Sociall ICO (SCL Token): Decentralized Blockchain Social Network?
Sociall, found online at Sociall.io, is a decentralized social network that aims to disrupt today’s social media platforms. Find out how it works today in our review.
What is Sociall?
Sociall aims to create a blockchain-based social network. The goal is to offer a secure alternative to platforms like Facebook with features like encrypted data and enhanced privacy.
Obviously, Facebook’s data privacy policies have been in headlines throughout the month of March due to the Cambridge Analytica scandal. Facebook is accused of selling 50 million user profiles to an analytics firm for political purposes. Against this backdrop, Sociall announced its network on March 23, 2018, issuing a press release announcing the beginning of closed beta registrations.
How Does Sociall Work?
Sociall aims to create a new era in social networking by offering a private, data-encrypted platform for everyday users. Data in the Sociall network is entirely decentralized. Furthermore, search engines are discouraged from indexing user profiles.
Sociall will encrypt all data and multimedia uploads, then storage that encrypted data securely all over the world in a decentralized network. Sociall will be private and will discourage search engines from viewing user profiles or from displaying user profiles in search results.
Another unique feature of Sociall is that it does not claim ownership of any uploaded data or content. All information belongs to the user.
The Sociall ecosystem revolves around the use of a native currency called SCL. That currency is used to pay for goods and services on the platform. All Sociall accounts will have their own decentralized wallet that allows them to store SCL and other popular cryptocurrencies. The wallets are built on the Ethereum blockchain as a series of smart contracts.
The long-term goal of Sociall is to put power back in the hands of the people. Over time, Sociall will gradually transition to complete self-governance – similar to blockchain-based decentralized autonomous organizations, or DAOs. Users will be tasked with keeping the platform clean and safe by removing offensive posts and spam. In exchange, users will be rewarded with SCL. Users will also have the ability to make updates and fix issues.
In 2019, Sociall will transition to using InterPlanetary File System (IPFS) as its data storage solution. Users will be able to manage their content through simple and strict privacy settings that can be controlled directly from your profile.
Sociall is working with an open source project called IdentityServer to authenticate logins to the application. IdentityServer is trusted by companies like Microsoft and Bosch. Instead of relying on a single centralized third party to verify logins, Sociall will use the IdentityServer framework.
Sociall account wallets will be created through a decentralized smart contract process with no controlling entity. Sociall will never have control over any funds kept in wallets, nor will they ever be able to process transactions on behalf of users.
Sociall will never store any private keys or passwords in its database. Instead, users will create a password that grants them access to their wallet. This is a decentralized solution that doesn’t involve hosting and encrypting private keys – which is how many of today’s digital wallets work.
Other key features on the Sociall platform will be a marketplace where users can buy and sell products. Sociall will charge a 1% fee for transactions within that marketplace
Sociall will also have a messaging feature, including user-to-user messaging as well as community-based messaging for events and groups. End-to-end encryption will eventually be integrated into Sociall. In the future, Sociall users will also be able to send SCL tokens, audio files, and other types of content via messages.
Finally, Sociall will have a crowdfunding and advertising campaign management system, allowing SCL token holders to get an instant-access debit card to spend their tokens in the real world.
Features of Sociall
Sociall will integrate all of the following features:
All Sociall profiles will come with a decentralized wallet. That wallet will allow you to hold SCL tokens (the native Sociall tokens) as well as other ERC20-based tokens.
Sociall will have a marketplace where users can exchange products and services. The marketplace will charge a 1% fee on all transactions. There will be strict rules against illegal goods and services.
Sociall will have end-to-end encrypted messaging between users, communities, groups, and events. Sociall will use WebSockets with the help of the SignalR library.
Sociall will have mobile apps for iOS and Android. Eventually, these mobile apps will come packaged with a VPN and Tor, among other encryption and privacy tools.
Community and Blog:
The Sociall “Community” section is an open public blog where content-rich posts can be seen by anyone on Sociall and beyond.
Sociall is a private social network that does not allow search engines to index user profiles. Users can access simple privacy settings to fully control access to their data.
Sociall users will be able to launch crowdfunding campaigns. Sociall claims this isn’t designed for people to launch their own ICOs; instead, it’s designed for “a personal cause such as an individual user trying to raise funds for a charity, or a family trying to raise money for medical bills,” explains the official website.
Sociall stores data across a decentralized network. Eventually, Sociall will use IPFS for distributed storage.
Sociall will have an advertising platform with a semi-automatic self-serving process. Any user with a Sociall account and a SCL balance above 0 can create and submit an ad campaign through Sociall. Fees will be paid in SCL tokens.
The long-term goal of Sociall is to create a self-governing ecosystem where users control the future of the platform. Users will receive SCL tokens in exchange for their work in “cleaning up” and moderating the network.
Sociall will have a debit card that can be loaded with SCL tokens, allowing you to spend your funds in the real world.
Some of the notable fees of Sociall include:
- Marketplace Fee: 1%
- Debit Card Purchases and Transactions: 2% (1% fee from Sociall’s transaction partner, MoxyOne, and 1% from Sociall for a 2% total fee)
- Physical Card Issue: $15
- Virtual Card Issue: $3
- Annual Card Fee: $0
- Foreign and Domestic Exchange Fee: $0
- ATM Withdrawal Fee: $0
How Do Sociall Tokens (SCL) Work?
Sociall tokens, or SCL, are ERC20 tokens on the Ethereum blockchain. These tokens are used to pay for all goods and services on the Sociall network – including advertising slots.
There’s a total supply of 16,714,019.66 SCL tokens. That’s also the exact circulating supply. No new tokens will ever be created.
You can store SCL tokens in any ERC20 compatible wallet. Sociall also plans to launch its own wallet attached to Sociall user profiles.
Who’s Behind Sociall (SCL Token)?
Sociall launched its closed beta in March 2018. By May 2018, the company hopes to launch its platform to the public in the form of v2.0. The features listed above are scheduled to be added over the course of 2018 and 2019, with full self-governing capabilities added to the platform in September 2019.
The company is led by founder and CEO Jade Mulholland, a Queensland, Australia-based full-stack web developer, who is leading a team of 8 to build the project.
Sociall ICO (SCL Token) Conclusion
Sociall is a decentralized social network that aims to offer a superior, more secure solution to traditional social networks like Facebook. The network will emphasize secure data storage, decentralized governance, and a low-cost cryptocurrency, among other innovative functions. The goal is to create an entire online ecosystem where SCL tokens circulate between advertisers, users, and the platform.
To learn more about Sociall and how it works, visit online today at Sociall.io. The platform entered a closed beta in March 2018, with a full public launch expected for May 2018.