In a recent AMA event presented by DigiFinex, we invited the core team from Makalink to unravel the intricacies of their groundbreaking SocialFi platform. This AMA recap takes you through their insights on how Makalink empowers content creators, the novel approach to decentralized data ownership, and the platform's role in shaping the Web3 landscape. Join us as we explore the key takeaways from this enlightening session.
DigiFinex: How does Makalink empower creators as owners of their content and data within the platform, and how does this differ from traditional Web2 social media platforms?
Makalink: Certainly, the key differentiator lies in ownership. On platforms like Twitter, Facebook, and TikTok, you create accounts, but the platform retains control over your data – your personal information, content, followers, and more. If you face issues with your account, you risk losing everything.
Makalink, on the other hand, sets itself apart by giving users full control over their data and privacy. Your data is securely stored on the blockchain, much like your assets in a cryptocurrency wallet. Unless you share your secret phrase or someone gains unauthorized access, your data remains inaccessible to others. This ensures your information remains safe and can be carried with you, unlike native social platforms where your data is at the platform's mercy.
DigiFinex: Can you provide examples of how the portability of social data and decentralized identifiers (DID) work within Makalink and how this openness benefits users?
Makalink: Certainly. Our DID Engine enables users to have individual control over their data. This encompasses not just content but also earnings. For instance, on Twitter, ad revenue is a way to earn from your content. If something happens to your account, you might lose those earnings.
Our DID Engine allows users to retain full access to their information and earnings. This offers a level of control and security not found in traditional Web2 platforms.
DigiFinex: In terms of composability, how does Makalink's integration with other Web3 projects or platforms enhance the overall user experience and utility of the ecosystem?
Makalink: Our integration of Web3 features, particularly blockchain security, strengthens the overall user experience. By utilizing Web3 technology, data is stored securely on the blockchain, much like creating a database but with the added layer of blockchain's impenetrable security. This approach enhances the protection and security of user information, contributing to an enhanced user experience.
DigiFinex: Can you elaborate on the decentralized incentives within Makalink and how the tokenomics are structured to reward users for their participation and contributions?
Makalink: Our tokenomics include a total supply of 2 billion tokens, with allocations for various purposes. This includes 24% for pre-sale and liquidity, 14.9% for liquidity, 5% for partnerships, and 5% for user activities on our platform. These tokens are distributed as rewards for actions such as posting, commenting, liking, or simply visiting our website.
We also have a multi-tiered incentive system, including point types, achievements, and ranks, which are awarded to active users. The more you engage, the higher your rewards, achievements, and reputation on the platform.
DigiFinex: What are some real-world use cases or examples of how Makalink's decentralized social primitive has been leveraged to create innovative applications on top of the platform?
Makalink: Makalink functions as a social platform much like Twitter, Facebook, or Reddit. However, the crucial difference is our foundation on Web3 and the security of blockchain. Data is not controlled by the platform but remains in the user's hands, securely stored on the blockchain. While we provide the familiar social experience, our Web3 features set us apart and make us a bridge into the world of blockchain for our users.
DigiFinex: What challenges have you encountered in developing and scaling Makalink as a SocialFi application, and how have you addressed them to ensure a seamless user experience?
Makalink: Building a team, fundraising, and community engagement have been our primary challenges. Forming an experienced team, building a sustainable product, and growing a genuine community can be daunting in the crypto space. Over time, we've managed to address these issues successfully. Our commitment to building a sustainable product and fostering organic community growth has paid off.
DigiFinex: Could you share any upcoming features or developments that Makalink users can look forward to, and how these additions will further enhance the SocialFi experience?
Makalink: We're working on integrating email notifications for rewards and introducing a social sharing feature that allows users to share their achievements and experiences with others. We're always open to community input, so if users have suggestions for additional features that would benefit the platform, we're eager to hear them.
8. How does Makalink align with the broader Web3 movement, and what contributions do you believe it can make to the evolution of the decentralized internet and social finance landscape?
Makalink: Makalink aligns with the broader Web3 movement by providing users with control over their data and by incorporating blockchain security. This not only offers a secure environment but also introduces many individuals to the world of Web3 and the broader crypto ecosystem. We believe that our platform can contribute to the growth of Web3 and social finance by making these concepts accessible to a wider audience while maintaining the familiar social experience.
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