Jan 17

11 min read

AMA Recap Vol.118 — — TheLoveChain: The LoveChain is a social media platform themed around relationships and love

At 12: 00 pm (UTC) on Jan 17th, Omar Diab, Founder of TheLovechain and Adam Mazzaferro, CEO and General Counsel of TheLovechain were invited to be the guests of AMA in TokenHunter Official Telegram Group. During the AMA, Adam Mazzaferro introduced TheLoveChain and its unique selling point in detail. Omar Diab shared the listing plan of TheLoveChain. Not only that, but they also answered many questions from users.

The LoveChain is a social media platform themed around relationships and love, that utilizes blockchain technology. The LoveChain platform provides users with an immutable platform to record, celebrate and share their love of significant others, family, friends, hobbies and pets.

Omar Diab and Adam Mazzaferro’s sharing knowledge points are full, and here we will sort out the essence of AMA for everyone to review.

Q1. What is The LoveChain app? What is your unique selling point?

Adam Mazzaferro: The LoveChain platform is a blockchain-based social media platform that allows users to create an immutable record of the people, pets, objects, sporting teams, essentially all the people and things they love.

Every profile on The LoveChain is allocated a cryptographically generated code number which is used to symbolise the uniqueness of the relationship.

The LoveChain is a digital version of the lovelocks found on bridges worldwide. As a social media platform, it is designed to record and commemorate the people and things in our lives that we love on every occasion throughout our lives.

Part of the inspiration for The LoveChain has come from the practice of couples using love locks to commemorate their relationships. The practice has seen tens of millions of love locks left in various locations around the world on every continent and a demonstration of how we enjoy the commemoration of our loves.

Users can create content without any centralised intermediaries and share it across the network. Within The LoveChain ecosystem, the LOVR (LoveChain rewards token) can be used to derive discounts through the online merchant store with users also being able to move LOV tokens to each other. Further, a comprehensive rewards system supported by the LOVR will be integrated into the platform.

We were also inspired by the fact that The LoveChain is built on the number one hashtag and theme across all of social media — #love. The name “The LoveChain” comes from bringing together the use of “#love” and blockchain technology.

Being powered by the Algorand blockchain technology provides advantages in uniqueness and safety not found in traditional social media platforms. The application of the Blockchain means that each user is given their own piece of digital real estate they can call their own. As the Blockchain is decentralised, this piece of real estate can live forever, that is why our slogan is The LoveChain is Forever.

The LoveChain ecosystem includes The LoveChain platform, third-party applications, digital content creators, merchants, and the online store. Within The LoveChain ecosystem, the LOVR (LoveChain rewards token) can be used to derive discounts through the online merchant store. Users can also move LOV tokens to each other.

The LoveChain will be built on the Algorand Blockchain to bring a new NFT feature, allowing content creators to upload particular posts and turn them into NFT’s, enhancing creativity and engagement. Thanks to the speed and simple upload requirements on the Algorand blockchain, The LoveChain will be the first social media platform globally that allows a user to create their own NFT that they can post, sell, place in marketplaces etc, all from one spot.

In addition to our e-commerce marketplace, The LoveChain will also have its own NFT Marketplace allowing users to sell and trade their NFTs The LoveChain’s NFT Marketplace.

Some of the main features of The LoveChain platform are:

Photo and picture uploads

Music uploads

Video uploads

Integrated calendar

eCommerce marketplace built around the multi-trillion dollar Love economy. For example, our research tells us that the amount spent on Valentines Day exceeds USD$20 billion in the USA. We estimate that the total e-commerce opportunity relating to The LoveChain is in excess of USD$200 billion annually.

Rewards system in which users are rewarded for uploading unique content, allowing the use of their data,

Users are able to create NFTs from the content they create, which they can keep, sell through our integrated NFT marketplace, — The first social media platform in the world to be able to offer this feature to its users.

NFT marketplace

Live streaming of events such as weddings in which those who are celebrating their wedding are paid through LOVR tokens. This allows us to integrate aspects of reality TV into the platform.

The LoveChain has many unique selling points, some of the main ones are: The LoveChain is a niece social media platform; Users are rewarded with LOVR reward tokens for posting content onto the platform and allowing the use of their data for advertising and marketing purposes; The LoveChain is building the first (as far as we are aware) e-commerce marketplace centred around “Love” and connecting the love economy through our marketplace — eCommerce marketplace built around the multi-trillion dollar Love economy. For example, our research tells us in the USA the amount spent on Valentine’s Day alone exceeds USD$20 billion. We conservatively estimate that the total e-commerce opportunity relating to The LoveChain is around USD$200 billion annually.

