In the Web2 world, the sluggish growth of social software, the disclosure of people’s information privacy, the monopoly of people’s economy, and other shortcomings resulted in losing confidence gradually in web2 social tools.
The social network of web3 is full of expectations, and the pioneers have already begun to try their best in various fields of web3.
At this time, ComingChat came into being in 2020. ComingChat is the first one who integrated the Signal privacy communication protocol, abandoned the login system such as web2’s centralized mailbox/account password, and used the digital identity CID of the web3 era as the accounting system which is based on the decentralized premise of using the digital identity CID and private chat as the basic framework.
ComingChat is already a very excellent web3 social application.
The demand for this product enables us to attract millions of users to join in 2021. In order to realize the business closed-loop logic, we will focus on integrating financial attributes related to encrypted assets in 2022. The two most important points are:
1. Multi-chain encrypted wallets, such as BTC, Ethereum, Avax, BSC, Polkadot, Aptos, Sui, and other encrypted wallets. We call our wallets “omnichain wallets” since they support adequate encrypted currency wallets.
2. OmniBTC, the omnichain financial center, and ComingChat have integrated the OmniSwap function in OmniBTC, allowing web3 users to use decentralized Dex as if they were using a centralized exchange.
Of course, OmniBTC’s omnichain financial products (such as the omnichain aggregation protocol Dola, omnichain lending, and other products) are continuously being developed and iterated, not limited to omnichain Swap applications.
Since the functions of ComingChat in the web3 field are sufficiently unified, we post ComingChat as: “WeChat in the web3 era”, and now we have integrated four basic functions.
1. Account system based on decentralized digital identity CID.
2. Private chat function based on the Signal privacy protocol.
3. Cryptocurrency wallets based on mainstream encryption platforms such as BTC/ETH/BSC/AVAX/Polygon/Arbtrim/Optimism/Cosmos/Aptos/Sui.
4. The mobile terminal integration product of OmniBTC, an omnichain financial center.
Compared with WeChat products, we still lack a highly significant module, which is Moments. Dmens originally existed as a product for the decentralized Moments of ComingChat.
We thought about and explored the form of decentralized WeChat Moments for a year until the emergence of Sui network. High-performance TPS and subsecond confirmation on Sui, and the support of modules such as StorageFund, let us make decentralization Moments function on the chain becomes possible.
Therefore, we launched the Dmens product, and we appear in the form of decentralized Twitter on the webpage. The mobile terminal is displayed on ComingChat in the form of ComingChat Moments.
II.Socio-Economic Model of “In Time”
The narrative of “In Time”: In the future, human beings can manipulate time and rewrite age as they prefer. In human society, no matter how long a person lives, his age is fixed at 25 forever. In order to avoid population expansion, there is no natural death.
Human society has abandoned the previous currency and used time as currency circulation instead. After a person’s time runs out, the person dies.
Dmens, as the value social metaverse of web3, needs a currency to measure various social values, so that users who participate in different social interactions can get the value they pay in return. This is also the biggest difference between web3 products and web2 products.
We borrow the “In Time” mentioned in the previous paragraph: Using time as currency circulation to build this value-closed-loop Dmens social metaverse.
Our simple plan for Dmens:
- Account System: The avatar/account system is an NFT that can be self-certified on the chain, which resolves fake web2 or robot account issues.
- On-chain Operation: Posts and Likes cost gas to operate on the chain, which solves problems like an army of Twitter trolls, spam volume, and fake popularity.
- Social To Earn: Dmens will launch a parallel web3 Social To Earn economic model to let profits return to Dmens community co-builders, overturning and refactoring the profit model of web2 centralized institutions.
- Data Decentralized: All data is stored and calculated on-chain, which works out the problem of web2 centralized projects which are able to change and manipulate user data if they want.
III. Decentralized digital identity CID
CID’s digit scarcity and reputation system will exist as labor compensation additional factors in the Dmens social metaverse. For example:
- One Capy, who joined the Dmens social NFT synthesis, tweeted once and got 1 Time.
- If a 5-digit CID is added, then you can get 1* (bonus factor >1) of Time currency at a time.
IV. True Web3 Products
- Comparison between web3 and Web2's social contact.
-The identity of the user is confirmed, the avatar cannot be pirated, and only the account owner can synthesize and bind the NFT avatar. It avoids the existence of wool-scooping accounts, robot accounts, and fake accounts on web2 similar to Twitter.
-All operations such as posts and like consume gas, which has value and avoids web2’s false operation deception such as swiping tweets and likes similar to Twitter.
-All users are essential parts of the entire social network. Differentiate from Twitter-likes centralized app, where only projects and KOLs can earn income. People will get rewards for what they have done, even spending time browsing content every day.
2. Dmens’ avatar settings
The avatar setting of traditional web2 applications such as Twitter is a simple picture setting. And also the traditional NFT avatar is only a copy of an NFT image or a web2.5 avatar that is further certified by Twitter.
The avatar of Dmens is a combined NFT avatar. For example, if the user uses Capy as the avatar, he needs to truly own the Capy NFT, and then use the Capy NFT and the avatar frame to synthesize a new avatar.
This is what we call the real Web3 avatar, utilizing the composability principle of Sui Object NFT and solving the problem of NFT value confirmation, and providing Social attributes for NFT projects on the Sui network.
3. Any operation of the user needs to pay Gas and has the possibility to obtain value returns.
The Dmens model based on the Sui network is a de-serverized web3 application. Post, like, and repost are all Object NFT operations, which are stored on the Sui chain.
Use the Sui chain as the technical support point for the entire backend of Dmens:
-Low gas fees.
-A StorageFund model that refunds a portion of storage fees.
-Object model for easy programming.
-Subsecond confirmation speed, which allows web3 users to have a fluent experience of web2 applications.
V.The economic model of the Time Token
1. Totally fair distribution rules without pre-mining
The Time token is a working model outside the Dmens social system, which is entirely fair distributed from 0 to 1.
2. Social to Earn.
Anyone who contributes to the Dmens system can get corresponding rewards.
Post and like can both be rewarded to some extent. Of course, posting and liking require a tiny amount of Gas, and part of the storage Gas can be retrieved from Sui’s StorageFund when deleting posts.
KOL can get extra rewards:
When the account posts and has other operations, it can get an additional Time token bonus. Besides, your ComingChat’s scarce CID can earn extra Time tokens.
3. Time tokens are consumed over time.
In order to make the whole system full of vigor, Time tokens will be gradually destroyed as time goes by.
For example, if someone posted very actively in the past 3 days and got 6 days of Time tokens, then these tokens will be consumed within 6 days. If the account isn’t able to earn the Time tokens in time, it will be dormant Status.
You need to purchase the NFT to activate the account. But for accounts that remain active, Time tokens can be created continuously.
4. Used to bring in a lot of web3 traffic.
-The innovation of this web3 social model can attract some high-quality users.
-The complete “WeChat for web3” product helps ComingChat retain most users.
-The acquisition of Time tokens can attract a large influx of users to obtain that.
5. The valued support of Time tokens.
All kinds of handling fees will be added to the transaction pool of Time tokens to ensure the ideal and transparent state of “For the people, by the people”. Avoiding situation like StepN whose team extract the pool for selling sneakers, leaving users alone to bear the consequences of the subsequent unsustainable token economic model.
The part that can get the handling fee:
- Synthesis of avatar NFT.
- The activation NFT of the Time Social work account.
- Objects are recovered from StorageFund.
- Advertising rewards.
Time Token is a working token instead of Equity tokens to Dmens. ComingChat plans to list equity IPO or token securitization on Coinbase and other legal and compliant token exchanges.