Blockchain has been around for a while now, and this technology has revolutionised a number of fields, including finance and data storage. With a rise in the interest in decentralised platforms taking the world by a storm, the search for further uses of blockchain is as strong as ever.
Thus began the quest to revolutionise the existing social network. Calls for the utilisation of blockchain for Facebook has resulted in the creation of an all-new social experience. This initiative is a decentralised social-finance network made for creators and communities. With innovative end-to-end blockchain systems powering it, Privi is a great example of the utilisation of blockchain for influencers and creators.
WHAT IS PRIVI PROTOCOL?
Privi is a decentralised social finance platform.It gives users the ability to create their very own customisable network. With a number of applications and features to choose from, the Privi allows users with very little or even zero technical or financial skills to customise their network as they please.
Why a New Blockchain Social Network is a Necessity
While social media has been used over the years for everything from getting in touch with old friends to finding a platform for like-minded people and even marketing and monetisation, there is a need for something fresh and new in the sphere.
With the use of blockchain permeating across so many fields, it is a great time to integrate them with social media. With outdated, centralised social media, only a few rich and famous get the actual advantage and real monetisation potential. The real users are coming to realise that they are getting a poor deal while doing all the work that makes the networks reach so far.
Decentralised blockchain for Facebook might bring everyone this potential, allowing real creators to gain benefits and simultaneously have control over their creations. That being said, integrating blockchain-based finance results in a more accessible and secure financial system that can remove the disproportionate benefits that the centralised financial institutions offer.
Privi helps create an all-new social network that can compete with the existing system by creating a system based on simplicity. Making blockchain easy to use is the prime focus at Privi, which means that anyone will be able to access and customise this social network and reap its benefits.
What DOES IT Constitute?
The Privi Protocol can be widely grouped into three different technology suites:
These self-governed decentralised DAOs allow communities to mint and distribute community tokens in order to join the community and view content from different content creators.
Privi pods help integrate the financial aspect by allowing members to create and trade alternate assets like digital and physical assets and goods.
Decentralised Finance toolkits like crypto wallets, liquidity pools, indexes, and insurance pools, supported by second crypto streaming, create a complete end-to-end crypto ecosystem letting community members utilise tokenised assets, and you will never have to leave the platform.
How Privi Helps Content Creators
Privi is a platform that aims to the right the scales and allows content creators to gain benefits from the social network they customise. Whether you are a blogger, influencer, musician, artist, vlogger, podcaster, educator, athlete, coach, or any other type of content creator, here are some ways Privi lets you make the most of it.
Monetise your content
You have the power to set up direct monetisation for your content, be it photos, music, digital merch, or art. You can set up to monetise directly within the platform, set up subscriptions, gated access for content, and even create your own social token or NFT.
With in-platform monetisation and personal social tokens, this decentralised platform makes sure that your customisable communities can become your source of happiness and wealth. Monetising your content via PRivi is simple and can be done in any field of your interest.
Fund your content
You can directly connect with your fanbase and community and have them contribute to your next piece of art, be it a song, an essay or a video tutorial. You can give your community exactly what they want by polling them to check their demands and having them pre-fund every work of art you make. This gives a much better advantage to content creators than any other social media platform currently in use, making it an absolute win.
Allowing your community to participate in the process also keeps them interested as they are sure that you are giving them what they want. This is all the more reason to bring in more fans.
Create Social Tokens
Use the power of the blockchain infrastructure and create your very own social token. This allows your community to invest in you as a creator by buying, sharing, and investing in you, the creator. As you reach grows, the value of your social token also grows. This lets you reward your fans for their love and support by giving them growth on their returns.
It also keeps your community invested in you and keeps you connected to the community, unlike any other platform. This is a reward system that makes sure that your growth is reflected beyond mere statistics and KPIs. Rather, it shows a direct correlation between your impact and the value of your social token. This keeps your community happy with your growth.
You can choose to be paid from your community either through the native token- Privi Coin or via the social token of your creation. Whatever you choose, the payments are made directly into your account, and you can easily convert them into local currency. You can even hold these payments as a form of investment for the long term.
Whatever you choose to do, there are no strings attached as payments are instantly credited and reflected in your accounts as and when they occur. The stability and security offered by the blockchain infrastructure is yet another plus point, making your wallet a secure storehouse of your assets for the long run. Instant payments are a definite win for creators and help keep them motivated.
Keep Your Profits
Perhaps the most impressive feature of the Privi protocol is that you get to keep 100 per cent of your earnings and profits. This means that you, as the creator, have complete control over your creations, and all the benefits and profits go directly to you. There are no cuts, no hidden charges and no fees that the platform leverages, making it a completely transparent system.
What Are Social Tokens?
Now we did mention that Privi allows you to make your own social tokens and get paid in them as a creator. But what exactly are social tokens?
Social tokens are a new take on digital assets. Creators, brands, and communities mint them as a personal digital asset. It helps to improve personal earning and social capital and is backed by the reputation of the said creator or brand. As the reach and reputation of the creator or brand improve, the value of the token also goes up.
Now, why are social tokens such a big deal? They matter because they are crypto tokens that inherently help creators improve themselves constantly. People who back a creator would also invest in the asset. When interest and investments improve due to the performance and reach of a creator, both parties benefit, creating a win-win cycle for the creator and the community backing them.
This allows the gating of creative output. In order to view a particular content by a creator, the viewer might have to own a certain number of tokens. Since they only have to own it, the rise in the value of these tokens benefits both parties, making an alignment of incentives.
Self-governed communities will be free from outside influences, and the system will be completely transparent. The direction of the community can be voted upon and discussed by the community itself, making it a full value ecosystem that is very easy to use.
In conclusion, Privi has great potential to be the new social network that supports artists and their communities. With complete autonomy over their content, artists and creators are now motivated to present their best work to their fans. This ensures that the flow of ideas and creativity will benefit both the community and the creator in question.
By opening up the worlds of social network and finance using blockchain technology, the Privi Protocol is definitely creating waves in the relationship between networks, influencers, artists, and communities.
A decentralised future is not far off, and Privi is the best first step towards this direction for social media. It will help create more millionaires and even more quality contents compared to the accumulation of power in the hands of a few influencers in today’s social network.
Follow Startup & Private Equity News with Rainmakrr