Monoreto aims to create a social network based on the monetization of likes. Find out what that means today in our review.
What Is Monoreto?
Monoreto, found online at Monoreto.com, is a social network that aims to pay users for the content they generate and the value they provide to the network.
Basically, Monoreto users can receive MON tokens for every like they receive. It’s a social network that literally monetizes “likes”.
A token sale for MNR tokes – which are separate from MON tokens – is taking place from May 10 to June 10, 2018. The main ICO for MNR tokens is scheduled for later in summer 2018.
What Problems Does Monoreto Seek To Solve?
There are a number of cryptocurrency projects seeking to solve issues with existing social networks. Which problems is Monoreto trying to solve? Here are some of the problems mentioned in the Monoreto whitepaper:
- Centralized social networks do not monetize the content of their users; users do not receive compensation in exchange for the value or content they provide to the platform
- Social network users have little incentive to participate in the platform; there’s no reason to post on Facebook, for example, when you can just “lurk” instead
- Social networks are filled with advertisements, making it difficult for social media users to find genuine content amidst so many ads; many people are leaving social media networks because of the excessive number of advertisements
- Content theft on social media networks is common, and the copyright owners of music, films, photos, and books face difficulty removing their own content from social media; someone might generate millions of views from unoriginal content, for example, that they stole from the original content creator
Ultimately, the big issue Monoreto is trying to solve is that today’s social networks don’t encourage innovation or creativity. Even a talented creative professional has little reason to upload content to existing social media networks. Monoreto wants to solve that problem.
How Monoreto Blockchain Social Network Coin Works
Monoreto aims to solve all of the problems listed above by “creating the world’s first generous social network for every user on the planet.”
The key feature of Monoreto is that users receive MON tokens for each like they receive. Every time you post a photo, video, or update on Monoreto, you have the opportunity to earn real money for each “like” you receive.
The goal of implementing a paid-like system is to increase the significance and value of likes. Likes are no longer just an arbitrary way to recognize someone’s accomplishments on social media. They’re a way to transfer genuine value.
The cost of a like in MON tokens will be the USD equivalent of 5 cents ($0.05). In other words, you’re going to need to spend $0.05 every time you like something on Monoreto.
All Monoreto transactions take place using special wallets connected to personal user accounts. It will be possible for users to convert received MON tokens to cryptocurrencies like bitcoin, Ethereum, and others. You can also convert MON tokens to the other Monoreto token, MNR, which is available for purchase during the ICO.
Monoreto aims to function like a blend between Facebook, Twitter, and Instagram. It will have core social networking features like live video broadcasting, a timeline of posts from people you follow, and the ability to comment on content. Your network will likely consist of more than just people you personally know, however: Monoreto is building itself as the ultimate blogging platform, allowing people to share their creative skills with the world.
How Does Monoreto Use Blockchain Technology?
Up to this point, we haven’t talked much about blockchain technology. Monoreto will use blockchain technology for its social network. Specifically, the team is using the NEM blockchain to launch its MON cryptocurrency.
Monoreto doesn’t seem to be based entirely on a decentralized blockchain. Instead, the social network is built as a traditional application while using blockchain technology for transactions.
That means Monoreto users can publish posts for free while still enjoying the benefits of secure transactions. The application will interact with the NEM blockchain via the NEM API.
Monoreto also plans to offer a REST API to developers. That API will be similar to Facebook Group. All applications on Monoreto will receive their own unique ID number. Monoreto will ban any low-quality or scammy applications.
In addition to the “paid likes” feature, Monoreto will implement a number of social media tools. The goal is to make communication even easier and more convenient. Some of the tools available through Monoreto will include:
- Improved timeline of posts with photos and videos
- Comments on posts that allow you to keep in contact with followers
- A stories function that allows users to create photos and 10-second videos overlaid with text, emojis, and handwritten notes
- Live broadcasts, similar to Facebook Live or Instagram Live
- The ability to earn MON tokens in exchange for posting quality text, photo, or video content
- Online video quizzes with cash prizes, similar to how HQ Trivia works (Monoreto specifically mentions HQ Trivia in its whitepaper)
- A “Photobank” where users can post their work for commercialization
- Advertisers can post quizzes and other content on the platform, then reward users for participating
- A lottery for the top donators, including a lottery among users who gave paid the most “likes”
Monoreto MNR Token ICO Details
Dates for the Monoreto pre-ICO have already been announced. The pre-ICO is taking place from May 10 to June 10, 2018.
There’s a soft cap of $200,000 and a hard cap of $800,000 for the pre-ICO.
The main ICO, meanwhile, is scheduled for August 15 to September 30, 2018.
Tokens are being sold at a price of $0.025 to $0.05 throughout the pre-ICO and ICO period (they get more expensive as the token sale continues).
Of the total supply of tokens, 63% is allocated to the crowdsale. The remaining tokens are allocated to the first 500,000 users of the platform (23% of the total supply), the Monoreto team (11%), and bounties (3%).
MNR tokens are ERC20 tokens on the Ethereum blockchain. They’re one of two tokens used on the Monoreto platform, along with MON. You can convert MON to MNR on the platform. You spend MON tokens on likes, and MON tokens can be converted to MNR before being withdrawn into bitcoin, Ethereum, and other major cryptocurrencies.
Who’s Behind Monoreto?
Monoreto was created by co-founders Kirill Granev and Artyom Vishenin. Granev previously founded the Custodian Foundation. He’s an expert on blockchain technology and asset management. Vishenin, meanwhile, is an entrepreneur, “ideological inspirer”, and smart contract specialist who works as a web analyst at RUNetSoft.
Monoreto is based in Moscow, Russia. The social network, however, aims to cater to users worldwide.
Monoreto is a new social network with several novel concepts. The first and biggest change with Monoreto is the fact that users pay for “likes”. You spend Monoreto’s native MON tokens on likes. That gives each “like” a value of approximately $0.05. Content creators are encouraged to join the platform and begin blogging to collect likes.
Monoreto also comes with social media features like livestreaming, live quizzes, innovative advertising models, the ability to upload photos and videos, and more.
Monoreto isn’t entirely built on blockchain technology. Instead, Monoreto is an app that uses the NEM blockchain as a payment processing tool.
To learn more about Monoreto and its upcoming pre-ICO and ICO, visit online today at Monoreto.com.