The Subsocial Network’s Crowdloan Has Finished — Here’s What Next for Subsocial
The Subsocial Network’s widely discussed crowdloan on Kusama has just finished, and it is already safe to say that it was a tremendous success! The crowdloan’s results clearly show that Subssocial might soon become not only one of the most successful Polkadot projects, but also the first massively popular, fully decentralized social media platform. But what is Subsocial exactly, and how does it work?
What Is the Subsocial Network?
Subsocial is an open, decentralized platform of interconnected, community-oriented social networks and marketplaces. In simple words, Subsocial is like a decentralized version of popular centralized platforms like Medium or Reddit, where every “subreddit” has its own separate subchain.
Decentralization and blockchain enable Subsocial to be completely censorship-resistant and to include fully integrated, built-in monetization methods.In other words, Subsocial solves two of the most prevalent problems of social media: widely prevalent censorship and unfair monetization.
Traditional, centralized social platforms have full control over the content. They can censor everyone as much as they want — from shadowbanning you and forcing you to delete your posts, to completely deleting your account. Fortunately, on Subsocial that is not true, and you can fully enjoy your freedom of speech!
When it comes to monetization, most of the popular platforms do not reward creators in any way. Subsocial is different: it allows you to easily get rewarded not only with cryptocurrencies, but also with exclusive NFTs.
How Does the Subsocial Network Work?
On the technologic level, Subsocial is built with the Polkadot and IPFS tech stacks.It also utilizes a set of Substrate pallets with web UI, which allows everyone to build a fully decentralized and censorship-resistant community very easily.
Subsocial is fully censorship-resistant at the chain-level, but that doesn’t mean there are no rules: community members are free to set their own rules for their own spaces. In other words, Subsocial enables moderation, but only transparent moderation by the users themselves.
Furthermore, the project itself is fully decentralized: Subsocial token holders can govern the entire network, for example by voting on important upgrades. The governance protocol is the same as the one utilized by Kusama and Polkadot.
Subsocial Crowdloan Details and Results
In total, the Subsocial Network initially includes 100,000,000 SUB tokens. Out of this, 16.5%, or 16,500,000 SUB tokens, were allocated to the crowdloan. Only 15,000,000 of those tokens were guaranteed to be distributed as rewards, while the remaining 1,500,000, allocated as referral bonuses, weren’t guaranteed to be distributed.
However, the crowdloan was such a success that all 16,500,000 SUB tokens were distributed. Furthermore, the crowdloan was finished very quickly due to the massive popularity of Subsocial.
Now that the tokens are distributed, 20% of crowdloan rewards have become immediately available to the participants. The remaining 80% will vest over the course of 48 weeks
What’s In the Future for Subsocial?
The Subsocial crowdloan was a tremendous success. The token rewards which will now be distributed to the participants will be used by the Subsocial community to interact with the platform, create social networks, and have fun with monetization features. In other words, the crowdloan will be a massive step towards widespread global adoption of Subsocial — the first fully decentralized social network! That’s all for today
Twitter https://subsocial.network/
Subsocial https://subsocial.network/