Niece social media platform

NFT marketplace’

Leveraging blockchain technology and decentralisation

Revenue streams

eCommerce marketplace

NFT marketplace

Commissions from merchant partners

Advertising revenue

Transaction fees from integrated wallet

Q2. Could you tell us about your product/ technology roadmap?

Adam Mazzaferro: Our roadmap currently looks like this between now and the end of the first quarter of 2022:

Beta testing of the APP to commence this week which will involve continued development and integration of further features.

Key points for our roadmap over the next 3 to 4 months:

* Public launch mid-February 2022

* Listing on 2 to 3 exchanges around Valentine’s Day. The exchanges will be ones within the top 15 crypto exchanges in the World

* Build and integrate our NFT marketplace

* Build and integrate our eCommerce marketplace

* Live streaming of events such as weddings, engagement, proposals

* Listing of rewards tokens

* Integrate @Pay into NFT marketplace

* Integrate @Pay into The LoveChain e-commerce marketplace

* Integrate The LoveChain eCommerce marketplace into the @Pay platform

Q3. What does your listing plan look like? More CEX? or DEX?

Omar Diab: Our listing strategy is skewed more towards CEX’s, but we will also be listing on a DEX, possibly even before our CEX listings next February. A part of our listing strategy post public launch of the app is to pursue an aggressive uptake of the app ahead of listing on a couple of the top 5 CEX’s. You will here more on this shortly we are going to make some announcements around this in the next couple of weeks.

Q4. When is the app coming out?

Adam Mazzaferro: We are currently deep in the development of the APP with Beta testing commencing this week with the view for a public release in mid-to-late February.

We have planned four phases for the initial development of the App. The initial phase will contain features such as

Photo and picture uploads

Music uploads

Video uploads

Rewards system in which users are rewarded for uploading unique content, allowing the use of their data,

Users can create NFTs from the content they create that they can keep and sell. A user will be able to sell their NFTs through The LoveChain’s NFT marketplace once it is established.

Q5. How do you earn tokens?

Omar Diab: The LoveChain has two tokens.

Firstly, the native LOV token which should be listed on 2 to 3 significant exchanges by mid-February 2022. The total supply of LOV is 535M.

Secondly, the LOVR Rewards token which is a much larger pool of 8 billion LOVR tokens. Users can earn LOVR rewards tokens by gaining followers, creating and sharing content on the app, growing one’s online presence and clout, and even volunteering one’s data to be shared with advertisers and used for marketing purposes. The token’s goal is to provide users with discounts and other incentives from our merchant partners.

The offering of a comprehensive and financially backed rewards program is one of the primary value propositions of The LoveChain platform. This is one of the characteristics that will set The LoveChain apart from other social media platforms.

We will set aside a minimum of 30% and up to 40% of gross revenues (This is mandated and the LOV token holders get to vote on the exact amount between 30 and 40% that is allocated to the reward pool) at The LoveChain for a range of different prizes for our token holders and content contributors. Merchants will be enticed to join the platform as merchandise/service suppliers or even content creators.

The questions from community question part.

Q1. I see $LOV and $LOVR tokens in your ecosystem. Whats the usecase of both the tokens? Why do you need 2 tokens? And what is the revenue model of your platform?

Omar Diab: The LOV token is a BSC asset and it’s primary function is governance. We believe in decentralized models where every participant gets to benefit from the success and future initiatives of a platform. Holders of LOV tokens will be able to propose and vote on proposals that affect certain aspects of the platforms planning and functions. Holders of the LOV token will also be able to stake and earn bonuses from the revenue pool. Future functions will include cross utility with strategic partners and also currency in our upcoming NFT marketplace and e-commerce marketplace. The LOVR rewards token is a token that is issued and reserved for participation on the platform. Specifically through content creation, sharing and generally being active on the LoveChain social network. LOVR tokens have been integrated with the Algorand Blockchain and are therefore an ASA (Algorand Standard Asset). LOVR token holders will also be able to stake them and derive benefits that stem from 30 to 40 percent of the platforms revenues. They also will have utility on our marketplaces. Two tokens that potentially serve different purposes and also possibly different types of users. Revenues predominantly are derived from advertising and commissions from our marketplaces.

