The number of messengers and social networks increases. Facebook and Vk become full channels for sales and communication with a target audience. Owners of social networks seldom monitor the number of fake accounts, that's why advertising budgets are spent ineffectively. The market had developed in this way before the Social Chains project appeared.
Figure 1. The conception of Social Chains is social networks with confirmed and reliable accounts
The Social Chains platform is built on smart contracts in order to reduce fake accounts and allow users and advertisers to trust social networks. The project is based on the CPA (Contact Relationship App) technology, which manages the contract data of the users, allows communicating and exchanging data in the trusted circle. The registration is available for those who have passed the KYC procedure and loaded personal data into the system. Such an approach protects the network against bots, "fake" accounts, duplications of user accounts.
How does Social Chain work? Who will benefit?
The platform is based on the "safe neighborhood" principle, which allows users, advisers, administrators and others to be sure of the reliability of accounts. Technically, Social Chains is an optional module protecting the existing networks.
Figure 2. Technological modules of Social Chains: the functions of the current MVP are marked in green
The developers distinguish three tasks of the technology.
Reduce Fakeness is a reduction in the number of "fake" accounts created as copies or imitations of the accounts of real persons. The multi-step identification of a user can solve this problem - it is necessary to download a photo, add the full name, phone number, and e-mail. Such an approach complicates the registration of bots and massive copying of accounts and allows building automatic cleaning of the base from duplicates.
Social distribution of wealth related to user data is a tool for rewarding for the fair use of social networks. The participants of Social Chains are rewarded with the system tokens for the registration and communication on the platform. Intangible bonuses for usage of Social Chains is work and communication with a narrow range of reliable users. The participants on the network voluntarily provide contract data for the conduction of research of market or advertising campaigns.
Increase Marketing Effectiveness for SMBs. Newcomers and small companies usually invest considerable funds in advertising campaigns with a minimum guarantee of success. The base of real contacts provided by Social Chains requires less investment in the advertising campaign. Moreover, the users voluntarily share contacts, that is why they are not against advertising of new goods and services.
The creators of the platform apply blockchain technology to let users manage personal data and benefit from it on their own. Private Ethereum Blockchain is a tool for the protection of users' personal data additionally rewarding users for the participation in the development of Social Chains.
How is the ICO of Social Coins going? How will the project develop?
The creators of the projects have issued 1 billion tokens, 544 million of them will be sold in the ICO. The number of coins, which are accessible "per customer", depends on the round: every user from the first million will receive 10 coins, everyone from the next 10 million will get 5 coins, then each 100 million will receive the number of tokens cut by half.
Figure 3. The conception of the app is to become the first social platform managed by users
The major part of the issued tokens (54%) will go to the user community, 10% goes each to the employees and founders, 6% goes to the community managers, the rest 10% is allocated to marketing and financial services. The funds collected in the ICO will be used for the development of the platform and attraction of additional sources of profit.
Website: https://www.socialchains.io)
WP: https://socialchains.io/wp-content/uploads/2018/06/white-paper_june2018.pdf
Author on BCT: lanre0501 hhttps://bitcointalk.org/index.php?action=profile;u=1167562