On Solana, ‘Social’ raises $2.9 million to develop censorship-free social networks.
As per the online sources, the public blockchain platform Solana is reportedly going to launch its own social network soon. With this move, Solana is planning to build a social network platform called ‘Social’ where the users will be able to share content, follow the news, and even trade assets. The unique aspect of the platform is that it will be a censorship-free environment. The crypto industry plans to take on the traditional social media platforms with this move.
According to recent reports, Social has been successful in raising almost $2.9 million in a recent fundraising round, which was led by Alameda Research. Besides Solana Foundation, it also saw the participation of Shift Capital, Rarestone Capital, GBV, and Noia Capital. The founder of the platform, who goes by the pseudonym ‘Idris’, has reportedly stated that almost 5 percent of the SLC tokens of Social have been set aside for seed funders. The SLC tokens have a total valuation of roughly $58 million.
Presently, Social is concentrating on getting the attention of the people in the crypto world, even though it aims to compete with centralized social networks. The platform is focusing on creating opportunities for monetization for the content creators. Solcial will provide a decentralized solution to give an excellent user experience. It wants to open monetization opportunities to everyone who wants to start a business. Idris has also added that the team plans to launch Solcial sometime around December this year. It is presently in the development phase and is looking to hire project developers and marketers