If I Were in Your Shoes — I Would look closely at SOCX!
SOCX is the name for the tokens of a new social network — SocialX. It is the third project under my scrutiny this December.
For the readers who missed the previous two reviews I venture to remind that I have already written an article about ICO scam and HYIP, then about the projects that seemed funny.
Now it is the turn of projects, which are really useful not only for their developers but also for humanity (in my humble opinion). ;-)
The first of them concerned one of the most vital problems of our time — electricity generation (WePower).
The second, Synapse AI, is a kind of a global decentralized platform that lets ordinary users get paid for their data.
So the token project under scrutiny today is SocialX — a decentralized social media platform allowing users to distribute content seamlessly. Built-in license management will allow you to decide if you want to keep your photos private or, if you want to, sell photo rights to others in exchange for SOCX tokens. Extra functions will include tokens transfer between the users, etc.
But why a new social network?
The fact is that existing social media do not allow people to control their data so far and in many ways restrict them. The SocialX team is convinced that the centralized architecture of social networks leads to the fact that they are forced to follow censorship laws of different countries. The users content is overcensored in a way — I would add on my behalf.
The idea is: SocialX is a decentralized social network, where photos, videos and correspondence are not stored centrally on platforms like Facebook or Instagram, instead blockchain is used.
With the help of the SocialX application, users can communicate in an encrypted instant messenger, publish photos and videos (including live streams), and also send payments and smart contracts to each other using the P2P protocol.
SocialX will have at least 10 advantages over traditional centralized social networks:
The community itself determines the value of the content. Fake likes, accounts, followers will not exist in there as in traditional social networks.
The ability to quickly find and create high-quality content.
The value of the platform is created and controlled by its users.
Data reliability is ensured by blockchain technology with minimal costs.
Decentralization allows the user to fully own the created and published content.
The ability to monetize each photo and video.
Manage licenses and rights for photos and videos.
Rewards for the community in the form of SocialX tokens.
Ability to create your own community, discuss your favorite photos and videos and much more.
A fair reward for quality content.
A referral system that will contribute to a large number of people.
Probably the most attractive feature of the new social media for all ordinary users:
Every time a user creates an account, the one will receive a certain amount of SOCX tokens which can be used to Superlike content. However, in order to activate the withdrawal mechanism, a user needs to have over $10 worth of SOCX in their wallet. The initial $10 will be permanently locked up in the platform and, as such, taken out of circulation. This reduces the token supply available to the public as the user base grows.
Users will be able to exchange SOCX for FIAT or for other cryptocurrencies directly through SocialX wallet.
Users can send SOCX tokens between each other through a built-in messenger. This feature finally makes true micropayments between friends a reality.
Whenever a user is rewarded through the SocialX upvote system, the transaction is recorded on the Ethereum blockchain.
When an individual purchases the license for a picture he is interacting with an Ethereum smart contract. This saves a lot of time for both the seller and the buyer.
There are some more interesting points from the White Paper of the project (62 pages long).
The way financial stability within SocialX ecosystem will be achieved:
Users will be able to payout SOCX tokens out from their wallet after a threshold of $10. Users will get $5 of free SOCX when they join the community by completing reward tasks (e.g. posting the first photo). This way users will be motivated to join the community.
Once a user reaches over 10 USD worth of SOCX in their wallet, the withdrawal mechanism will be activated. These first 10 USD will be permanently locked in the wallet with the purpose of keeping the withdrawal function active.
By locking a certain amount of SOCX in the account for every user, the token will linearly increase in value as the platform gets more users. Moreover, with enough tokens circulating in the community, SocialX is able to stay liquid inside the app.
I think ordinary users will be glad to learn the way the Referral System SocialX works. Let’s turn to the White Paper of the project:
A main part of our success will be the community. If we can grow a big community, we can be successful; therefore we are planning to build a referral system which invites friends of friends into the community. We are allocating several SOCX Tokens to this affiliate system to grow the community. Each SOCX Token will have a value to people in our community so they will have a benefit of inviting their friends. We will limit the number invitations allowed per week or month to have a healthy growth rate. We like the way Uber grew their user base over the years and we believe in a healthy growing community. Note: we will be able to scale up more quickly if needed at some point, with this mechanism.
The SocialX ICO starts January 15 and ends January 24, 2018.
You can buy SYN Tokens with either of: ETH or ZEN
1 SOCX = 0.00015 ETH
Minimum investment 495 ETH
Hardcap ≈ USD 2.5 million
You can help yourself with this profitable investment structure by investing in SocialX ICO.
SocialX gives an impetus to the emergence of a new level of social networks. If you have any questions refer to https://socialx.network/faq/
If I were in your shoes… please note: I am not soliciting or encouraging you to make any investments. I just want such a social media to be created as soon as possible.
Merry Christmas and Happy Investments in 2018!
Author: Dickinson-junior
