Introduction
Chayn - the sentiment protocol of Web 3. What #Hashtags did for Twitter and Web 2 is what our +SentimentTags will do for Chayn and Web 3.
Overview
Chayn is a decentralized, social platform that connects people through shared sentiments. The dApp will be built on the Casper blockchain and will leverage Web 3 principles to amplify user rewards. No longer will user data, content, and likeness be controlled.
Chayn empowers its users to monetize their content on their terms. The platform will have many unique features that maximize user rewards and content discovery. Chayn is built using open source protocols that house data in a decentralized manner. This helps combat data harvesting and channels an environment that rewards users based on the value they provide the platform.
Chayn embraces a value-adding culture where the community will be encouraged to submit and vote on proposals that help contribute to the success of the platform. This process will be governed through the Chayn DAO where participants will use Chayn tokens to fuel this governance. Chayn tokens will also serve as utility within the Chayn ecosystem.
The Chayn ecosystem is structured to expand with time and profits will be shared with the people. The end goal is to establish a community in which all parties involved benefit from one outcome - a vibrant and self-sustaining platform.
The Problem - Social is Broken
1. Overly centralized
There are roughly 3-5 legacy, social outlets that control the social media landscape. These platforms collect data from their user bases and monetize the information to enrich themselves. This creates an environment where the users are not fully recognized and rewarded for the value they bring to the platforms. Instead, social media giants have created unfair ecosystems where incentives between the participants and the platforms are misaligned. Whenever conflicts arose between the public good and what benefited the platforms, the social giants have chosen their own interests over the people.
Furthermore, the governing platforms operate business models that require ownership of the user's content and data. Unfortunately, this removes power from the user base and keeps them at the mercy of authoritarian decision making, content censorship, unclear algorithm changes, and other protocols that are unfavorable to the users.
2. Underpaid, under-engaged, and under-monetized content creators
The future of social is moving towards a more decentralized structure. However, the current state of social is predominantly controlled by a few companies that monopolize profits off the backs of user content and data. Structurally, this positions the social giants to act as intermediaries between content creators and advertisers, creating an ads-driven revenue model that solely benefits the platforms.
In order for the social giants to sustain profits from the dated ads-driven revenue model, they must own the content and data the users provide the platform. It is also advantageous for the platforms to keep this information siloed so only those companies can monopolize and monetize the content. Meanwhile, the content creators who actually produce all of the work are left underpaid, under-engaged and disempowered.
3. Current decentralized platforms
Decentralized, social platforms use technologies such as blockchain and peer-to-peer networking to empower users to own their data and monetize their content.
Nonetheless, decentralized social platforms face several challenges and limitations. Some of the problems with decentralized social platforms include the following:
Complexity: Decentralized social platforms can be difficult for the average user to understand and use. They often require users to have a certain level of technical expertise and may involve complex processes such as setting up a digital wallet and purchasing cryptocurrency.
Limited user base: Decentralized social platforms have a much smaller user base compared to centralized platforms, which can make it difficult for users to find and connect with others. Additionally, tools to help bridge the gap between the opposing user bases are lacking.
Poor user experience: Decentralized social platforms may have a poorer user experience compared to centralized platforms due to slower load times, limited features, and a lack of polished UI/UX design interfaces.
Lack of moderation: Decentralized social platforms may lack the ability to effectively moderate content and enforce community standards that support the overall culture of the platform.
Financial barriers: Decentralized social platforms may require users to purchase and hold cryptocurrency in order to access certain features or participate in the platform's broader ecosystem. This can be a financial barrier for some users if the platform is not presented in a user-friendly and frictionless way.
4. Content censorship and data control
Content censorship and data control are two major issues that have been raised in recent years regarding social media.
One concern with content censorship is the potential for social media platforms to restrict or remove certain types of content based on their internal policies or external pressures. This can lead to the suppression of certain viewpoints or the censoring of certain types of speech, which can have negative impacts on freedom of expression and the exchange of ideas.
