Web 3 Economy

Embracing The New Age of Social

The future of social will embrace an integrated system in which the best of decentralized social and centralized social combine to maximize user engagement and technological innovation. Chayn is the bridge that connects the two worlds with the intent to help actualize this new age of social. Specifically, Chayn's contributions will be allocated across three areas of focus: specialized NFTs, cryptocurrency, and open-source protocols.

Specialized NFTs

Non-fungible tokens (NFTs) have become increasingly popular and have evolved significantly since their inception in 2017, when they were first used as digital collectibles. Unlike traditional blockchain-based tokens, NFTs are not interchangeable and each token is distinct from all others. This makes NFTs popular since they can provide digital scarcity, which is a new concept that enables digital items to be bought and sold with the same security and accuracy as traditional physical items.

Additionally, NFTs allow digital items to be securely transferred, tracked, and stored, creating a secure, immutable, and constantly verifiable digital asset. This has made NFTs attractive to both buyers and sellers, as it makes it easier for them to securely purchase, trade, and store digital items. It is clear that NFTs have staying power, but what are some of the coming iterations that can catapult NFTs to the next level?

Converting your opinions and emotions into NFTs

Chayn aspires to add a new layer to NFTs by giving them personality and emotion through words. Not only will our sentiment tag NFTs allow users to cross-reference content by topic or theme, but they will also attach clear sentiments to user content.

+Praisetags and -Bashtags add body language to words making online conversations more vibrant and significant. The way people speak and listen online will be enhanced, taking communication to new heights. Brands, influencers, and public personalities alike will be able to quickly learn how others feel about them in real time with unprecedented accuracy. Understanding the sentiments of others is very valuable information to advertisers and large-scale businesses. For the first time in history, the people will be able to buy, sell, and trade a piece of this lucrative market through our sentiment tag NFTs.

Cryptocurrency (Chayn tokens)

Cryptocurrency has become increasingly popular in recent years as a means to eliminate the need for third-party intermediaries, such as banks or brokers. Crypto is also favored because it facilitates transactions where fees are reduced; efficiency is increased, and it positions people to be in more control over their finances.

Similar to cryptocurrency, web 3 is collaborative, interoperable, rewards-driven, and places more control in the hands of the user. The Chayn platform is also rewards-driven, collaborative, and open-source - therefore, combining cryptocurrency with web 3 creates a synergistic union that makes the functionality of the Chayn ecosystem possible. Moreover, the Chayn token is the underlying magic that drives the Chayn ecosystem.

Open-Source Protocols

In contrast to proprietary protocols, open-source protocols are based on the open-source model where a decentralized development model encourages open collaboration. Web 3 supports transparency and open-source models where algorithms aren't hidden or used to censor content.

The Chayn project will initially launch as a closed-source MVP (minimum viable product). However, we understand the importance of open-source protocols, transparency, and including others to help shape the future of Chayn. As the project moves forward, Chayn will organically transition to an open-source project that is governed by the Chayn DAO.