web3 app ecosystem pie network has launched a “self-governing” social platform with integrated tokenomics – where users pay to post – to encourage better content and increase accountability.
Founded in 2018, Pi Network is described as a community of Pi miners working on building the Web3 ecosystem.
On Wednesday, the project revealed decentralization fireside forum – a web3 social platform which emphasizes authenticity, constructive dialogue, and healthy online interactions, According to the press release.
This platform allows Pi Network members aka Pioneers to interact with millions of other people. However, the new model dictates that Pi crypto be used to reward positive and punish negative interactions and behaviors across posts, replies, and channels.
The press release states that,
“This latest product from the Pi core team re-imagines what a true Web3 social network could be by integrating tokenomics to increase accountability and encourage better content while combating spam and online harassment.”
Fireside Forums is available on the Pi Browser, a Pi Network mobile app that can be downloaded for free on Google Play or the Apple App Store.
your words will cost you dearly
The team argues that, unlike traditional social media platforms, cryptocurrencies are integrated into the core of the Fireside Forum’s social system.
The use of the token is to help moderate behavior online and create a “healthier user experience”.
Additionally, users pay for posting.
“Protestantly, [Fireside Forum] Explores the idea of creating posts at a cost, whereby authors can only recover this cost – through suggestions from an approved decentralized audience – by providing great content.
This is expected to result in “meaningful conversations,” the team said, and will also give more visibility to content “the community deems valuable” based on the level of engagement.
Furthermore, it is meant to address the issues of spam and online harassment plaguing the sector.
This is where the decentralized aspect of the platform comes into play, with Pi Network stating that,
“It gives the community decentralized authority over how content will trend, encouraging not only more authentic conversation but greater accountability.”
Pioneers need to pass the KYC program to interact with other KYC-verified Pioneers.
Once they transfer their mining balance to the Pi Mainnet, they can buy in-app tokens with their Pi Crypto. They will need these tokens to do anything on the platform, including posting and replying to posts, as well as promoting and devaluing specific content.
These are also tokens that creators receive in the form of tips based on community engagement with their content.
“Traditional social networks are struggling with misinformation, trolling and internet violence. Blockchain and cryptocurrencies can facilitate the much-needed change that people have been waiting for,” said Nikolas Kokkalis, founder and chief technology officer at Pi Network.
Other Pi founder and head of product, Chengdiao Fan, said he designed the Fireside Forums based on learnings from prior research about online behavior and interactions, and to address the shortcomings of traditional social networking sites. Our vision of the solutions network,” adding that “true web3 social solutions must be more than just moving things onto the blockchain.”
The platform is “one of the earliest examples” of Pi Network’s work in social networking, he said, and its design will continue to evolve based on the knowledge they’ve gained.
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