The new "viral" Crypto application: An old story but full of potential.
The Solana-based social network (SocialFi) project called Clout has recorded a surge in downloads after the launch of the iPhone app yesterday, allowing users to purchase encrypted social media profile versions as Tokens.
This idea is reminiscent of the friend.tech application - the viral phenomenon of 2023, which was built on the idea of BitClout, an application that caused a sensation in 2021 by encrypting Twitter accounts. However, friend.tech was quickly abandoned by its founding team, while the founder of BitClout has recently been prosecuted by the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) on fraud charges.
SocialFi (short for Social Finance) is a combination of social media and decentralized finance (DeFi), creating a new model that allows users to both socialize and profit through blockchain-based financial mechanisms.
Seemingly unafraid of its predecessors' past, Clout even humorously posted a meme mimicking the famous line of the character Sean Parker, played by Justin Timberlake in the movie The Social Network: "Drop the 'Bit.' Just 'Clout.' Shorter."
When asked what sets Clout apart from its competitors, Ben Pasternak - the project's founder - affirmed: "Integrity and a healthy token mechanism!"
At the time of writing, Clout is ranked 34th on the App Store's finance chart. However, the large influx of traffic has caused the app to become overloaded, making transactions currently difficult to execute. But Clout is not the only SocialFi project attracting the Solana user community.
Tribe.run, currently in the beta testing phase, has also gained attention for its application of Tokenizing X (formerly Twitter) profiles, allowing the creation of privately controlled chat groups (tribes) using Tokens. I have received an invitation to try it out and was impressed by the classic Windows 98-style interface. Another notable feature of Tribe is the Airdrop mechanism, which allows me to easily send Tokens to group members. All of this is powered by Solana's zero-knowledge (ZK) compression technology.
When asked why Tribe could succeed where friend.tech failed, Bill Zheng - the founder of Tribe - believes that the failure of friend.tech was due to the lack of incentive for content creators to maintain long-term engagement. To address this, Tribe has implemented a subscription model, where members must pay a certain amount of SOL to continue participating in the chat groups. This approach not only retains members but also fosters stronger commitment from Tribe's creators.
In addition to Solana, Kaito AI's Yaps platform is also experiencing success with a model that rewards users for active engagement on Crypto Twitter.
The continuous development of SocialFi projects reflects the enduring influence of the X social media platform under Elon Musk's leadership. X remains the center of the online crypto community, and until there is a change, crypto social media applications will continue to experiment with innovative models to fully exploit the potential of Crypto Twitter.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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Thạch Sanh
