What is SocialFi?

Right now, social media works in such a way that prevents users from being in control of anything, as a few major corporations own the majority of the content and profits. This means that creators sometimes cannot control their income and always have to bend to the rules of the algorithm. It is clear that something in this situation is broken and needs to be fixed.

In the shadows of Web 2.0 is the advent of Web 3.0, a new decentralized internet that allows creators to have complete control over their content and intellectual property rights – giving back the power to them. It will allow the creator to earn 100% of their profits through peer-to-peer (P2P) transfer. A new system that fixes the fully broken system that is owned by corporations.

This means that creators will be more incentivized to create, knowing that they are able to control their own income and content.

Through this new system, RADIAN seeks to create a new system that will help creators directly. Using the growing developments and interest in Web 3.0, we developed a new system to get the creator their own rights to their own content. The ideas will be backed by non-fungible token (NFT) technology. This concept is called SocialFi, a combination of DeFi, NFT technology and social media. With SocialFi, users and creators can contribute to the community while also earning money for creating and using the platform.

How it works

Here is a simple breakdown of our math:

RADIAN SocialFi = Social + DeFi + NFTs.

Socially, users can swipe on photos, interact with people on the platform, play games and support other users. All of these actions allow the trading and use of the native token $RADI, giving people control of who they support on the platform, especially with the content you want to support. This content posted on the platform is backed by NFT technology, making sure that not only does the original creator receive royalties, but that it cannot be taken over by others looking to exploit the creator and their work.

Here is a further breakdown on how we plan to implement SocialFi on our platform:

• DeFi and P2P: RADIAN’s social-to-earn model allows users to have fun socializing while contributing to the ecosystem. In regards to certain varieties, such as gender, that makes people a minority in a different space, RADIAN offers extra incentives to those who usually are not equally compensated on other platforms. There are all different kinds of incentives that allow people to earn $RADI
• Ownership of Content: The principles of Web 3.0 allow RADIAN users to create NFT-backed ownership on their own content – everything one creates would be considered as an NFT. These on-chain NFTs can provide provenance, creation certificates and purchasing history, all conducted through smart contracts.
• Ownership of Privacy: Since RADIAN is a decentralized autonomous organization (DAO), $RADI is also used as a governance token so that users can shape the community’s future.
• Decentralized Censorship: RADIAN allows users to interact through someone’s real identity, a pseudonym, or a wallet address, with the option of switching easily between the three options. This helps further prevent malicious people from stealing any sensitive information.

All in all, these aspects of Web 3.0 and SocialFi work together to make sure that people have control over their own work and life, contributing to the $RADI metaverse set to be released in 2023 with traceability, control and maximum profits.

The positive contributions that could be made on the RADIAN platform, as well as contributing to the budding idea of SocialFi looking to become everything that Web 3.0 represents.