AMA Recap Solcial x Vietnam Coin Market Community

6 min readFeb 17, 2022

I. Q — A

Could you briefly introduce about yourselves as well as your project?

Hey everyone! I’m Tina, I’ve been in crypto for about 5 years and joined Solcial a few months ago as I believe in the idea of a censorship resistant social network, that can reward users fairly. Solcial is a fully integrated decentralised social network allowing users to interact without fearing censorship, and allowing content creators to be rewarded fairly at market value and without middleman.

Solcial is a mobile app (iOS and Android), as well as a desktop app, and a website. On Solcial each user has their own token, allowing you to invest directly in people. You get minted 1 millions coins when you signup, that supply is fixed and the same for everyone. These coins are yours, you can keep them or sell them (or send them to friends).

And to follow people we have 3 subscription levels: you can follow someone for free (Tier 1) to access their public content (similar to Twitter or Instagram), and to access their private content (what we call Tier 2 and 3 subscriptions) you need to own their token, to be an investor in them. That’s what we called the “invest-for-subscription” model.

We also display your NFTs on a user profile, either just to show-off, or to buy & sell your NFTs with your friends.

All the user content is stored on IPFS and accessed through a P2P layer that we developed. So it doesn’t rely on censorable servers or gateways. And the token related operations (minting, trading etc) are all on the Solana blockchain.

What makes the SOLCIAL project stand out more than the projects in the same direction at the moment?

It depends which competitors we are looking at, the main advantages are surrounding our design, we are peer-to-peer and decentralised by nature.

The second advantage is that we are building on top of great technologies: Solana and IPFS, we are not rebuilding another layer 1.

Another advantage is that we have a community of crypto libertarian that truely support us in our mission. And this is invaluable to us.

Who are some business partners/clients for SOLCIAL?

we are working on many partnerships with other crypto and metaverse projects but we can’t communicate on that yet sorry

We are backed by tier 1 investors: Solana Ventures, Alameda research, Rarestone, Newave Capital, NOIA Capital, Genesis Block ventures and more. They all provide us broad support from industry networks to community marketing

What are the memorable milestones of SOLCIAL in the research and development process?

The V1 is ready at 80% and we’re already using it ourselves. The roll out of the fully decentralised app will be progressive, first it will involve some centralised components in the early stage, and then we’ll roll out the P2P network progressively, until everything is decentralised.

What does SOLCIAL plan to do to attract more users in the upcoming time?

Excellent question, that’s actually the most important. How to get a network effect. The key to understand is that a social network is a marketplace, you have supply and demand. You have content and users. And to get more users they need to see new content, but to get more content you need new users to post it. So you have a chicken and egg problem to solve early on. And the only way to solve a chicken and egg problem for a marketplace is to start with a small niche, a small group, dominate that market, and then expand.

So here we’re starting with the market we know the best: crypto traders. People will be able to share their market analysis, trading calls etc, and interact together (either to speculate on each other, or to subscribe to their private content, their special insights etc). Once we get enough engagement with these first users, we’ll expand the user base to other groups that are lined up and ready to onboard.

II. Twitter

#1. Solcial’s native token, the $SLC token, is owned by Social. Is $SLC a token for governance? Who has the right to vote in the DAO and receive a reduction on trade fees? Could you please describe the $SLC Token Distribution in further detail?

https://twitter.com/Akash97321/status/1493819016267595781?s=20&t=FBr5SD73HuoNe3Q-021-5w

1. The Solcial token will be used for 3 things:

2. as a governance token for voting on the DAO.

3. for having discounts on trading fees.

and to buy the token of anyone on Solcial, you will need SLC as the base currency. Each user token is traded versus SLC (the Solcial token), and you need SLC to buy the token of anyone. A bit like Chilliz for the Fan tokens, to buy the football clubs coins like Arsenal or PSG, you trade them versus CHZ.

#2. I read that on Solcial each user is rewarded according to what they contribute to their followers on the platform. But how do you manage to determine and “fairly” reward the contributions of each user? How do you manage to quantify such a subjective parameter for anyone?

https://twitter.com/DAD2829/status/1494186316543987716?s=20&t=0mEBGloEsLTBYJZEbtb1LQ

The fair price is what the market values your token price. Valuing the “social market cap” of anyone is something entirely new, so we don’t have models to value these tokens. Instead you could simply look at the price of other people, or other influencers.

If someone has a million followers on YouTube and her token is priced at $20, but someone with a thousand YouTube followers has a token price of $50, then there might be an arbitrage to make.

In fine, the price of anyone will be determined by the market, by speculation, by demand and human psychology: what people think you should be worth.

#3. Most NFTs games currently suffer low player base due to expensive initial cost for a new player to take part in the game, How does Solcial is attracting large group of players? can you talk some of its features which make it different from other ?

https://twitter.com/MsNazmul4/status/1493773902883192832?s=20&t=3JjayFjy1ZNiUbVTzrV8HA

Question is irrelevant to our project but We also display your NFTs on a user profile, either just to show-off, or to buy & sell your NFTs with your friends hehe

#4. Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?

https://twitter.com/Safiyan09/status/1494214400747896832?s=20&t=4MlT7PKmfpQHAvQ-L9BNxg

We’ve answered this question above, adding upto that, we are testing the developer version of the app, so you can expect the app soon.

III. Freasking

How do you protect copyright of content?

If a copywriter submits a complaint, we can take down the copyrighted content from our IPFS nodes and hide it in the UI, but other users can continue to broadcast the content if they wish, the link will be a direct IPFS link. On Solcial the content is accessed via our P2P network, but stored on IPFS.

But our power is limited in the sense that it’s a decentralised, open-source protocol making available copyrighted content. It’s like when HTTP or FTP is used to access these files, there is little the authors can do, even against IPFS itself.

Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?

For security we’ve partnered with Kudelski security (the firm that has audited the Solana blockchain itself) that is auditing us.

How can users join this project? Is there a channel with the local community where users can get the latest updates?

1, YouTube channel

2, Website

3, Instagram

4, Discord

5, Twitter

6, Other_____⏭️✅☑️

Get in Touch

Telegram: https://t.me/solcial

Twitter: https://twitter.com/solcialofficial

Medium: https://medium.com/@solcial