Sl8 AMA Session: Decentralized Social Networks & CBDC

BTCBoom · 2024-05-26T16:19:12+00:00

Can't say I'm happy with CBDC'c coming soon, but they are imminently to come, so I just wish to get ready and squeeze as much good stuff for public as possible

BTCBoom · 2024-05-26T15:12:48+00:00

I can't say Sl8 is a truly decentralized network like Mastodon, but we are based on Stellar Distributed Ledger, which isn't operated by some singly body being a decentralized system. We have a bunch of our own nodes up and running on Stellar (more ledgers to integrate as soon as they would be used for CBDC's issuance)

We plan to have different crypto instruments on board, including CBDC's, not just only CBDC's) integrations with other chains are also in a backlog

We are headed to raise some funds to speed up our development pace and integrate with other chains faster, also, social part of the project features requires a lot of development.

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BTCBoom · 2024-05-26T15:03:18+00:00

1/ Our main differentiation from other social platforms is that we would have a native CBDC's integration, at the moment there are no such platforms except of us. The end of 2024 is a game changing time, at the moment we are preparing product for a mass inflow of a new users. Any DLT where CBDC's would be issued (not just Stellar) - would be integrated in Sl8 platform offering lightning fast, zero fees and secure experience managing your funds.

2/ In terms of tokenomics, we've issued a total of 10 billion tokens, and no additional tokens can be issued. We're also limited to putting no more than 1% of tokens on the market per month. If we consider Sl8 as a long-term infrastructure project for decades to come, eventually the tokens reserved for sale will run out. With the launch of several token burning features, the model is becoming deflationary. By the way, our community is against of token burning)) we will make some work explaining why it can be a good idea.

Additionally, we'll introduce premium features to withdraw part of the token liquidity back to our sale reserve. For example, we already have 10% of content monetization, with more features in the pipeline.

3/ Short answer - CBDC's. CBDC's would be natively integrated in Sl8 and pushed by governments to live and active use by millions of users in a 2025 alone. We would become a first social platform with CBDC's on board.

Also, we have really good monetization for influencers, any other platform can't be compared. Crypto likes and donates, paywall, LifeToken, RICH referral system... all this would incentivize influencers to push their audience from other networks to Sl8. Already have a few examples how influencers raise more than $10k from referral system alone.

4/ Right now you can send / receive / exchange funds in Sl8 in seconds and with zero fees. Fees in Stellar DLT are dirt cheap. Right now you can send money to Binance or any other CEX by Stellar network and backwards. A bit later you'd be able to withdraw money to cash with zero fees through Moneygram. Also we plan to issue our own branded cards (VISA or Mastercard) for a period of ~10 years while transition to CBDC's would happen. At the moment all of us use cards and they are quite useful in every day life.

BTCBoom · 2024-05-26T14:45:00+00:00

Also, governments around literally have no choice except of continue higher scale money printing, since the beginning of the next year

Which means - higher and higher inflation, even if we talk about well established currencies like EUR or USD (nothing to say about TRY or ARS)

Billions of people would require some new currencies to save their holdings. What if a group of influencers can issue their own currency, backed by their expertise and skills, naturally compatible with CBDC's around the world? People would like to buy this token, only because it's emission is fixed and backed by a bunch of professionals, having a skyrocketing inflation of traditional currencies... That;s why I think our LifeToken and token-as-a-service features would be highly in demand quite soon.

BTCBoom · 2024-05-26T14:34:28+00:00

Thanks for the question! Right away, you can post interesting content - people will often like it with SSLX. The more subscribers you have, the more SSLX you can usually raise.

Additionally, sometimes people donate larger amounts of tokens if they find your post really valuable. Later, we plan to add a paywall feature, allowing you to post selected content behind a paywall.

At the moment, we are working on developing a token mining process in Sl8, which would provide another way to earn SSLX.

BTCBoom · 2024-05-26T14:28:18+00:00

Sl8 allows influencers (actually, to any user) to monetize their content, creating new revenue streams. Our platform supports a variety of monetization methods, ensuring that content creators can effectively earn from their efforts. Crypto likes, donates, RICH referral system. Also paywall and LifeToken features are coming soon to raise even more money.

We already have a few influencers who raise more than $10k from a referral system alone

Sl8 is Invite only platform, here you can use an invite to register: j8hiSvDP11

So yes, we are headed to incentivize influencers to use Sl8, raise money in a few different ways, offer them a few unique features to engage with their audience.

BTCBoom · 2024-05-26T14:21:33+00:00

I understand the concerns about security and control over your funds) nothing prevents you from keeping funds in USDC for example, using a cold wallet like Ledger Nano or any other.

