Social Networks and Crypto: Bridging the Gap - Botsfolio

The present social networks let you engage in discussions about the latest trends in crypto, but this isn’t the same as being able to experience it in a tangible way. Ever-growing concerns about censorship and privacy could soon trigger the next generation of platforms where we can join a like-minded, passionate community of individuals — pretty much like Myspace and Bebo gave way for Facebook and Instagram. Especially with Web 3.0, there’s a strong chance that the next big social network will be built upon decentralization, tokenization, blockchain and digital identities.

We’ve already witnessed some early attempts that blend cryptocurrencies and social media together.

Reddit

Reddit pioneered tokenized Community Points across two popular subreddits — and some users even claimed to have even sold those tokens. Back in January, the platform announced that it was collaborating with the Ethereum Foundation, with a view of “bringing the value and independence of blockchain technology to millions of redditors.”

Twitter & Facebook

Although Twitter's CEO Jack Dorsey is a huge fan of Bitcoin, there seems to be little chance that the micro-blogging site will introduce crypto-friendly features anytime soon.

Even though Facebook announced plans to launch a stablecoin called Libra (now Diem), its project has been tied down by central banks and regulators. A swift rebrand to Diem doesn’t seem to have helped, and now, there are doubts as to whether this project will ever launch at all.

Building from Scratch

It’s a popular belief that the best way to deliver a truly crypto-powered social network is to build one from scratch. Perhaps only, passionate crypto developers, stand a better chance of delivering a cutting-edge platform that crypto enthusiasts and newcomers both would want to use. It would be a social space where people don’t just read about DeFi and NFTs but experience them as well.

Social Patterns

It’s important to look at the platforms that dominate the space — and the value they bring.

• Facebook is popular because it allows people to connect with long-lost friends.
• Twitter is calued for its immediacy, and succint 280-character posts people can snack on.
• Instagram is the home of beautiful photography.
• TikTok's domain is delivering short, viral videos that young users love to watch.

For a crypto social network to achieve widespread use and success, it needs to have something it specializes in — just like Facebook, Twitter, TikTok and Instagram. And here’s the thing, this fast-moving industry has several things that can’t be found anywhere else on the planet, including DeFi and NFTs. Now, one project is building a platform that adds real economic value by adopting these innovations at the center of its product.

Sure, many of us have tried giving crypto social networks a go, only to be put off by a lousy user interface and weak gamification. First impressions are so important — and in many cases, users quickly discover that there’s very little reason for them to visit a second time. Specially created social media tokens can also serve as a big draw for attracting visitors. But time and again, we’ve seen the value of these altcoins plunge as soon as they hit the market because they lack utility, alienating the self-same community that the token was meant to serve.

The curious case of Torum

Torum uses gamification and a modern user interface to allow its community to gain access to DeFi services and non fungible tokens in a single ecosystem. It is a combination of DeFi product and NFT marketplace that is augmented by social elements.

An automated market maker platform is being built that gives liquidity providers a bigger stake based on how active they are on the site. Meanwhile, the NFT marketplace allows crypto artists to list their tokens and share them with a vibrant community — and later this year, programmable NFTs will allow Torum members to change their appearance using a suite of customization options that unlock depending on how frequently they visit the platform.

A badge system, activeness points and a gifting mechanism delivers a smooth, friendly, gamified social media experience that isn’t seen elsewhere. Likes and retweets may be rewarding, but Torum aims to take this to the very next level.

The social media project, which also claims to be the first to be built on Binance Smart Chain, also says that it has over 10 different use cases for its native XTM token — such as boosting content, purchasing gifts, and participating in virtual mining games.

So far, Torum has relied extensively on word-of-mouth marketing, and it has become one of the first few social media projects to receive venture capital funding on the back of impressive metrics. More than 15 private investors participated in the $1.5 million round — including AU21 Capital, Consensus Lab and Redline Capital.