What Is SocialFi?
SocialFi, which stands for “social finance,” is a term that represents the merger of social networking and decentralized finance (DeFi). Essentially, SocialFi is the next evolutionary step in blockchain-based social media. It leverages all the benefits of the blockchain while adding non-fungible tokens (NFTs) and DeFi services, such as yield farming.
SocialFi platforms can be partly owned and managed by their users, as community tokens allow people to vote on proposals and decide the future of the project, similar to decentralized autonomous organizations (DAOs).In contrast to traditional social media, where companies hold all of the data on a central server, SocialFi networks spread the data throughout a web of nodes, and everyone who helps maintain functionality is financially rewarded. Thus, overall security is improved as data breaches are minimized and single points of failure are eliminated.
Palmare app – Combination of SocialFi and SportFiThe introduction of the Move to Earn app has redefined the fitness industry. Based on this success, decided to make the Palmare app based on researching and optimizing the Earning system and bringing a new experience to the sports community. Palmare is a Community-driven Web3 Sports App with an inbuilt SocialFi and SportFi element.
It empowers the sports community to own the links between themselves and their communities, forming a fully composable, user-owned social graph. The built-in protocol ensures immutable content owned by users and social relationships. The problem of Web2 social is all read from their unique, centralized database. There is no portability. Your profile, followers, and content are locked to a specific network and owned by the network operator. In Palmare, each user profile is a token itself. Users create a profile on the app, for which they will mint an ID’d profile NFT. This NFT controls the profile, and thus, its owner becomes the controller of the given profile.
Palmare app will provide social graph and earning features for Crypto fans and Non-crypto Users. The platform focus on three types of Earning:
Train to Earn each sport you participate in can help you earn by burning calories (for riding a bike or any of your favorite sports)
Engage to Earn users contribute content to the sports community and earn back from social engagement (include like, share, follow…)
Check in to Earn While users are riding, they can check in lots of places they came by, and for each period of time, the platform generates quests for users to check in as much as they can to earn tokens.
SocialFi Profile – Social data own by yourself
Profile NFT is the main object in the Palmare. It is ownership over this NFT that gives you control of your data and social content. Individual addresses own ProfileNFTs, and an address can contain multiple ProfileNFTs. The Profile NFT contains the history of all of the training data, posts, comments, and other content you generate.
Additionally, Profile NFTs contain a FollowModule. This module contains the logic that allows different accounts to be issued Follow NFTs to record their relationship to the main profile on-chain.
Profiles can only be minted by addresses that have been whitelisted by governance. This ensures that, given the low-fee environment present on BSC, the namespace is not reserved by squatters.
Palmare is a community-first Web3 project, so there is no VC power! All 24.2% of the $PAL issued will be allocated to the community over 40 phases. The value of each $PAL will increase 25% at each phase of the IPO. The sale will close 3 months after 1st round end.
If the deadline is met, 3% of tokens will be released on Pancake Swap at the last phase price. The remaining tokens that have not been purchased will be Burned
To learn more about Palmare visit www.palmare.io