SocialFi is one of the most innovative sectors combining the best practices of the crypto market and the social media.
Decentralized social networks based on the blockchain have become particularly popular after numerous scandals with Meta (formerly Facebook). Over the years, this social network has been accused of selling user data to marketing companies, spreading fakes and leakage of data on 90 million users.
⚖️ Today, the user base of the social media includes about 4.55 billion people (!), with Meta alone accounting for 2.5–2.9 billion active users per month, according to various estimates. All these people might potentially fall victim to the issues described above.
At the same time, these risks could be mitigated via blockchain-based social media which also offer multiple new opportunities and advantages, including:
📌 Protection of user data stored in the blockchain;
📌 No centralized content censorship;
📌New opportunities for content monetization through a donation system based on cryptocurrencies;
📌 NFT integration which opens up new opportunities for both users and artists.
Moreover, it is quite likely that SocialFi will become one of the key development vectors for the mass introduction of crypto technologies into everyday life, and UMI could become an important player in this market. See for yourselves:
⚡️ UMI offers totally free and instant transactions allowing you to implement various blockchain-based projects.
💪 UMI can execute smart contracts of any complexity level allowing you to launch various SocialFi products.
🔐 The UMI blockchain is decentralized and secure — users of the future social networks do not need to worry about the safety and privacy of their confidential data.
Thus, SocialFi is one of the many areas that we intend to develop within UMI OneApp. Our plans for the future include a few interesting products:
📨 U-Messenger — a simple, secure and fast cryptomessenger based on the UMI blockchain. Users will be able to use it to exchange encrypted messages, as well as make money transfers.
📑 U-Media — a decentralized platform for combining media resources of varying formats and topics.
💸 U-Donation — a system for collecting donations for any needs: for yourself or the community.
✨ U-SocialCapital — a reputation system allowing you to access various services and participate in voting when making important decisions.
Thanks to the high-tech nature and decentralization of the UMI blockchain, we can create a unique platform for communication, content and information exchange, video streaming, and socialization. Integration with the UMI donation system will provide additional incentives for content creators to join the innovative environment and grow.
We continue to work on improving UMI OneApp in accordance with the Manifest — https://umi.top/OneApp_en.pdf.
Stay with us. Yours, UMI Team!💚