Another issue is the control that social media platforms have over user data. Many social media platforms collect a vast amount of data from their users, including information about their online activities, location, and personal preferences. This data is often used to target users with intrusive, personalized ads that can also be accessed by third parties, raising concerns about privacy and the potential for abuse of the information.
Both of these issues have led to the advent of alternative platforms that prioritize privacy, free expression, and protocols that embrace user ownership of content and data.
The Solution - Revamped Decentralized Protocols
Decentralized social is still a relatively new and emerging space. It is designed to be more open, transparent, and secure than traditional, centralized platforms. Yet, some pressing challenges such as excessive transparency, scaling user adoption, and the development of sustainable business models remain unresolved. Chayn endeavors to address these limitations in order to become a mainstream alternative to traditional, centralized platforms.
Reducing Excessive Transparency
Chayn encourages transparency and building out the platform in a decentralized manner, however, we believe end users should have the option to keep some things private. Sam Harrison, CEO of Discreet Labs, eloquently corroborated this point with the quote: "Secrecy is when an individual never reveals themselves. Privacy is when an individual has a self-sovereign right to exercise their judgment when revealing their identity".
Blockchain technology certainly enhances transparency by offering an immutable and irreversible source of information that can track the true ownership of a product or asset, but at what point does it become overreach? Do we openly share our bank statements and medical records with the masses? The answer is a resounding "No" and Chayn understands the importance of privacy when done correctly.
For instance, private transactions should never absolve nefarious activity and should be auditable in case further investigation is needed. Additionally, private transactions can help prevent fraud and other malicious activity by making it more difficult for attackers to access and use information that could be sensitive. After several hours of research, we concluded that Casper's privacy-preserving blockchain offers the auditable privacy, speed, and scalability that is needed to properly accommodate the Chayn ecosystem.
Scaling User Adoption
Decentralized social platforms have faced two major hurdles - scaling the number of posts that can be made per second and reducing transaction costs per post. Gasless transactions serve as a viable solution to address these hurdles. In order to execute these transactions, Chayn will use a relayer to allow users to sign messages (not transactions) containing information about a transaction they would like to execute. Consequently, the number of transactions on the main blockchain will be decreased, in turn, reducing the burden on the network and allowing for faster and cheaper transactions without the need for gas fees. Transactions being cheaper and faster positions Chayn to not only properly scale, but allows user-owned content to be shareable across other social platforms.
The future of social will not consist of a few platforms dominating the space like they have done historically. Instead, we envision a future that is more collaborative across social where platforms speak to each other in order to maximize user experience. Currently, decentralized social does not speak to centralized social enough. Chayn aims to fill this gap in the market by becoming a bridge between the two worlds. The end goal is to boost exposure to the Chayn platform and to become the social hub for Casper enthusiasts and the broader community.
In doing so, we aspire to boost community outreach and user adoption by reaching out to musicians, content creators, influencers, brands, and public personalities alike - we will present them with an opportunity to partner with Chayn in order to engage their fans in a unique way. Our tokenomics and uniquely structured sentiment NFTs have been devised to underpin a rewarding partnership for interested parties.
Development of Sustainable Business Models
Many startups don't have revenue models in place at launch or years later for that matter. Chayn looks to do things differently. Outlining clear revenue models from the onset will help position Chayn to achieve sustainability as a viable, social platform.
The emergence of web3, NFTs, DAOs, and gated content offers Chayn the luxury of exploring unique revenue models that were not possible via web2 protocols. These web3-friendly revenue models are not only lucrative for Chayn, but also the supporting partners and end users.
No longer should revenue models in social be driven by dated advertising frameworks designed to harvest user data and allocate most of the profits to the platform. To the contrary, Chayn's business model is more inclusive in that it was designed to benefit the end users, supporting partners, and to help sustain the platform. Chayn's robust business model will extend across 8 verticals:
Sale of Sentiment Tag NFTs
NFT Royalty Fees
Sentiment Oracles
DAO Membership
Chayn Token
Gated Content
Music Remixes
Community Profit-Sharing
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