SocialX is building a cryptocurrency reward based social network. The company combines the most useful features of Instagram, Steem and the blockchain technology to build truly decentralized and censorship free communities. The launch of the platform will follow an ICO which will begin on August 25th and end exactly 1 week later, the 1st of September. The SocialX ICO will offer contributors and future users an opportunity to support the platform by purchasing SOCX tokens.
How does the platform work?
At SocialX, users can post images and videos. This content is then upvoted by the community. Each upvote rewards the original poster with a certain amount of the platforms own tokens, these can later be converted to SOCX, ETH, BTC and any other cryptocurrency. With this model, users of the platform are incentivized to produce high-quality content. This concept was first introduced in the text content creation niche by Steem and has been incredibly well welcomed by the community. SocialX is bringing it to the image and video sharing world, an industry that is made up by over 1 billion social media users worldwide.
SocialX is also working on integrating a messenger into its platform. Users of the social network can use it to send fully encrypted messages and even exchange crypto currencies. This feature might take a slice of the market share of start-ups like Status and companies like PayPal. Additionally, SocialX will also allow content creators to sell licenses for their creative work. Due to minimal fees, the prices for licensed content will very likely be significantly lower than in centralized platforms like Shutterstock or Fotolia.
Decentralization has become a widely overused buzzword in the white papers of many start-ups. However, in the context of SocialX and social networks in general, it makes a lot of sense. Facebook, Twitter, and Instagram all publicly disclose that they OWN their user’s data and that they actively sell it. This is where SocialX comes into play. The data is fully decentralized and is only owned by its creators. This radical shift will open a new chapter in the way that we interact on social media.
Interview with the CMO
In order to provide a deeper insight into the company, Christian Josephs, CMO at SocialX, answered some of the most frequently asked questions in a brief interview.
– Ok Christian, first question – When did you get into Ethereum and what were your initial thoughts?
Very good question. I first heard about Ethereum right before the ICO, but I didn’t buy any (big mistake?). At the time, I found the idea of a smart contract technology so crazy that I didn’t think it would see any adoption for many years to come. Couldn’t have been more wrong. I was an early adopter of Gridcoin (mining) and other coins from which only a handful survived the 2013 bear market. After a short break from crypto, I came back in late 2016 and became a witness of the ICO craze. In the last couple months, I had enough time to update myself on the latest advances in smart contracts and decentralized Apps.
– In a world with Facebook, Twitter and Instagram: Why do you think people will use SocialX?
I was stunned the first time I tried Steemit. It’s cryptocurrency based upvote system is truly revolutionary. However, I found it a shame that the content on the platform was only focused on text. Where are the pictures and the videos? – I thought to myself.
That’s where the idea for SocialX popped up. I use social media every day, for different purposes, but I am missing a social network where users can get rewarded by the community with more than just likes.
SocialX will combine the best features of Instagram, with the upvote system of Steem to build the ultimate social network. We want to use the latest blockchain and decentralization technology to let the crowd actually own their content (did you know that Facebook and Instagram own your pictures?).
I believe the next inevitable step for social networks is to shift towards independence and decentralization. Why can it be that countries like China still block entire Social Networks?
– When do you expect to reach 1 million registered users on your platform?
Great question. As a long term member of the crypto community, I saw it grow exponentially in the past months. However, I am still missing one aspect: Mass adoption.
We want to make SocialX accessible to everyone and we want to grow a healthy community. That being said we don’t rush to reach millions of registered users. Our goal is to build a decentralized social network that can support 1 million users by the end of 2018. In my opinion, the keys to success are a friend2friedn affiliate system, a great working DApp and a stable reward system from which the whole community of SocialX benefits
– How do you plan to achieve this?
You can find our roadmap here. Our priority is to focus mostly on the development. However, we will be very active in Marketing and Business Development too. We are builders: we have an idea, we find a way and we adapt to new circumstances or technologies.
– What makes the SOCX token interesting for contributors? Is there any mechanism in place for it appreciate in value?
We have so many ideas in our pipeline, which we want to prioritize together with our community and build them. Our contributors will have the chance to receive further revenues from advertising, license fees and small transaction fees which will occur for the usage of our wallet and debit card. We will also frequently update our investors on our progress and product development.
– Does SocialX have a bounty campaign?
Yes! We are currently holding a bounty campaign that will be open until the 25th of August, the day of our ICO. You can find a simple guide here on how anyone can participate.
– Where can people learn more about SocialX?
SocialX.network has a roadmap, additional information about the project and links to our social media profiles. The 14th of August we will also be releasing our Whitepaper. Stay tuned! Soon you will also be able to follow our updates via our YouTube channel.