Social networking platforms are currently held back by flawed principles and monetization strategies. Mercury Protocol will allow social networks to move forward by creating a tokenized social economy that decentralizes user data, incentivizes meaningful user actions, and discourages “walled garden” monopolies.
To accomplish this, Mercury Protocol is built around the concept of Global Messaging Token (GMT), which will allow applications to incentivize meaningful user behavior in unique ways. Users, meanwhile, can use those tokens to exchange for premium services across any application integrated with Mercury Protocol.
GMTs aren’t locked into particular applications or subject to value fluctuations like currencies, so users can leverage GMT freely on any platform that uses them — sort of like tokens at an arcade.
This is exciting because the details of what those “behaviors” and “premium services” can be on any individual platform is completely open to innovation. Attaching value to positive engagement and content creation are the obvious use cases, but the most interesting applications have yet to be imagined.Learn more about our token launch event here Social Networking 1.0: Network Effects, Advertising, and Monopolies
The story of building a social network comes in many flavors.
For Facebook, it’s an open platform to connect the world; for Twitter, it’s a virtual space for real-time conversations; and for Instagram, it’s a place to connect via visual storytelling.
Once a valuable product is up and running, the next step is to acquire early users. If these users find the product engaging, the growth process or “network effect” can continue until they’ve earned a sustainable marketshare.Example of network effects for LinkedIn
It’s only once the product has “matured” that things start to stagnate or head south:1. Monetization via Ads
Data is valuable, mature so...