1
Create a Wallet and Purchase an NFT
The first requirement is a wallet to purchase and store your NFT’s and coins. Metamask is highly recommended for this since it can easily be installed as a browser extension. Once you have it installed and have added funds, you are ready to purchase your NFT.
After purchase, an NFT on the Ethereum blockchain will represent you as a unique individual. In contrast, the data that describes you cannot be stored on the blockchain so you can either make it decentralized and uneditable (IPFS) vs. centralized and editable (classic social media).
You will also receive a “private bank” which will be used to issue your unique coins (ERC20) to each member of your social network.
2
Build Your Social Network
Once you have established yourself as an NFT on the blockchain, it’s time to build your social network. Each time you add a connection to your social network, you are issuing an ERC20 coin to that person to represent your social connection. If they confirm the connection request, they will issue one of their own ERC20 coins back to you.
This will require a social media provider to index and group people together. Without having a monopoly on the social network data, any small organization can interpret the decentralized NFT data of it’s members just as easily as Facebook can. While the content is still centralized and moderated, it levels the playing field for content providers.
If a political party feels discriminated on a centralized social media platform like Facebook, they currently have no recourse but by using blockchain NFT data, they can simply switch content providers without being censored.
3
Monetize Social Tokens
Buy, trade, or sell these social coins in a digital marketplace. It’s just a matter of transferring the ERC20 token from one user to another. A centralized exchange could be implemented by any third party to specialize in areas like celebrity social token trading.
For example, if an influencer is very popular and would have traditionally had thousands of friends, now those thousands will be raising the value of the coin by outbidding each other for the social coin.
In the end, how you monetize your coins is up to you. We don’t want your data or your money which is why our service is free and only costs the wholesale Ethereum gas price. All we want is a world without corporations or governments controlling social networks.
