Social media ‘likes’ can be a gratifying thing. Receiving recognition for a status or photo makes you feel connected and part of a community. It’s such an effective social motivator that the Chinese government is considering implementing a ‘social credit’ system. This would see citizens receive a kind of social score based on their perceived trustworthiness. Although such a system may seem a little extreme, one company has found a more neutral ground. Selfllery is a social media platform that gives its users an Ethereum-based token based on the likes they receive. Such a rewards-based way of utilizing social media certainly sounds interesting, but how does it work? In this article we’ll examine what Selfllery is, how the platform integrates, and how the company’s YOU token works.
What is Selfllery?
In their whitepaper, Selfllery declare that they are ‘the social platform for content monetization.’ The company utilizes Ethereum blockchain technology to reward their users with the publication and distribution of visual content. The concept for the platform was first announced back in 2016, and they had a pre-sale of the YOU token in Q4 2017 and in Q1 2018. The Private Sale 2nd Round will occur on May 31st.
The company aims to create an ecosystem that gives users control over their content. It allows users to gain rewards for their videos, live streams, and photos. They also aim to make it easy for their users to support charities and make donations. For companies, Selfllery hopes to create promotional tools based on user photos, creating a wide pool of video and photo content. In their mission statement, they also state their intent to bring blockchain technology to the digital photography market.
With the continued growth of the digital photography and social media markets, Selfllery have identified an opportunity. More and more people are uploading and viewing content across sites such as Facebook and Instagram. The company hopes to provide a set of tools allowing users to monetize their content.
How Does Selfllery Work?
The tools that Selfllery provide cover a number of different aspects of a rewards-based economy. Below are some of the areas that they cover:
This whole ecosystem, for both users and promotors, is driven by the ERC20 YOU token. The main metric that the company hopes to leverage is the ‘like’. This gives a measure of how engaged other users are with content on the platform, and gives an opportunity to earn tokens. It rewards innovation and interesting content. Users are incentivized to provide high-quality content, as elements such as a token multiplier are applied to top-ranking users.
One interesting aspect of the platform is the integration with charities. 10% of the company’s profits will go to different charities. It also makes it easy for users to determine where their donations go and how much of the site’s income goes to charities. To encourage this behavior, users are given public recognition for donating.
What is the YOU Token?
At the heart of the entire ecosystem is the YOU token. This is the money that is given to account holders for their content, as well as the means of accessing paid services on the platform. This includes elements such as the marketplace and stock photo gallery. It uses a ‘proof-of-like’ system, whereby users are rewarded for the ‘likes’ they receive on the platform. Every year the number of ‘likes’ required to obtain a YOU token is increased relative to the number of users. Certain events will be held to allow account holders to generate tokens in addition to their content contributions.
The company seems to have found an interesting niche in the market. The growth figures of both social media and digital photography they outline in their whitepaper show immense potential. From a user perspective, being paid to share their content could be a tempting prospect. Although the principles of the platform seem sound, and the team has delivered some alpha demonstrations, it remains to be seen whether it will gain mass market penetration. Aspects such as the charity integration and incentivized way of sharing content will certainly help with that.