SocialX is a decentralized social media platform where users can share photos, videos, and other files across a distributed network. Here’s our review.
What is SocialX Network?
SocialX Network is a social network built around SOCX tokens. You can sell photo rights to others in exchange for SOCX tokens, for example. The platform allows users to distribute all types of content seamlessly. Video and photo apps can store your files in a decentralized and secure way, for example. Built-in license management lets you decide if you want to keep your photos private or sell them to others.
The platform can be found online at SocialX.network. The development team has already created a mobile prototype and web alpha version of the platform.
An ICO for SocialX tokens begins on January 15, 2018.
What Problems Does SocialX Seek to Solve?
Obviously, the social network industry is very competitive. What makes SocialX different from its competitors? What problems does it seek to solve? Here are some of the problems outlined by the development team:
- Fake accounts, fake likes, and fake followers are enormous problems across other social networks
- Low-quality content is flooded across other social networks
- Users have no way to participate in the value of the platform
- The social network owns all of the content you post onto the platform, and users can’t manage licenses or rights of their photos and videos
- Community members have no incentive to share high-quality content with the network
SocialX aims to solve all of these problems while creating an incentive-driven social network. Let’s take a closer look at how it works.
How Does the SocialX Network Work?
SocialX Network places all of your social network features on a decentralized platform. Your groups, photos, and videos are placed on a fast, secure, and decentralized network. SocialX claims to be the first decentralized photo and video app that will securely store your life moments in a single app. With SocialX, there’s no need to post your photos and videos on centralized platforms like Facebook or Instagram.
SocialX also emphasizes less censorship. Today, many social networks fail to upload the idea of freedom of expression. Centralized architecture puts social network users under a constant threat of censorship.
SocialX also has a built-in messaging services where you can communicate with your friends via an encrypted messenger while also exchanging currencies. You can send payments and smart contracts to friends from within the chat window.
Finally, SocialX gives users the ability to earn money by sharing content with the community. SocialX has an upvoting system designed to reward the value of specific photos and videos, then reward contributors with cryptocurrency.
SocialX Versus Steemit
Obviously, SocialX Network sounds similar to Steemit. Steemit is a cryptocurrency-powered social network where users can share content to earn rewards and upvotes. What makes SocialX different from Steemit? The SocialX whitepaper addresses this concern, saying that “the backbone of the platform is somewhat complicated and can be hard for first time users to understand.”
Nevertheless, they insist that SocialX isn’t a competitor to STEEM in any way. The two platforms share a similar cryptocurrency-based upvote system. However, SocialX takes this platform to the next level by combining blockchain with image sharing, encrypted messaging, live streaming, license management, and more – all of which are features you won’t find on Steemit.
SocialX Features and Use Cases
One of the nifty features of SocialX is that you might see a photo of your friend wearing a shirt, and the SocialX platform would be able to track down the shirt and make a seamless checkout from within the SocialX app.
SocialX will use zero knowledge proof technology to achieve bi-directional encryption.
Prepaid Credit Card:
Users will be able to easily spend SOCX and other ERC20 tokens using the SocialX prepaid credit card.
SocialX stores all data across a decentralized network. “These days you can even store your cryptocurrency on a USB stick, so why not your identity?” asks the SocialX whitepaper.
Community members can suggest changes and vote on changes in the SocialX ecosystem.
SocialX Network will use zero knowledge proofs to allow one party to verify what the other party is saying without actually trusting that party.
The SocialX Network ICO
The SocialX ICO begins on January 15, 2018. You can purchase SOCX tokens through the ICO. The sale will last for 10 days.
Of the total supply of tokens, 50% are reserved for the ICO, with the remaining tokens going to the team and advisors (20%), rewards (16%), management (10%), and bounties (4%).
SocialX’s goal is to raise a maximum of $2 million USD and a minimum of $200,000 USD during the ICO.
Who’s Behind SocialX Network?
The SocialX Network is led by Philip Hendry (Co-Founder and CFO), Theodor Diaconu (Co-Founder and CTO), Christian Josephs (Co-Founder and CMO), and Marcel Füssinger (Co-Founder and CEO). Marcel Füssinger is an Austrian entrepreneur who currently lives in Southeast Asia.
The company is based in Singapore.
The SocialX Network Conclusion
The SocialX Network is a social network that aims to offer social interaction with cryptocurrency rewards. It expands its features far beyond what competing platforms like Steemit offer. SocialX comes with an encrypted messaging system, P2P payment technology, content license management, and more. The end result is that users can participate in a social network where they get rewarded for their activities.
To learn more about SocialX and how it works, visit online today at SocialX.network.