Dubai, United Arab Emirates, 11th Sep 2022, Two keywords stand out from this publication “Web3.0” and “SBTs”. The first “Web3.0” is almost becoming a crypto buzzword as we on-ramp into Ethereum’s 2.0 chain update. The second “SBTs” (Soulbound tokens) is something somewhat groundbreaking and in fact was first pitched by Ethereum’s founder Vitalik Buterin in a co-authored research paper titled “Decentralized Society: Finding Web3’s Soul”.
Whatever you already know or think about these technologies, this article explores Connect Protocol, a practical use case of these technologies. It unravels a new social networking paradigm, built over a web3.0 internet with SBTs as a solution for user identity validation. By the way, the latter is a major problem with social networking services, as we will find.
Even more, Connect protocol offers practical use of metaverse, a necessary interaction tool for remote work, and finally has everything powered by its all-new Connect to Earn protocol.
Now before we explore all of these solutions, let’s explore social networking technologies from the ground up.
The rise of an interactive internet & its associated problems
The first few years of the millennium, right after a ruptured dot com bubble, came with the rise of several internet use cases. While most of these use cases were somewhat impractical and could not hold on, technologies like social media have evolved to be an inseparable part of our life as a civilization. The current social media user stats sit at a whooping 4.5 Billion users, which is technically over 50% of the world’s population.
Very recently new developments in metaverse technology have paved the way for a futuristic immersive social media space. In fact over the last 7 years Facebook, now Meta, has redirected its entire company direction towards building a metaverse-enhanced social network.
Sadly with all of this growth, the user experience with traditional social media platforms built on web2.0 internet architecture is somewhat back in the stone ages, with its privileges and user boundaries. In other words, users of 21st-century social networks could be likened to citizens of an oppressive totalitarian regime.
High content censorship, user privacy invasion, high risk of hacks, and account theft. It’s a case of “Say what we don’t like and we will send you packing baby”. Also, cases of user privacy infringement for social engineering purposes are no longer headline news.
For instance, Facebook’s Cambridge Analytica data scandal proved to the world why user data should not be left in the hands of tech operators with a multi-million user database. This also begs the question- “what other social alternatives, with sufficient network effect on a global scale, does the world have besides the ones provided by the big tech giants?”
The remaining part of this article explores Connect protocol, a fully decentralized and censorship-free social networking platform, which uses practical web3.0 technologies to address the lingering problems of traditional social networking services.
Connect Protocol: Reinventing Social Networks Using SBT and Metaverse Technology
Earlier in May of 2022, Ethereum founder, Vitalik Buterin co-authored a paper on Soulbound tokens as a re-spin on conventional NFTs, which will allow for the creation of non-transferable tokens. The paper explained the practical applications of SBTs in tokenizing non-fungible value points like user profile badges on social media platforms, fingerprints, credentials, and so on.
In light of this innovation, the Connect protocol team is proposing the first Connect to earn protocol and the first practical use case of the SBT tech. The Connect social networking app will use SBT smart contracts for a secure and auditable user profile badge. Connect also has plans for a metaverse ecosystem called Meta Connect, for an immersive social networking experience.
With that said, let’s take a closer look at each user offering of the Connect ecosystem.
Connect app: the first SBT-powered blockchain messager
The Connect app is a blockchain messaging app and the flagship solution of the Connect ecosystem. The message service is a web3.0 proposition that uses SBTs for checking user identity and user data provenance and reference building for users. The Connect SBT messenger will allow for cross-chain application sometime in the future.
Connect-to-Earn (C2E): Reinventing user incentives on social networking platforms
The typical incentive for building your network or following a traditional social network platform is usually more visibility. In other words, the only reward for someone with a million subscribers on Youtube or 5000 connections on LinkedIn is more content visibility, and maybe ad revenue for Youtube if you are monetized.
With Connect C2E protocol, every user who holds the Connect native token ($CONNECT) is rewarded for every connection made in direct proportion to their $CONNECT holdings. C2E incentive model rewards every $CONNECT dollar holder for every direct line of network connection they establish via the Connect protocol.
Meta Connect: the first Metaverse for the workplace
Remote meetings over traditional social networking platforms like LinkedIn are conducted via third-party meeting software such as Google Meet, Zoom, and Skype. These tools, although effective for onscreen video interactions, lack the impressiveness that technology like metaverse provides for remote meetings.
The goal of the Connect team is to build a social networking platform that sustains competitive relevance as the internet evolves into web3.0. The MetaConnect solution will be the first metaverse solution tailor-made for remote professional meetings. In other words, MetaConnect will be the interactive missing chip that professional social networking platforms like LinkedIn should have.
Internet-based social interaction is gradually been overhauling, like a new paint job to an old air carrier. Metaverse and web3.0 will definitely be a big part of this change. Also, as many crypto experts like Vitalik predict, Soul-bound tokens will be a crucial driver for crypto market trends in the halving and bullish cycle. Fortunately, the Connect Protocol innovation solves a need with a technology that will direct the market trend in the coming months.
Organization: Connect Protocol
Contact Person: Aaron Marky
Email: Send Email
Country: United Arab Emirates
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Pure Economic journalist was involved in the writing and production of this article.