How can blockchain revolutionize social media? Phaver aims to be the social hub for web3 #SlateCast 25

How can blockchain revolutionize social media? Phaver aims to be the social hub of the web3 #SlateCast 25

Pfeiffer It is a ‘profit-sharing’ social media platform that runs on Lens protocol. Web3 social media platform allows users to own their data and generate income streams by posting and sharing content.

Phaver co-founder Joonatan describes the value of the platform by saying:

“Users control their profiles with NFTs and their social relationships by following NFTs. So we understand that something we have to do from the start is to allow users to re-own the interoperable data.”

Unlike web 2 platforms like Instagram, which may provide profiles in NFT forms but can also select NFTs that can continue to post on their platform.

When users provide and own data, Joonatan continues, our mission at Phaver becomes simply to build a premium user experience.

Platform

The Phaver ecosystem works on Phaver points and their tokens. Instead of likes that we use on all social media platforms, Phaver gives the opportunity to share emoticons within a post. Every day, each Phaver account gets five coins which they can share in any five posts they wish. One bet gives 10 Phaver points for a staking account.

The storage function acts as gift tokens. While these tokens have no value at the moment, they will be of value in the future after the launch of the original Phaver tokens. According to Joonatan, the team is working to create a two-token economy that will reward early adopters at launch.

All types of content, including text, video, GIF, and images, are allowed on Phaver. Users are also encouraged to re-share content they find on other social media platforms on the web 2. Each post is added under a pre-defined category to enable users to easily navigate between posts within Phaver.

How it works

Phaver focuses on rewarding users rather than protocol. The platform is looking to make money from ads in a way that promotes its native code. Joonatan describes the model by saying:

“We don’t want an aggressive monetization model, where we scrape internet history, direct messages, and inboxes like Google and Facebook. Instead, we have contextual targeting of topics within Phaver.”

For example, if Nike wants to drop sneakers into Phaver, it starts by creating an organic post under the sneakers theme. After that, she must purchase Phaver tokens to boost her ad publishing within Phaver.

In this way, the income from advertising does not go into the pockets of the owners of the platform, but is used to increase the value of the Phaver token, which will benefit all users.

Phaver’s Earning and Losing Methods

The idea of ​​rewarding the people who create the best content is at the center of Phaver. The more bets one gets in the post, the more coins one wins.

However, users who search for the best posts can also be rewarded. According to Joonatan, users who help the team by promoting only the best content or hating fraudulent content are also rewarded for their work.

The platform has also developed its mechanism to fight users with multiple accounts, squatters, and spammers. Upon discovery, the Phaver team has the power to deduct Phaver Points from these profiles based on the severity of the damage they cause.

In the future

In its early stages, Phaver focuses primarily on two main functions: discovery and staking support. However, the team understands that supporting all types of content in one feed is a challenge without sacrificing user experience.

So, Joonatan says Phaver will grow to be more divisive. For example, its video-based content may evolve into something similar to TikTok, rather than the current state of the app today. In the future, Phaver aims to transform into a super app where it dilutes all social data into one string.

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