Cuneiform Consultancies creates a blockchain-based social network platform for its clients' internal use.
- Social Network
Technology used in the project
- A crypto and block chain solutions company sought to create a social network platform for its employees in order to make work more enjoyable and productive.
▸ Cuneiform consultancies were requested to assist with a project centred on the idea of a social network, a platform that compensates content creators for receiving up-votes on their work in addition to assisting individuals who can select the best material for the site by up-voting other people’s work. The platform will be based on the Steem block chain, and it will regularly produce new currency units through the network before distributing them to its users. The users can then convert these digital currency units into actual cash.
▸ Although initially it was a client-hosted in-house demonstration of concept, the goal was to test a social network that evaluates the work of content producers and curators using smart currency. It develops the social consensus algorithm that is employed for token distribution.
Evaluating the Reward Pool
- The system’s actors are incentivized to offer value to the social network.
- Tokens are given to content developers. These currencies are generated on a regular basis and distributed to people based on their mining abilities. Steem tokens are created at a set pace of one block every three seconds. Based on block chain rules, these tokens are allocated to system players such as content authors, curators, and others.
- The “rewards pool” is made up of 75% of all new tokens, which are awarded to all content authors and curators. Token holders receive 15% of the proceeds, while block creators that cooperate with their consensus protocol receive 10%.
- When users make content, they add value to the system and keep other users interested and pleased. The cash is shared among many people on the network. Users who rate and up-vote content help get currency to users who are useful. Based on the voting method, the Steem block chain gives rewards for both of these things.
- The network lets users have one vote per account, and by growing their stake, they can gain more power in the system.
- The Steem block chain-based social network is intended to be a reward-based social network. Because of the incentives it provides, the network is sufficiently effective to provide value. The Steem blockchain serves as both a popular social media network and a system for processing digital tokens. It enables us to publish and permanently store plain text content directly in its immutable ledger.
- Once data is stored in the block chain, it is accessible to the public for use by developers.
- The Steem block chain utilizes user names as wallet addresses, thereby enhancing the user experience for participants.
- The platform provides a decentralized token exchange to which users can gain access via a block chain API.
- The irreversible nature of block chain transactions establishes both the security of the transactions and the assurance of both parties as a result of a third-party escrow service. When the terms and conditions are satisfied, funds will be disbursed.
- The posting key enables users to post, comment, and edit on other accounts. The active key facilitates fund transfers, enables transactions, converts Steem dollars to fiat currency, etc.
- The system provides financial incentives to multiple parties, including authors, referrers, hosting providers, and curators.