The Future Of Social Networks & Financial Integration
Humans are inherently social.
Humans are also inherently greedy.
Naturally, combining these two works well.
With Subsocial, we are pioneering the future of SoFi - Social Finance.
Social Finance In A Nutshell
Social Finance is simply the intersection of Decentralized Finance and social networking. Subsocial will feature smart contract functionality, enabling the community to create their own SoFi primitives. The team is already building some, such as tipping and subscriptions.
It has always been important for creators to get paid for their work, but especially so in today's world. Equally as important is that content consumers be able to clearly and transparently decide which content deserves to be rewarded. Current content marketplaces suffer from too much interference by governing authorities and their algorithms, which impedes the smooth functioning of the content market.
Additionally, it is important, and morally imperative, that creators be rewarded for the full value of their work. Current content monetization platforms such as Youtube and Patreon take a cut out of the creator's pocket, and sometimes it is quite large - up to 20% or higher! While these companies are being paid for the value they provide with their platform, the future is now, and better alternatives exist.
Platforms now exist, such as Subsocial, that feature decentralized content monetization methods, and the reasons to rely on traditional platforms continue to diminish. There are lots of people that use Twitter, but very few that earn from it. Why shouldn't everyone get rewarded for the content they produce, however large or small it is? Everyone on Twitter is adding a positive network effect to the social network - they all provide value - but only a few receive any value in return.
SoFi can solve this, which is why we are integrating it.
Content Lead & Community Manager at Subsocial, Content Lead at The Polkadot Experience & The Canary Network Experience, CBO at GM Parachain, Advisor at SkyLabsCorp & Chaos Collective, and PR at ChaosDAO