What is Social X
There is a new boy in the neighbourhood known as Social X. It is based on social media platform whereby cryptocurrencies are used as a reward for community building and social interaction. In short, it sounds pretty much like Steemit. There is no better way to understand a new cryptocurrency apart from looking into its White Paper. The white paper is available here for anyone who is interested to understand more.
The executive summary of Social X has identified their main goal as follows:-
- giving ownership of content back to social media users
- integrating freedom of speech as a core principle in our platform
- building a reward system where contributors are rewarded for content. Our ultimate goal is to open a new chapter in the way humans share snapshots of life and interact with each other.
This platform seems to be trying to replicate the working of Steemit but is limiting its reach to video and photos. The white paper is also mindful that the first thing that will capture any reader or investor's mind is the immediate link to Steemit and has placed a paragraph that reads as follows:-
Why we are different to STEEMIT
Steemit is a social network where its users post and share original content, usually in the form of text. The main feature of the platform is it’s built using a cryptocurrency upvote system: whenever a user upvotes another post, the user automatically sends a tiny amount of STEEM tokens to its author. Sadly, the backbone of the platform is somewhat complicated and can be hard for first time users to understand. SocialX isn’t a competitor to STEEM in any way; however, we definitely think a cryptocurrency based upvote system is an interesting concept. As a result, we decided to bring it to the masses by combining blockchain with the winning features of popular image sharing sites. We’ve also integrated a license management market, encrypted messenger and live stream functionality.
There are a few fundamental flaws from the passage quoted above. The white paper that tries to set itself apart from what many would perceive to be another copycat version of Steemit did not take the effort to present a more credible and comprehensive stand in justifying its title that says, 'Why are we different from Steemit'.
The Fundamental Flaw
Steemit is based on the steem blockchain and it is very much a social media platform that shares social media contents which is currently manipulated in the mainstream through the likes of Facebook, Twitter, Instagram, Snapchat and many others. The one glaring difference between Steemit and the traditional social media platform is the introduction of a rewards system that gives back to its users.
Steemit is a social network where its users post and share original content, usually in the form of text
This is the first incorrect statement made in their whitepaper. The contents churned out through steemit are in various forms. There are videos, photos, audio, writings and even live streaming of the contents in Steemit than an oversimplification of a dynamic ecosystem that is incorrect and misleading.
https://steemitimages.com/0x0/https://ipfs.io/ipfs/QmWJNhrmzWLB6GhBiqb92vWo4b46nPmhRUzb6vQEu1BFgb
Source
(Part of the Steem Blockchain that allows videos to be uploaded and shared for reward)
The above are all examples of the different features that Steemit provides through the Steem Blockchain that would render the first statement incorrect.
whenever a user upvotes another post, the user automatically sends a tiny amount of STEEM tokens to its author
This is the second incorrect statement by the White Paper. The amount of reward that is given to the author depends on the Steem Power by the upvoter. Unless the upvoter is named, the amount of reward cannot be determined. That is how Steemit encourages its users to have a bigger participation in the ecosystem by building on their Steem Power. How the White Paper is able to make a conclusion by deriving what it perceived to be a 'tiny amount' seems to be quite disturbing for a piece of document that is meant to be used as its lure which is supposed to be comprehensive, accurate and factual.
Sadly, the backbone of the platform is somewhat complicated and can be hard for first time users to understand
This is the third statement that lacks justification. A registered user merely input their content through steemit that has an editor. The backbone of the platform is a decentralised system powered by the Steem blockchain. Any system that regulates itself though the blockchain technology all share the same basic characteristic. This must definitely be true even for the Social X blockchain. If it is any different, then it is not a decentralised system.
Difficult to Fathom the Inaccuracies
I find the inaccuracies a bit mind boggling and perplexing. While this paper sets to distinguish itself fro Steemit by first claiming that they are a different platform found it necessary to first discredit Steemit that shares almost similar features and more in the existing form.
There shall be more thorough perusal of this white paper in the next few days...till then, have a good weekend.
