The lack of a socializing platform is one of the drastic downsides that keep the crypto space from coming to the mainstream. Despite having been backed by fervent communities, many upcoming projects are not able to direct this great force towards this growth. But Algorand seems to have found just the way to welcome the social media craze to get the benefits of cryptocurrencies. This MIT-based cryptocurrency project has recently welcomed Waivlength, an autonomous social media platform, to build its network in the ecosystem. Waivlength will also receive funding from the Algorand Foundation.
This move could prove vital for the growth of the Algorand ecosystem, which despite its infrastructure, has been lacking the means to get attention. Earlier, the integration of Megaverse with Polygon was reportedly aimed at acquiring social media users.
Waivlength will help Algorand become early adopters of decentralization in social media. Moreover, Algorand scores best in aspects like scalability, speed, and other things necessary for hosting a social media platform. As social media plays such an important role in people’s lives, a project like Waivlength has no doubt found a home on the Algorand network.
Though it may appear that all eyes are on initiatives in the Metaverse at present, decentralized social media will almost certainly grow more popular as we move closer to mainstream cryptocurrency use. Will this be a positive push for Algorand? Read this Algorand forecast to find out.
Well, this is not just beneficial for Waivlength or Algorand, but the users as well. The fundamental issue with the current social media framework is that its users become the commodities sold to bigger corporations that pay for the ads. This list also includes privacy concerns, cyber threats, spam, and whatnot. The dedicated network of Waivlength intends to eradicate these fundamental issues from the outlook of social media and intends to make it mutually beneficial.
Waivlength proposes the idea for a socializing platform that would financially benefit its users. The rewarding model will use the native cryptocurrency that goes by WAIV ticker symbol. It ensures the implementation of various rewarding features, and the users of the platform get paid directly through the dedicated dApp. The project will allocate 70% of the total supply for rewards and promises to return 45% of the revenue to the community.
But what sets this project apart from other such startups within the crypto space. Well, Waivlength is a verified platform which means the users will be allowed after the verification is completed. It makes sure there will be no duplicate accounts or bots to hinder the secure experience on the platform. The KYC protocols on Waivlength are designed to improve accountability and responsibility while socializing.
According to Neil O’Reilly, the final product of this autonomous socializing platform will be rolled out in a few months. The Algorand ecosystem and Foundation will surely help the project this initial difficult phase. COO Jason Lee from Algorand stated that this new venture would ‘gamify’ the experience of socializing on public platforms. We will have to wait to see how this new use case of blockchain technology will work out.