The talks of a decentralized social network have been going on for quite some time, and over the past couple of years, many attempted to make it a reality. However, it never appeared to be the right time as the circumstances were far from perfect.
Now, though, with all the chatter about building the Metaverse, Web 3.0, the next Internet, non-fungible tokens, play-to-earn games, and whatnot, it seems that the time might be ripe.
Social Q attempts to seize the opportunity and introduces a social network app that’s powered by its native MST token.
What is Millionstarter and Social Q
The team behind the project describes it as a decentralized premium social network and dating platform where users can interact with each other in a secure and safe manner. Moreover, it brings additional capabilities, which include:
- Phantom Chat
- Wallet and Exchange
- Web3 Browser, NFT Marketplace
- Q Protection phone insurance, and so forth.
In essence, the team aims to build an entire ecosystem that’s underpinned by their MillionStarter token, ticked MST.
The various capabilities also come with different functionalities. For instance, the social media app allows users to find matches, new friends and even acquire some successful business contacts.
The phantom chat, on the other hand, is a blockchain-based solution, meaning that users are protected from eavesdropping and online attacks thanks to end-to-end encryption.
The wallet and the exchange allow everyone to quickly and securely purchase, send and receive all kinds of cryptocurrencies. The idea is for the platform to support over 50 different networks.
Social Q Network: A Cornerstone
The project places a strong emphasis on dating. The Social Q network has reportedly been tested for quite some time, and the user experience and interface have been designed with mind of the customer’s need.
As a direct result of the testing period, the team has shed light on certain market opportunities which, according to the team, will help them acquire a larger share of the online dating business within the next five to ten years.
With this said, the platform also attempts to tackle some issues that existing social media websites appear to have problems with. These include:
- Misuse of photos, names, fake users, phishing, hacking, and so forth.
- Social media websites can also be used by companies to provide unqualified services without official authorization, and, in many cases, average users run into unreliable experts.
- Social media usually decides for the users of the content is risky, stripping off the decision-making process.
Social Q aims to help creators improve their reach and overall appearance and deliver their content to the right audience.
Tokenomics: the MST Token
The team is aiming to implement blockchain-based technologies into its platform in an effort to extract the massive benefits that it brings forward.
As such, the ecosystem is underpinned by the project’s native MST token. The token’s contract can be checked here. It’s based on the BEP-20 protocol standard of the Binance Smart Chain and has a maximum supply of 1,200,000,000. This is how the allocation schemes look like:
In terms of benefits of the MST token, the team has brought forward several, which include:
- Staking Reward – every month, 10% of the total income of the project will be redistributed among the MST stakers.
- P2P transactions – users will be able to transact with each other through the Phantom Chat and otherwise.
- Token Burning Program – every single month, Millionstarter will burn 5% of all MST that was spent on advertising.
- Liquidity Bonus – 6% of the sales price is going to be added automatically to the Liquid Pool to increase the overall liquidity.
All in all, the Social Q project aims to create a fully-fledged ecosystem with a social network, dating capabilities, and other interesting features. All of this is underpinned by blockchain-based technology and the MST token, providing further incentives for the users to participate.
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