Twenty years ago, a new millennium started (a.k.a The Internet Age), but even then, nobody expected the changes the world would face in the years to come.
The internet became the king of human behavior and social media dictate what is hip/cool or not. Satoshi’s whitepaper also made a definitive impact, making people look at the financial system way differently than before.
A project now has the idea to reunite both things, social value plus cryptocurrencies, to make it a profitable blockchain-based business. Roll wants to re-define the way people look at social interactions online, by excitingly leveraging cryptocurrencies.
Nowadays is pretty common that influencers, vloggers, and artists to monetize their content through certain features given by platforms. Youtuber pays the owners of most-watched videos and also gives the audience the possibility to show they like the content producers giving them money via SuperChat, for example.
The main idea behind Roll is to allow this specific niche of people (influencers and others) to better monetize their contribution to the internet market.
The plot twist here is the use of digital tokens, which makes the process even more interesting.
How Does It Work?
Roll as an Ethereum-based protocol and platform that creates social money. It allows users to use their engagement in social media and other platforms to generate value.
By using Roll, content creators now have an interesting way to incentivize their fans to engage in actions to help them, by creating a specific currency that carries their brand.
The network works minting unique branded ERC20 tokens, pegged to a specific influencer/content creator presence online.
The platform also provides a custodial Ethereum wallet for each user. This wallet can send or receive social money from the Ethereum blockchain and inside the network.
Using a simple link-based system, users can easily send social money to other users within the platform, whenever they want.
Users can withdraw their social money from the native wallet whenever they want, sending the funds to other Ethereum wallets.
Dig into It:
Content creators can mint their community token and reward their followers with it for their actions, creating a loyal community around their online work. The followers, after being rewarded for social actions, can redeem social money for experiences across the web.
Users are benefitted as they become part of their exclusive influencers/creators’ communities, earning tokens for their loyalty to the person/brand and redeeming social money.
The main idea behind the concept of social money is to allow people to build a community around their favorite content creators on the internet.
Social money is a way that fans have to share ideas, exclusive content, and time with their favorite creators around the web.
This way, podcasters, artists, influencers, musicians, photographers, streamers, and other new-millennia professionals can both share their best with their fans and reward them for social activities that benefit them.
Despite this, we must remember that social money cannot be understood as an investment contract or as a revenue promise from the content creators.
Who Is Behind the Idea?
The platform was first introduced to the world in late-2018. A year later, they raised $1.7 million in a seed round to help content creators to monetize through the network.
The main character behind the idea is Bradley Miles, a former venture capital specialist and author who graduated from Columbia University (NYC).
The funding seed round was led by BitMEX CEO Arthur Hayes and included top-notch players like Techstars Ventures, Hustle Fund, and Techstars NYC.
Gary Vaynerchuk, an important digital media guru and author of several best-sellers has also invested personally in the project. He was not strange amid the crypto scene, as he previously has invested in Coinbase.
Roll is a blockchain protocol and platform that creates social money.
It works as an infrastructure on the Ethereum blockchain where users can earn and redeem social money with their favorite content creators/influencers.
Social money is the name the platform gives to the community/user exclusive minted (ERC20) tokens, designed to reward the most engaged fans, and stimulate creators to put more and more effort to bring better content to the audience.
In the age of social media and influencers, the idea could not be better and promises to help to bring blockchain to the masses.