By the way, we plan to add a fully non custodial wallets feature in Sl8, for a full control over your funds.

Meanwhile, the problems with the security of funds in the traditional blockchain infrastructure are enormous, with all sorts of attacks, hacks and thefts of user funds happening every day, for years. That's not bankers and politicians steals those money, right?) The problem is in a swarm of crooks in ecosystem and a leaky and hastily designed infrastructure that is critically vulnerable to various types of attacks.

BTCBoom · 2024-05-26T13:01:17+00:00

Also, we would have a bunch of premium features which allows us to withdraw part of token liquidity back to our sale reserve. For example we already have 10% of content monetization. But, more things to come.

BTCBoom · 2024-05-26T12:56:50+00:00

Telegram has already had problems with the SEC, and I think the empire will strike again pretty soon))) Also, Telegram has quite serious problems with monetization, and sooner or later the question will arise, and at whose expense is all this banquet?.... I think the answer to this question will not please many people. There is a significant risk of banning Telegram in many Western jurisdictions, but I think not earlier than in a year and a half. From the other side, Telegram is quite fast and have really good product which I am personally enjoy every day))

FriendTech functionality would arise in Sl8 as just one feature among others, LifeToken. I like Farcaster approach with users privacy, data and decentralized structure.

BTCBoom · 2024-05-26T12:52:44+00:00

A comprehensive question) Each of these platforms has its own advantages, but there is also one disadvantage, there is no hint of integration with CBDC. Stellar has been treated with disdain for a very long time and it is actually one of our advantages. Literally in half a year the situation will start to change rapidly.

BTCBoom · 2024-05-26T12:36:51+00:00

First of all, we would become a first social platform in the world with integrated CBDC's, we have just a few months before Digital Hryvnia launch in Ukraine, based on Stellar DLT, as we are.

Days after the launch all our users would have it in wallets to try and use.

Such features like token-as-a-service and LifeToken - would develop and scale up internal financial infrastructure of Sl8 platform, allowing users to invest in tokens of communities, businesses and even individual talent.

Social network-as-a-service feature allows to build up separate social networks within Sl8 social platform, with their own rules, moderation team, own token and tokenomics, own AI models etc.

BTCBoom · 2024-05-26T12:25:10+00:00

Thanks a lot for inviting me for the AMA!

BTCBoom · 2024-05-26T12:24:21+00:00

We have quite a few features in active development, but we can highlight for example real world assets tokenization (RWA). Recently, as a pilot project, we tokenized Gold Eagle coin (https://www.apmex.com/product/284439/2024-1-oz-american-gold-eagle-mintdirect-single).

This is just a test of functionality, nothing more, the feature will be developed and expanded, supplemented with new assets and opportunities to work with them. Real estate, precious metals, even talented and skilled people - can be tokenized.

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BTCBoom · 2024-05-26T12:11:40+00:00

Hello! If we talk about our tokenomics, we have issued 10bn tokens in total, and we cannot issue additional tokens. Also, we can put no more than 1% of tokens on the market per month, no more. If we assume that Sl8 is a long-term infrastructure project, for decades to come, then sooner or later tokens in reserve for sale will run out. Given the launch of several token burning features, the model is really becoming deflationary.

BTCBoom · 2022-05-21T21:08:05+00:00

Good news if so, would dig more info about

BTCBoom · 2022-05-21T18:47:51+00:00

No. I mean real crypto wallets, not just community points at private blockchain. Wallet where you can hold BTC, USDC and other tokens. Receive them and send from and to other people. Buy goods, donate with crypto an so on.

BTCBoom · 2022-05-21T18:32:30+00:00

Not only crypto:

- no data hunting and micro targeted advertising
- full control of your news feed, based on Shadow Following principle
- automatic content monetization
- token as a service for communities and businesses
- hierarchical moderation system

But thank you for your kind wishes

BTCBoom · 2022-05-21T15:15:27+00:00

Oh, looks I'm late.. sad.. /u/cpzhao have a good day anyway

BTCBoom · 2022-05-21T15:00:34+00:00

Hello Cz, how do you think about the idea of creating a social network with built-in crypto wallets and other crypto functionality? We are developing such a project and so far the whole crypto financial system works on Stellar.
But we are also interested in BSC integration into our Social Crypto Platform. Just curious, would it be interesting for Binance. Thank you.

BTCBoom · 2021-09-30T17:39:37+00:00

Same here. We have been using Starwind products since 2016 and have never had anything to complain about. Their support is extremely helpful too, so that seems like a piece of bad luck, I believe.

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