Q2. It appears that your platform can create a large amount of data about user preferences and habits. Are you going to use that information to make money? Or do you intend to use them as a secondary source of income in the future?

Adam Mazzaferro: You are correct in saying The LoveChain will have access to a large amount of users data. It is important to note that users of centralised social media platforms have little or no control over what happens with their data. In most cases the data is funnelled into algorithms which are designed to assist advertisers reach a particular individual.

Solution: However, users on The LoveChain platform will own their own data and be in control of what permissions regarding sharing of that data involves. For example they may choose not to share that data with any other profile or third party. If they choose to share their data and content they can choose to share with other profiles or third parties or both, for that they will receive rewards in the form of LOVR tokens. Bottom line is the user owns the profile and is in control.

Q3. TheLovechain main concept is love and interpersonal relationship? Can you introduce the background of its creation?

Adam Mazzaferro: We have been working on this project for a little over 2 years now. The LoveChain is a digital version of the lovelocks found on bridges all over the world. As a social media platform, it is designed to record and commemorate the people and things in our lives that we love at every occasion throughout our lives.

Content can be created by users without any centralised intermediaries and shared across the network. Within the LoveChain ecosystem the LOVR (LoveChain rewards token) can be used to derive discounts through the online merchant store with users also being able to move LOV tokens to each other. Further, a comprehensive rewards system supported by the LOVR will be integrated into the platform.

We were also inspired by the fact that The LoveChain is built on the number one hashtag and theme across all of social media — #love. The name “LoveChain” comes from bringing together the use of “#love” and blockchain technology. We saw a gap in the market and social media has become very toxic and the user is being taken advantage of as the social media platforms are using users content to make large profits but aren’t rewarding their users. We wanted to build a social media platform that is truly community based, but more importanly gives back to its users.

Q4. Please can you list 1–3 great features of #TheLoveChain that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

Omar Diab: Thanks for your question Gabriella. Well we certainly have some interesting features that set us apart from our competition. Let’s start with picture, video blockchain uploads on a social media app. We will also be the first social media platform in the world that allows users to create NFT’s from their content. We will follow this up with our marketplaces.

Q5. On your website you don’t mention that you have done any internal or external audit of your smart contract, so can you give us details if you have done any audit before? And in case you haven’t, would you plan to perform any review of your smart contract in the near future?

Omar Diab: Hi Phan. Thanks for your question. Our LOV governance token is just at the final stage of its audit. We will obviously update our social feeds with the results when this is completed.

Q6. How do you plan to spread awareness about your project in different countries where English is not spoken well?

Adam Mazzaferro: Thank you for your question. The LoveChain is a global project and we have marketing and PR teams based in different parts of the World to ensure we spread awareness of our project and this is also in different languages. Another strategy in creating awareness of our project is to enter into strategic partnerships and sponsorships of sporting teams that have either a global appeal or a more local appeal to a particular country or region.

Q7. Will there be an incentive to hold #TheLoveChain and not just farm and dump? Because of one of the biggest problem for a lot of DeFi & Farming projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm?

Omar Diab: The long term incentives to hold the LOV token like any project are dependant on the real world value that the platform and executive teams deliver. Being a social media app we believe that is very scalable certainly will help. We are taking the number hashtag on social media #Love and giving it its own platform. Commercial potential is significant as events like Valentines Day, Mothers Day, Fathers day, anniversaries, weddings, birthdays etc are very supportive.

Q8. I am an investor. I’d like to have your token STAKED. Do you have all the systems you need for a STAKE? And if not, do you have any plans to start a STAKING program?

Omar Diab: Hi Carey. We certainly do have the mechanisms in place for staking of our LOV governance token. We are at the tail end of the token audit. We will also be initiating staking benefits for the LOVR rewards token shortly after our public launch which will be directly linked to our revenue pool.

End of AMA.

Let’s witness the future of TheLoveChain!

TokenHunter Socials：

Telegram：http://t.me/tokenhunter_official

Twitter：https://twitter.com/_TokenHunter

Medium: https://medium.com/@tokenhunter.info

TheLoveChain Socials：

Telegram: https://t.me/Lovechaintg

Twitter: https://twitter.com/the_lovechain

Website: https://www.thelovechain.io/

Medium: https://medium.com/@thelovechain

Discord: https://discord.gg/JCxMcZN9Ku