Pop Social: A Web3 Social Project with a Mining Twist
As a channel deeply immersed in the cryptocurrency mining industry, we recently encountered an exceptionally intriguing new Web3 social initiative: Pop Social. This project mirrors many facets of crypto mining, making it particularly captivating for us at MinerNav, a hub dedicated to the cryptocurrency mining vertical. Pop Social is more than just an ordinary social platform; it ingeniously integrates core concepts of crypto mining into its operational framework, offering users a unique interactive experience. Given the uniqueness and potential impact of this project, I thought it would be insightful to share some in-depth perspectives about it with you all.
In the traditional Proof of Work (PoW) model, block rewards are generated with the creation of each block. These rewards remain constant over a set period. In the blockchain world, these rewards are typically allocated to the first finder of the block. However, in most scenarios now, take Bitcoin for instance, mining participation often occurs through mining pools. This means that rewards are shared among all nodes in the pool, proportionate to the computational power each contributes.
How Pop "Block Reward" Works?
The economic model of this new project "Pop Social", operates strikingly similar to mining. Here, the total amount of tokens released by the economic model is fixed within a certain timeframe. The platform calculates the 'interaction hashrate' of each user for a given period, based on a set of algorithms that evaluate user quality and weight. The rewards are then distributed proportionally, based on each user's share of the total 'interaction hashrate' during that period. This leads to a scenario where the same interaction can yield different rewards depending on the overall interaction power at that moment. Everything dynamically adjusts based on user interaction data on the platform, closely resembling the crypto mining model. To garner more rewards, there seem to be two main strategies:
- Increase equipment amount, which in this context means more accounts. However, with a social platform, strict KYC (Know Your Customer) protocols might apply for multiple accounts in the future which may lead the trouble of withdraw your rewards.
- Enhance "social computational power", or in Pop's case, produce higher-quality content to gain more interaction power in the same timeframe.
Some Project Ref
Pop Social Token model:
In the App, same daily mission may result in different daily rewards:
The long-term sustainability of this project still remains to be seen, but it's definitely something to watch out for in the evolving landscape of Web3 and social interaction. Of course, this still differs from traditional Proof of Work (PoW) mining projects, as those involve actual hardware computational power interacting with the blockchain. Therefore, the application of mining concepts to a social app in this project is relatively interesting and creative. Those interested could definitely keep an eye on it.
(Note: This article only represents Minernav's own remarks and opinions, for reference only, and does not constitute any investment advice.)
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