Social Fi
What is Social-Fi?
At the heart of Social-Fi structures are content creators, influencers and participants who want better control of their data, freedom of speech and the ability to monetize their social media following and activity. Monetization is mediated via our Uriel protocol. Social-Fi on Enoch rests on the use and accumulation of our single social currency called Love.
What it means for the user?
We want our users to benefit from their social activity, we do this via a complex algorithm and protocol that awards users an amount of Love depending on their specific social activities. There are various ways different types of users can earn on Enoch, our Social-Fi system is one of them.
How it works?
Gifting
Since Enoch operates as a sharing economy, we want our users to tip and gift one another to promote a healthy decentralized culture. Giving a gift is as easy as reacting to a post via the gifting option.
Missions and events
Completing social missions and cultural events will not only rank up your profile, but will lead to monthly rewards in Love. Our algorithm tracks user activity when they decide to complete certain steps and missions offered to them by the platform. Missions can range in complexity from completing your profile to spinning a prize wheel. The final reward then needs to be claimed at the end of each month by each user. Completing different missions can also unlock different features on Enoch, for example, morphing an avatar is priority mission that unlocks all of the play-and create to earn features on Enoch. Users can also compete with one another to place a higher rank, top ranking users are then rewarded with a variety of NFTs and Love. Some rewards are platform specific, such as a booster that allows for one of your posts to appear in our home feed for a short period of time
52 Steps
Each new user can complete 52 basic steps or missions to earn ten free raffle spins. Moreover, the faster you complete missions the more points you receive in our weekly bonanza prize. After the initial 52 steps, users are given missions and events based off of their ranking, tributes and seasonal events on Enoch.
Sustainable economy
In the current state of Web 3.0, there are suggestions as to what exactly constitutes Social-Fi and suggestions as to how it could be implemented. We have carefully observed the progression and refinement of the term during the last couple of years where we have made the following conclusions.
The risks associated with providing influencers and content creators their own coin are far too high and risk extreme volatility in terms of price fluctuations and legal implications
Social-Fi is merely one part, one ingredient of the broader way forward, which we see as social-commerce and its integration of web 3.0 products
A fully decentralized model in terms of Social-Fi would leave Enoch wide open to bad actors and harmful content, which is why we have adopted a hybrid approach, centralizing certain aspects to keep our users and their data safe while also opening up the platform to as many artists and creators as possible.
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