March 12, 2024
SocialFi stands for Social Finance.
This technology strives to establish engaging platforms empowering users with data control and the ability to monetize their interactions within a decentralized framework, redefining the dynamics of social and financial engagement.
In essence, SocialFi is an economic system wherein users have ownership of their social media data and can opt to sell it, ensuring fair compensation. This innovation benefits both users and content creators on various fronts. Users gain control over their data, ensuring privacy and the potential for monetary compensation. Moreover, users may even participate in the governance of the platform, influencing its development. For content creators, SocialFi enables direct monetization of content, while also granting full ownership of the content created and the account used.
We have already discussed how the podcasting industry can benefit from a web3 setup where content creators and users can form real connections while also being fairly compensated for the data they generate.
SiBorg plans to accomplish this great technical feat thanks to a special partner: Lens Protocol.
Lens is the first decentralized protocol specifically designed for building Web3 social media platforms. Any developer from any part of the world can use Lens to build the next Facebook or the next Twitter, but with the fairness that only Web3 can grant.
Whatever content users post, such as photos, videos, articles, even comments, will be owned by the respective authors. In practice, this means that your most popular posts, but even your best and most upvoted comments, could become valuable NFTs. Many go as far as to imagine that you will be even able to use your Lens content as a collateral for crypto loans or crypto mortgages.
Only time will tell, but to stay in the present, Lens is already a comprehensive platform that makes it easy to build Web3 social media platforms, and that’s why SiBorg intends to leverage this great technology.
Decentralization is guaranteed by the Polygon blockchain for assuring digital identity and ownership, and services like the IPFS or Arweave for storing images and videos. All of these are tested and effective decentralized technologies.
Lens was developed by Avara, the same team behind popular DeFi protocol AAVE.
Avara founder Stani Kulechov described Lens as an “open, composable [Web 3] social media protocol to allow anyone to create a non-custodial social media profile and build new social media applications.”
This last point is pivotal. It means that with the same profile, you will be able to access any other platform built on Lens. This will be seamless, without having to register once again or having to rely on the shady services of Google or Facebook to benefit from the one-click login feature.
But Lens has in store more. Creators will be able to retain their connections too. This means, if you had collected 1 million followers on one platform, you will find them again on any other Lens social media you will register to. This is the quintessence of owning your own connections, without the invasive management from a centralized third party sitting in Silicon Valley.
Whenever you create a profile on Lens, an underlying NFT is minted. This NFT grants you full ownership of the profile, and it comes with two major advantages over traditional Web2 platforms:
If you scroll across the Terms of Use of every Web2 social media, you will notice a paragraph that specifies, clearly, that you cannot sell or transfer your account to any other party. Why? Because your social media account is NOT yours! You rent it from Meta, X, Google or any other traditional tech company. You rent it by giving up on your data and, ultimately, on your privacy.
With Lens, you own your social media account, with all the content and the data generated from it. You decide if and how to monetize your profile and your data, without ever compromising your privacy!
You can already understand the level of freedom you will enjoy on SiBorg thanks to Lens.
Get ready for a new social media experience where you are in full control of your digital life. Create great content and get rewarded for it.
Stay connected with your audience, wherever you go!
Bring to the table insightful comments, spark deep discussions, and get rewarded for them as well.
