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SOCIAL Brings Blockchain to Social Networking



Since its successful ICO (Initial Coin Offering) which closed September 2017, the recently re-branded SOCIAL, has completed its transformation from Nexus to a blockchain and cryptocurrency leader and is well on its way to executing its expansion plan. SOCIAL is a secure and private decentralized social network with an integrated ad platform and marketplace that utilizes its native cryptocurrency, SCL. The company targets two significant markets: social and e-commerce. Both markets are ripe for disruption and stand to benefit from the advantages of SOCIAL and it’s use of blockchain technology. 

As bitcoin and its various funds like Bitcoin Investment Trust (OTC:GBTC) begin to attract institutional investment, more speculative interest from early-stage investors has surged for Initial Coin Offerings (ICOs).

Post ICO, the company has moved swiftly to increase development and become a first mover in leveraging blockchain technology in a social network. The ICO successfully raised capital to support the cash burn required to fund tech development and was also managed properly to stabilize the coin in a buyback program that prevented post-ICO coin sell-off. With working capital, key personnel, and the potential to tap into a multi-billion dollar addressable market, the company is poised to become the next generation of social networks. 

The Future of Social Networks

In 2017, 2.46 billion people worldwide enjoyed connecting to the content, relationships and eCommerce enabled by social networks. However, as the likes of Facebook, Twitter and Instagram have matured, concerns have increased relative to the massive amounts of personal account data collected, and sold to large corporations. Add to that the transactional data and potential security threats inherent in social networks and a need for a new paradigm presents itself.

Many say that blockchain provides a chance to evolve social media to a new level. Blockchain technology powers the decentralized platform that drives cryptocurrency. The key is its decentralized ledger, which allows blockchain technology to create new ‘blocks’ for information that is being stored or processed. When a new block of information needs to be stored, it is approved by the whole chain, which means the entire chain is ‘decentralized’ and so secure and transparent.

The blockchain is a secure and scalable option for financial transactions.  IBM and Mastercard have adopted blockchain technology to protect transactions. American Express has launched instant blockchain payments for international business-to-business payments.

SOCIAL is pushing into the future with a smart combination of blockchain and cryptocurrency on its social networking platform. Social is designed to be a social media platform where users can post information, send private messages, and make transactions all through the blockchain.   

A big advantage for SOCIAL is that the company's coin, SCL, can be used on its social network as a monetary device within the platform. SCL can be used to purchase products and services from other users, buy ad space from the integrated ad platform, and donate to crowdfunding campaigns. The Social SCL can also be earned, for example, by contributing content with clicks converting to SCL as compensation. This is entirely different than current social networks that do not reward content providers. The main benefit is that all these transactions are handled on the blockchain and free from privacy issues. The Social coin is also linked to a debit card, allowing users to spend their Social as currency (dollars, pounds, euros) wherever Visa is accepted.

Blockchain technology provides a methodology that gives users more control over the privacy of their information. Social uses this to provide end-to-end message encryption to ensure only the user and the person they are communicating with can read what is sent.  Furthermore, all of the information sent and received, as well as all data stored on the site and all transactions within the platform, remain private, which removes the privacy concerns from social media.

In development since 2014, Social provides a compelling alternative to legacy social media platforms. With all uploaded data end to end encrypted and stored on the blockchain, both data and the privacy of the account privacy will remain under the control of users and not the third party platform or its advertisers. 

The combination of the SOCIAL platform, along with its SCL coin, creates a powerful combination of a decentralized social network and a secure and private online marketplace that is worth watching. 

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