SoCo Team meets to discuss project’s technology plans, SNP architecture
JULY 9, SHANGHAI. SoCo SNP Foundation member John Li led the SoCo SNP team in a conference regarding the project’s technological architecture this past Monday.
The meeting, held at U+ headquarters, ultimately focused on the company’s method of transforming social assets into SoCo, the blockchain-based token currency used to reward users for contributing their social assets (for a definition of social assets, click here). Users and app developers alike can receive and spend SoCo, and the project’s goal is to eventually build a scalable, decentralized social networking economy.
Some crucial points that were brought up include: creating a user-friendly wallet for users to store and monetize their social assets, accessible only through their own private key; ensuring SoCo SNP does not waste/consume too much electricity like other cryptocurrencies so that the project remains long-lasting and suitable for the eco-friendly future; maintaining the program’s scalability to ensure faster transactions; enabling harsh verification and security processes in order to provide rigorous due diligence for smart contracts, and many other highly-technical elements that would support the SNP framework.
Discussion over which blockchain infrastructure to use was also tossed around. Li suggested EOS-like DPOS, since it does not burn as much electricity, but other ideas included a hard fork from steemit or Ethereum.
The technological plans and developments, Li said, should plan to be accomplished within the next couple of years. He emphasized the importance of sticking to a long-term roadmap as essential for moving forwards.
With regards to the project’s short-term plans, SoCo Advisor and U+ CEO Frank Hu spoke of current development towards creating a SoCo app, which the very first users can use to see how SoCo works. Users would move their social accounts onto the app and receive SoCo by sharing the company’s content on their accounts. Through this process, Hu said, users could truly “experience” how practical and useful monetizing their social assets is as well as lend their support to the project.
The app is on its way to being finished, he said, and although it begins on a centralized server (to allow for the introductory phase so users can grasp the concept of SoCo), the project plans to move all of the data/storage onto a decentralized server backed by smart contract logic once enough users are garnered.
LEARN MORE ABOUT THE SOCO SNP PROJECT:
*Video Explanation: https://youtu.be/6rzqektoUZA
*Website: https://soco.social
*Whitepaper: https://github.com/soco-snp/whitepaper/raw/master/social_coin_white_paper.pdf
SOCIAL MEDIA:
- TWITTER: https://twitter.com/SoCoSNP
- FACEBOOK: https://www.facebook.com/SoCoSNP/
- Telegram: https://t.me/socoSNP
“SoCo and SNP is a blockchain-based project aimed at decentralizing the social networking ecosystem. SoCo, the official token currency, is what users will use to evaluate and monetize their social assets. Social assets are the valuable online data a user possesses, which include personal profile attributes (name, hobbies, status), social relationships (friends, followers), and social behaviors (likes, posts, sharing). Users and apps alike are able to use SoCo to conduct transactions, allowing apps to incentivize users to invite friends and engage in the app’s activities while rewarding users for their social assets. This promotes a healthier, more trusting relationship between apps and users. SNP is an open and extensible layer protocol that allows apps to have social capabilities, as well as provides users with a secure wallet of social assets, accessible by the user’s private key only. Ultimately, SoCo SNP plans on returning the ownership of social assets back to users and deconstructing today’ social networking structure in order to provide the world a more transparent, interconnected and innovative online experience.”
