BI 003 Social Platform with Smart Accounts
Problem Statement
- The idea is to create a social platform that incorporates smart accounts, enabling users to seamlessly exchange various digital assets such as collectibles, pictures, videos, stickers, and more as non-fungible tokens (NFTs).
- The platform would also facilitate easy fund transfers between users similar to Venmo. Additionally, the platform would provide opportunities for creators to form communities, distribute NFTs, and engage with their audience.
- The current digital content sharing landscape lacks a seamless and secure way to exchange and monetize various digital assets. Traditional platforms often lack the infrastructure to handle the unique characteristics of NFTs and provide a streamlined experience for creators and users.
Potential solution
- User Generation:The solution is to build a social platform that integrates smart accounts and NFT functionalities. Users create accounts on the social platform, which include smart accounts that are connected to their digital wallets.
- Content Creation and Sharing: Users can create various digital assets such as images, videos, stickers, or collectibles directly within the platform. These assets can be easily shared with other users, either publicly or within private groups.
- NFT Conversion: Users have the option to convert their digital assets into NFTs, making them unique and tradable on the platform. This allows for increased authenticity, ownership, and potential monetization.
- Asset Exchange: Users can exchange NFTs with other users, either through direct transactions or by listing them on the platform's marketplace. This facilitates the trading and discovery of unique digital assets within the user community.
- Fund Transfers: Users can seamlessly send funds to their contacts, similar to the Venmo model. This feature simplifies transactions between users and enables easy payments for services or purchases within the platform.
Challenges you may have to overcome
- social platforms require high scalability to handle a large number of users and their interactions. ensuring that The blockchain infrastructure can handle The scale and growth of The platform is essential.
- Managing Content moderation is a significant challenge for social platforms. Striking a balance between freedom of speech and preventing abuse, harassment, or misinformation requires robust moderation mechanisms.
- Developing a sustainable business model and monetization strategy is crucial for The long-term success of a social platform.
Business model
- Transaction Fees: The platform could charge transaction fees for NFT trades, fund transfers, or any monetization activities within the platform.- Premium Features: Offering premium features or subscription plans to creators or users, such as enhanced content creation tools, exclusive access to certain features, or advanced analytics.
- Partnerships and Advertising: Collaborating with brands, advertisers, or sponsors to promote their products or services within the platform, generating advertising revenue.
- Marketplace Commissions: Charging a commission on sales made through the platform's marketplace.
- Licensing and Royalties: Facilitating licensing and royalty agreements between creators and users who want to utilize their NFTs for commercial purposes.
Market Opportunity
The digital content and social media market is massive, with billions of users worldwide. NFTs have gained significant popularity, offering new opportunities for creators to monetize their work and engage with their audience.
By combining a social platform with NFT capabilities, there is an opportunity to tap into this growing market and attract both creators and users seeking a seamless and secure way to exchange digital assets.
FAQs
Polygon zkEVM is the leading zero knowledge scaling solution that’s equivalent with the Ethereum Virtual Machine, this means that most of the existing smart contracts, developer tools, and wallets work seamlessly.
Polygon zkEVM harnesses the power of ZK proofs to reduce transaction cost and increase throughput, all while inheriting the security of Ethereum L1.
1- Ethereum-equivalence: Most Ethereum smart contracts, wallets, tools, etc. work on Polygon zkEVM seamlessly.
2- Inherits Ethereum security
3- Lower cost compared to L1 and better finality than other L2 solutions like Optimistic Rollups
4- ZKP-powered scalability, and aiming at similar throughput to PoS
Many people in crypto believed that a zkEVM was years away, and might never be practical or competitive with other ZK L2s. This was framed as an unavoidable tradeoff: we could have either full EVM equivalence or high performance, but not both. However, with the proving system breakthroughs pioneered by Polygon Labs, we belieive we can achieve full EVM equivalence while offering better performance (higher throughput, lower latency, and lower cost) than alt-L1s, optimistic rollups and other ZK rollups.
EVM-equivalent: Ethereum isn’t just a blockchain. It’s a rich ecosystem of smart contracts, developer tools, infrastructure, and wallets. It’s a vibrant community of developers, auditors, and users. The best way to scale Ethereum is to strive to maintain equivalence with this ecosystem, and the Polygon zkEVM will give users and developers an almost identical experience to Ethereum L1 -- just with a significant scalability improvement.
The ultimate goal is not compatibility. The ultimate goal is equivalence. Solutions that are compatible enable most of existing apps to work, but sometimes with code changes. Additionally, compatibility may lead to the breaking of developer tooling. Polygon zkEVM strives for EVM Equivalence, because it means that most applications, tools and infrastructure built on Ethereum can immediately port over to Polygon zkEVM with limited to no changes needed. Things are designed to work 100% on day one. This is important, because ideally:
1. Development teams don't have to make changes to their code, which could introduce a security vulnerability
2. Since no code changes are needed, you dont need additional audits, which saves teams money
3. The experience for a developer is much better. Since he/she is not rewriting the application, valuable time is saved.
4. The solution ultimately benefits from the security and decentralization of Ethereum, since transactions are still finalising on Ethereum
5. Allows Polygon zkEVM to benefit from the already vibrant and active Ethereum community
6. Allows for significant and quick dApp adoption, since apps built on Ethereum today are designed to be compatible.
SELFDESTRUCT: removed by SENDALL
EXTCODEHASH: returns hash contract bytecode from Polygon zkEVM state tree (do not check if the account is empty)
DIFFICULTY: returns 0
BLOCKCHASH: returns all previous block hashes (not just the last 256 blocks)
BLOCKCHASH is the state root at the end of a processable transaction and it is stored on the system smart contract
NUMBER: number of processable transactions
zkEVM supports all opcodes but SHA256, BLAKE and PAIRINGS.
ecRecover and identity are presently supported. Others return a revert.
At the moment, the answer is No. Aspirationally, the goal in the future is to build one of many chains that allow for users' assets to move from layer 2 (L2) to layer 2. With that being said, users will not be able to utilize this functionality at launch, but L2 to L2 movement is something road mapped for the future.