Blockchain technology is helping creative teams redesign aspects that belong to the Web2 world. The possibility of launching decentralized systems is opening a new set of options in the social media industry too.
Today’s review will analyze the main features of Floyx, a new initiative wishing to overcome centralized social media. We aim to share information neutrally, enabling the readers to assess this project’s value proposition.
Floyx believes that, in the future, social media will be completely decentralized. According to the team, your online persona and behaviors will not result from large businesses.
No one would be able to influence or alter user activities, the founders also said in their whitepaper. Individuals may decide how much personal information they want to share with the new systems.
Floyx has also said that it would never sell the data or content of its consumers to third parties. Let’s see what Floyx is all about in the following sections.
Leaving the Web 2.0 Technology Behind
Platform-based economies and social media have emerged as a result of Web 2.0. The team emphasized that this technology has several drawbacks despite its immense strength.
These systems store all users’ data on a single social networking site. Concentrating data in a location makes the system vulnerable to hacking attacks.
Using customer data and monetization appropriately depends on a single firm controlling social media’s centralized systems. To accomplish this, companies monitor your discussions and serve you advertisements. Ultimately, a centralized social media group’s core product is its users.
As a result, these systems are often opposed to posting information that is not politically acceptable or contains “forbidden” words. These systems may easily suspend your account or ban you from the website.
Web 2.0 and centralized social media suffer from these limitations, as Floyx firmly believes.
When it comes to social media, Floyx has no doubts: the days of centralized social media are over. The group is particularly critical of the tendency of centralized platforms to violate their users’ privacy.
Using the blockchain, we may construct online personas without needing a central authority. A system where no company validates or deletes IDs can establish itself in this market.
Real-life and online personas become more closely linked with decentralization. To join the metaverse, this technology would allow our virtual selves to live without the approval of third parties.
The Purpose of Building a Purely Decentralized Social Platform
In Floyx, there is no database or server area for storing user data. As the team puts it, hackers would not find any data to steal from the platform.
The project aims to create a system where only users own their data. This decentralized ecosystem’s process aims to build a world where published information is in the hand of its creators.
When we speak of “ownership,” we refer to the concept physically and digitally. Floyx does not allow the removal of any published content or block a user’s account.
The absence of human decision-making ensures that users’ content and actions evolve unaffected. According to the team, using an automated system would also improve user security.
With this in mind, it is fundamental to clarify that the team does not wish to launch an anarchic system. If somebody defies a guideline of good conduct by sharing improper information, an AI program will intervene at once.
Floyx aims to provide a secure refuge for all Internet users that is decentralized and unaffiliated with the darknet. Because of this, the engineers focused on ways to ensure that users follow a set of community rules.
The Project’s Native Token
The Floyx token runs on the Polygon chain, one of the most prominent Ethereum-based Layer-2 systems. Polygon’s programmability, energy efficiency, and scalability are why the team selected this chain.
The DAO and the whole Floyx ecosystem have a strict link. The token utility will have the following characteristics following the team’s values:
- Engagement rewards
- Profit dividends from Floyx.
The team believes a broad token utility is the first step toward building an economically sustainable crypto project.
Floyx explained it would be among the first companies to pay dividends to cryptocurrency holders. This decision enables Floyx to be a mediator of value, combining crypto and traditional monetary systems to reward positive conduct.
Project’s Main Features
When it comes to mentioning the main features of Floyx, we can share the following list:
- No censorship: The decentralized connection allows all users to save their content directly in the program. Floyx is the reception point for the content, but it has no control over it.
- Secure login: Users do not disclose any private info at registration. We may all sign up for a wallet, and the system will use our private key to authenticate our identity.
- DAO: To succeed, the project relies on a self-governing entity known as the DAO. Each Floyx Coin holder is a member of the organization and has a say in the project’s governance.
- Rewards and earning: In the end, everyone has an opportunity to make money based on their abilities, time management, and dedication.
- Secure data storage: Data is in the hands of users, with no involvement from the service provider. Users maintain complete control over their published content.
Team’s Latest Updates
The team uses several social media pages to update its growing community on the latest project developments. For example, Floyx recently announced that SolidProof.io conducted an audit on the project’s smart contracts, with a positive outcome.
Floyx wallet also saw the integration with HyperPay and BitKeep Wallet. Furthermore, integrating the system with SWFT Blockchain represents an essential milestone for the team.
This way, it became possible to exchange the Floyx token with hundreds of cryptocurrencies at a low cost. It does not end here: this partnership will enable token holders to use Floyx on OpenSea.
The team’s work follows a precise roadmap, which we summarize in the following subsections.
The current quarter features several important milestones that will grant the launch of the project, such as:
- Final token panel testing
- Completion of smart contract:
– selling the token (purchase limit)
– vesting of the token
They have established a partnership that enhances the security and functionality of the Floyx token:
– SWFT Blockchain
- Security audit
Conducting a security audit of smart contracts and the main contract in connection with the launch of the pre-sale.
- Coinmarketcap & Coingecko
Adding Floyx token with description and links (preview version).
The third quarter will continue with other relevant tasks, namely:
- The start of the first public round of the pre-sale
- Referral link system
- Starting work on the possibility of adding a video
- Floyx wallet
- DAO launch
- Launching the second round of pre-sale
- Option to add video / live streams
- First listing on the exchange
- Web3 – beta version
- Web3 – production version v1
- Reputation System
- Entering the CEX exchanges
- Additionally to be implemented:
Next year, the team expects to officially launch Floxy wallets and its Web 3.0 app on the market. Furthermore, the developers will release a metaverse functionality, beginning to work on Virtual Reality (VR) technology.
Social media platforms were a significant component in the Web 2.0 revolution. Similarly, developers plan to use social media systems to enhance the Web 3.0 revolution.
Our review shared the key features of this project, together with its most recent updates for investors and crypto enthusiasts. Those curious about Floyx can refer to its social pages and official website.
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