What Are Phaver and Social Coin?

MetaversePlanet November 5, 2024Last Updated: November 5, 2024

0 8 minutes read

Phavercoin (SOCIAL) is the base cryptocurrency of the Web3 social media platform Phaver. Phaver is a decentralized social media ecosystem where users earn rewards by interacting socially. Phavercoin provides a source of motivation for Web3 users by making it possible to earn rewards for activities such as sharing content, liking, and commenting.

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Phaver’s Debut with Lens Protocol

Phaver debuted with the mainnet launch of the Lens protocol. Users can prove their on-chain identity with NFTs and other on-chain assets, integrating crypto wallets to gain full ownership on social networks.

Phaver easily integrates users into Web3 with simple inputs similar to Web2. In addition, thanks to its strong integrations with platforms such as Lens and Farcaster, it offers the opportunity to manage social graphics on a decentralized infrastructure. Users earn “Creds” and points based on their interactions on Phaver; these points can be converted into Phavercoin.

Phaver’s tokenomics feature a mechanism that allows users to earn rewards based on content quality and participation. With this structure, Phaver aims to make Web3 social networks more meritocratic and user-oriented.

Phaver offers rewards to both creators and social media users based on the quality of the content they share and the engagement they generate. Phaver’s social structure was developed in line with Web3’s philosophy of decentralization, allowing users to maintain full control over their digital assets.

One of the main advantages of Phavercoin is that users store their social media presence on-chain and have ownership rights. This allows users to fully own their digital identities and data, unlike traditional Web2 social media platforms.

Phaver also integrates with popular Web3 social platforms such as Phaver, Farcaster, and Lens. These integrations allow users to interact and manage their presence by switching between various social networks. Phaver’s long-term vision is to create a more open and user-friendly social media ecosystem by encouraging interactions between decentralized social networks.

Phaver Coin Airdrop

The Phaver platform has been sharing information about airdrop plans and operations for some time now. The platform conducted the airdrop for the first season, and there have been users who earned thousands of dollars with this airdrop. The general information is as follows:

$SOCIAL Season 1 Airdrop covers 3% of the total tokens and will be distributed immediately to Lens and Farcaster profile holders, as well as users who are at least level 2 on Phaver. After the Token Generation Event (TGE), users can convert their points into tokens with monthly quotas. The maximum airdrop amount is $SOCIAL 110,000 per user, and some upgrades are also possible. Earning rates vary based on user level and other criteria, and holders of certain NFTs can receive additional rewards. You can visit Phairdrop to check and claim your airdrop entitlement.

How Does Phaver Work?

Phaver is integrated with a variety of innovative technologies to provide its users with a decentralized and user-centric social media experience. Here are the main components that explain in detail how Phaver works:

Lens Protocol Integration

One of the standout features of Phaver is its integration with Lens Protocol, a decentralized social graph protocol built on the Polygon blockchain. Lens allows users to own and control their data, which is ideal for Phaver, a platform that focuses on user empowerment. Thanks to Lens, Phaver users can create profiles, share content, and interact with other users, all while maintaining full control over their data.

When users share content on Phaver, that content is stored on the blockchain through the Lens Protocol. This guarantees that the content cannot be altered or manipulated and that the user is the rightful owner of their shares. This is a significant departure from traditional social media platforms, where often the company behind the platform owns user content.

Farcaster Integration

Phaver also provides integration with Farcaster, a decentralized social networking protocol that aims to provide a more open and flexible framework for online interaction. Farcaster offers more freedom in how users interact with the platform and allows users to control their identity and content across different dApps.

Thanks to Farcaster, Phaver users can easily connect with others in the decentralized social space, extending their reach beyond just the Phaver platform. It also provides more flexibility in the way users share and interact with content, which further enhances the decentralized social experience.

Mocaverse Integration

Another exciting integration in Phaver is with Mocaverse, the NFT-powered ecosystem developed by Animoca Brands. Mocaverse allows users to share their content through NFTs, adding a new layer of ownership and generating income. This enables Phaver users to mint their content as NFTs and potentially sell or trade it, opening up new revenue sources and making the content creation process more valuable.

NFTs on Phaver serve as a unique social currency that allows users to create and own rare digital items while contributing to a more interactive and engaging community.

Cyber Integration

Phaver is also affiliated with Cyber, a Web3 search engine that focuses on decentralization and privacy. Cyber allows Phaver users to discover content and interact with other users through decentralized search functions. Unlike traditional search engines that rely on centralized algorithms, Cyber ensures that search results are transparent and free from manipulation. This allows users to have more confidence in the content they find and engage in more authentic interactions.

Content sharing on Phaver is at the heart of the platform’s user experience. With integrations like Lens Protocol, Farcaster, and Mocaverse, Phaver allows users to share various forms of content, such as text, images, videos, or NFTs. By storing content on the blockchain, users have ownership and control over the content they share.

Furthermore, Phaver’s decentralized nature guarantees that there is no censorship or content manipulation by a central authority. This increases users’ freedom to express themselves and share their opinions, eliminating the fear of a third party removing or modifying their content.

