Tomo: Leveraging Web3 Tech To Transform The Social Network Market (Part 1)
There’s an old proverb that says “True friends are great riches”. We all need friends around us to enrich and make our lives better.
In the web2 world of Facebook and Instagram, it’s easy to form friendships and stay connected across borders. Web3 has the potential to enhance the web2 experience of forging new friendships with its unique digital-native asset infrastructure.
“Tomo” is a new web3 project that helps internet users to make new friends with their digital assets. The word “Tomo” means ‘friend’ in Japanese.
But why spend money to make friends?
To understand that, you have to know about social capital and how people use digital social resources. Before we delve deeper into the concept, let us first explain the importance of blockchain-based financial products and their transformative potential for online social relations.
The Age of Blockchain Finance Is Here
Financial industry veterans don’t ask anymore, “What can blockchain products do?” Instead, they now enquire, “What else can blockchain products do to provide additional value to an ever-expanding consumer base?”
We consider this to be a paradigmatic shift in the blockchain ecosystem from early recognition to diversifying value for end-users. This is accompanied by a change in everyday financial structures and networks.
Blockchain finance has empowered thousands of people to own, retain, and accumulate capital with better resource allocation and proper flow of funds.
For instance, a blockchain protocol like Aave or Compound allows ordinary people to provide liquidity through a market maker and facilitates instant withdrawals. No other bank can provide $20+ billion in deposits and loans working 24/7 with a team of just twenty people.
Blockchain-powered decentralized finance (DeFi) has helped eliminate intermediaries and execute automatic transactions at a global level. However, the existing problem is popularizing the concept rather than demonstrating its value to potential customers.
Just like it took PayPal and Alipay to showcase the ease of online payments, the blockchain industry also needs popular applications to onboard new consumers. And what better way than to target the 4.8 billion social network account holders out of the 5.3 billion internet users?
But the existing social network market is riddled with inefficiencies. Let us explain them in detail.
The Inefficient Social Network Market
The current social media ecosystem is a highly information-asymmetric market with several barriers to forging seamless virtual relations.
In an AI-driven world, there is information overabundance in web2 social media without any tools and filters to identify important and necessary information. Consequently, content creators and influencers often miss out on lucrative opportunities or end up working on low-value projects.
Moreover, web2 social platforms like Instagram, TikTok, and WeChat rely on advertisements to make profits. On one hand, the platforms don’t share the revenue with creators, and on the other hand, compromise user data privacy.
These traditional centralized platforms also control the content and online assets of content creators. Thus, creators have no authority or ownership of their own productions.
Additionally, creators have to succumb to the arbitrary algorithms that curate and present content recommendations to users. The absence of proper distribution mechanisms affects the relationship between creators and users.
In the last two months, we’ve talked to over twenty product managers of social content creator platforms. Out of that, ten managers have mentioned the disjointed and inefficient nature of the market.
This problem has compelled us to develop a product like Tomo to bolster social relationships through a blockchain-powered protocol.
Tomo: Making Connections Easier On The Internet
Tomo is a platform where content creators, influencers, and followers can come together for a disintermediated social interactive experience. With the help of blockchain-enabled smart contracts, users can tokenize their virtual relationships and organize them for shared benefits.
In Part 2, we will elucidate how Tomo works to empower creators and fans to forge meaningful connections and mutually beneficial social relationships.
Meet Your Next Tomo!
To get started, download the Android or iOS versions of the Tomo V2 app on your smartphones and start collecting Tomo points.
Get more updates by following us on:
- X (formerly Twitter): tomo_social
- Instagram: tomoinc
- Tiktok: tomoinc
- Hoo.be: tomo
- Website: Tomo.inc
