wallet, ComingChat aims to create a social space for the community and users to share their knowledge about cryptocurrencies. Collaboration between communities can be increased and new cryptographic ideas can be generated by doing so. All these features ComingChat is creating are in line with its vision and goal for a decentralized metaverse social platform where each user is a key centre for ComingChat.
4. ComingChat News
The News in the Meta section can be said as an index function. Its main style is to integrate your existing social software through ComingChat with your Web2 and Web3 on-chain data as much as possible. For example, you can access your Twitter interface through the ComingChat application, and you can also do everything you do in the Web2 world.
The knowledge about blockchain and cryptocurrencies is very rich and we hope users can take advantage of this grand opportunity. At present, our News section integrates various platforms on the market. Users can use ComingChat to gain systematic blockchain knowledge and explore the world with the fastest learning experience. Interested readers can get to know about various projects.
ComingChat has stepped into the new track of SocialFi and we have a lot of opportunities. The ComingChat project party has solid technology and promotes the market. ComingChat users remain curious and experience more. In the future, based on SocialFi, there will be more possibilities!
About ComingChat
ComingChat’s mission is to build a metaverse for the entire ecosystem. With the economic structure of Bitcoin, it aims to reshape the digital economy system for billions of people around the world by building a simple, secure, and private global payment system and financial infrastructure. It further strengthens the interaction between the Internet and the real world by serving as a gateway for users to enter the Web3.0 world where a programmable identity system is established with CID as users’ digital identity, thus achieving unprecedented interoperability.
It will be a trustworthy, and user-centered metaverse platform that enhances user interaction services including:
- Decentralized social system
- Bitcoin wallet
- GameFi
- NFT ecosystem
- DApp