Content Discovery

Content discovery on Phaver offers a unique experience, unlike traditional social media. Thanks to Cyber integration, users can search for content in a decentralized and transparent manner. This ensures that the content they find is authentic and not influenced by algorithms that prioritize ads or paid content.

Phaver’s discovery features also allow users to discover content across different dApps and protocols, making it easier for them to connect with others in the Web3 space. This cross-platform integration enhances the overall user experience and creates a more interconnected and decentralized social ecosystem.

In-App Tokenomics

Phaver’s in-app tokenomics are designed to reward users for enhancing the app experience. Users can earn points by creating and curating content, similar to liking or upvoting posts in other apps. This includes “rating” posts to make them more visible to others. Soon, users will be able to increase their reach by rating their own posts.

To ensure fair participation and prevent cheating or creating multiple accounts to earn more points, Phaver requires users to meet certain criteria before redeeming their points for Phaver Tokens. It is also assigned a credibility score called Phaver Cred based on users’ on-chain assets, such as NFTs. Because these assets are unique and difficult to counterfeit, the system is more difficult to manipulate.

Phaver Cred also determines a user’s level on the app, similar to how frequent flyer programs work. Higher levels unlock special privileges, such as access to free bets and higher monthly limits for converting points into tokens. This system aims to discourage harmful behavior, such as point farming, and to reward users who are genuinely active and contribute positively to the platform.

For brands and projects, Phaver is expected to introduce advertising features in 2024. Brands will be able to purchase points to increase their visibility on the app. These points can be purchased using Phaver’s native tokens, and a portion of the proceeds from fiat payments will be used to support token demand.

In addition to earning points, users can also purchase and hold Phaver Tokens, also known as “SOCIAL”. Holding SOCIAL provides benefits such as higher credibility scores, an increase in point-to-token conversion limits, and access to exclusive privileges such as VIP support and early access to new features.

Phaver users can also purchase points with SOCIAL tokens, which tends to be more cost-effective than traditional in-app purchases. This helps create demand for tokens within the ecosystem and incentivizes users to hold and spend SOCIAL.

Phaver has also launched its own NFTs called “Phaver-Up NFTs” to power its on-chain economy. These NFTs provide additional benefits such as higher score rewards, exclusive features, and access to a closed community where they can receive direct support and early insights from the Phaver team. The NFTs were distributed through weekly auctions, and more than 17,000 users were entitled to mint.

Phavercoin’s Use Cases

Content Sharing: Users who produce quality content and engage on Phaver are rewarded with Phavercoin.
Community Participation: Users can create closed communities based on specific rules and entities and earn by interacting within these communities.
On-Chain Messaging: With XMTP integration, users can perform direct cross-wallet messaging.
NFT Demonstration: Users can showcase their NFT collections on Phaver and use them to validate their assets.

Phavercoin’s Tokenomics

The tokenomics of Phavercoin are designed to allow users to earn rewards based on the value they add to the platform. Phaver provides users with a freer social media experience in a decentralized structure, while also providing earning opportunities for content creators and active users.

Phavercoin’s distribution model is community-driven, rewarding users’ contributions to the platform. In particular, Phavercoin aims to provide a fair distribution model in the Web3 ecosystem by allowing creators to have more power over social media platforms.

You can learn more about Phavercoin’s tokenomics model and use cases in the Phaver Whitepaper.

In conclusion, Phavercoin (SOCIAL) is an innovative project that aims to revolutionize the world of Web3 social media. It offers a decentralized structure for both content creators and social media users, providing the potential for full ownership over digital assets and social interactions.

Who is the Founder of Phaver?

The Phaver platform has multiple founders. Phaver was co-founded by a talented team of professionals with years of experience in their respective fields. Let’s take a closer look at the key names behind this platform:

Joonatan Lintala is the CEO and co-founder of Phaver. He previously worked at Google and built and led global sales teams as the seventh employee at Smartly.io. Joonatan played a critical role in the company’s expansion into the U.S. market. He also serves as a board advisor at TikTok marketing partner Shook Digital and shoe brand Pomar.
Tomi Fyrqvist is the CFO of Ecosystem and co-founder of Phaver. He has gained financial expertise at companies such as Goldman Sachs, Alibaba, and AXA Ventures Partners. Tomi also led global business development at Daraz, Alibaba’s e-commerce company in South Asia.
Carlo Hyvönen is the CTO and co-founder and has over 10 years of experience as a full-stack developer. Prior to founding Phaver, he led machine learning efforts at real-money gaming company Veikkaus and developed a recommendation system for more than two million customers.
Tom Hämäläinen is the Head of Analytics and co-founder of Phaver. He previously co-founded Coinmotion, Finland’s largest crypto payment service provider. Tom has extensive experience in full-stack development and is proficient in the Solidity programming language, which is used to develop smart contracts on the Ethereum blockchain.

Which VCs Support Phaver?

Phaver has attracted a lot of attention from investors and has received support from major venture capital firms such as Polygon Ventures, SwissBorg, Nomad Capital, Symbolic Capital, Dao5, Foresight Ventures, Factor, AlphaNonce, and many more.