Rootmeta is a decentralized Discord social networking platform. Can it really be the next big thing in SocialFi?
The new era of Fi
It can be said that starting from 2020, the Fi era, a new era of the financial world and blockchain has begun.
Decentralized finance (DeFi) has been revolutionized in a real sense; while NFT opens a new horizon for us and changes the way we monetize our intellectual property.
SocialFi is a massive ecosystem that encompasses all the trends we’ve come to know. There is a symbiotic relationship between social and blockchain technology, which is consistent with Web 3.0. Finally, it will bring large numbers of users together for communication needs, which is a major part of the modern internet - social networking. With SocialFi, users can benefit from their social activities, content created, DAO governance, NFT minting, communication, entertainment, gaming and more.
Unlike traditional Web 2.0 social networks, SocialFi projects offer a higher degree of user privacy and data security, a fair distribution of income, and a more valuable user experience. As a result, users’ interest in SocialFi has grown exponentially. SocialFi was particularly popular in 2021, with a number of interesting projects emerging on the market, including platforms for minting NFTs and generating personal tokens.
SocialFi = creative fusion of social media?
There are now more than 4.48 billion social media users around the world, which is equal to almost 57% of the world's population. People are still spending an average of at least 2 hours on social media a day. For them, social media is no longer a space for people to exchange personal matters, but increasingly a public space, with artists and businesses jumping in.
It's no secret that Twitter and Facebook have become the most popular social media platforms, but users’ personal data is often leaked online or used arbitrarily without permission. With DeFi, GameFi is also starting to integrate SocialFi, which may be the next trend.
SocialFi is a combination of social and DeFi, or, more simply, social media and decentralized finance. In fact, this concept has been there around 2017, with examples like Steem, YeeCall, GSC, NRC, etc. But at that time, most SocialFi projects were put on hold due to a lack of interest and technological constraints. As the on-chain economy built by DeFi continues to thrive, SocialFi helps users to increase their income through a new expression of their self-worth.
Since early 2021, several Twitter-like decentralized social platforms have been launched, including BitClout, and the well-known social platform V.Tent. In their platformization process, they used blockchain technology to enhance SocialFi. although SocialFi is still in its infancy, it's starting to get back on track.
What values does SocialFi bring?
First, SocialFi addresses common pitfalls of social media, such as disproportionate revenue models and data security. Second, SocialFi is scalable and it allows users to connect to a wide variety of applications, making it borderless. When disruptive tools and features provided by developers completely remove all creative barriers, the metaverse will emerge in parallel with our real world.
Last but not least, users can unlock more power and token holders will be able to earn more rewards. Social tokens are part of SociaFi. Its core value is the social token, which represents a community's trust, reputation, and brand. The vast majority of native tokens will be distributed to those who generate content, making mining more sustainable, inclusive, and efficient.
Rootmeta is a portal to a decentralized social world built on top of Web3.0. It aims to establish a high-quality platform, where users can highlight their on-chain assets and provide users with a top, deepened, and rewarding social experience through unique ID tags.
In the Web 2.0 era, user data is controlled by main internet service providers, such as Meta(formerly Facebook), Discord, and Twitter. And these centralized big companies can take profits from the underlying user data with little benefit to the users. Therefore, Rootmeta is addressing some of the drawbacks of traditional social networking:
Identity display (asset distribution, asset display, net worth growth)
Circles gathering (community detection, community management, circle reaching)
Content creation (content data, paid content)
Instant messaging (decentralized, social)
Games and interconnection (interconnect with on-chain games)