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What is a social blockchain (social formula)?

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What is a social blockchain? During the 2018 Global Blockchain Development Confe

What is a social blockchain (social formula)?

What is a social blockchain? During the 2018 Global Blockchain Development Conference, the concept of a social blockchain (SocialChain) was considered a new technology. Its essence is a decentralized network based on consensus mechanism. Through this new internet structure and distributed architecture, people can communicate and interact without intermediaries, while also enabling a peer-to-peer payment method for value transfer. It also provides an open and transparent platform to manage these types of transactions, which is exactly what the social blockchain aims to solve. The emergence of smart contracts like Ethereum allows for easy and secure asset deployment or transfer to others, and users can also interact directly with other users through smart contracts.

Social Formula

Original author: Lesley

Translator: Moni

1. Social Rule – based on users to manage personal social networks.

2. Decentralized Autonomous Organization (DAO) – allows community members to decide your next action.

3. Smart Contract-Based DAO – allows anyone to create and operate a fully community-driven application.

4. NFTs and Metaverse – creating a virtual world and providing motivation for creators.

5. CryptoKitties – the most exciting and useful project in blockchain technology.

6. Social Media Platform – one of the tools that democratizes content creation.

7. “Social” is a common word used to describe how individuals or groups interact through an application at a specific time.

8. “Web 3.0” is an economically effective, transparent, and fair economy implemented through cryptocurrencies.

9. Data Analysis – looking at past data, the number of transactions on the blockchain has exceeded the daily average of the traditional internet.

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