Sociall: A Secure, Private, Decentralized Social Network

What is Sociall

Friends, imagine the social media we use every day, like WeChat or Weibo—they’re all operated by centralized companies. This means your data, your content, and even your social connections are all controlled by these companies. The Sociall project (SCL for short) aims to build a decentralized social media platform on the blockchain.

You can think of it as a “digital public square,” but this square isn’t owned or managed by a big company—it’s maintained collectively by all participants. Its core goal is to let everyone enjoy social interaction and content sharing while truly owning their own data and having the opportunity to be rewarded for their contributions.

Sociall runs on the Ethereum blockchain, essentially building this “digital public square” on Ethereum’s vast digital land. On this square, people can use a digital currency called SCL for various activities, such as paying service fees, buying goods, posting ads, or even launching crowdfunding for their favorite projects. Sociall also provides each user with a decentralized digital wallet to securely store SCL and other cryptocurrencies.

Project Vision and Value Proposition

Sociall’s vision is to redefine our relationship with social media. It aims to address the widespread privacy violations found in traditional social media. In Sociall’s world, your data and uploaded content are encrypted and stored in a decentralized manner, meaning only you and your communication partners can see the information—even the Sociall platform itself cannot access it.

Its value proposition is clear: users own their own content, and the platform does not claim ownership of any user-uploaded data. In this way, it hopes to create a fairer social media environment, allowing users to directly gain value from their creations and interactions, rather than letting the platform monopolize profits. Ultimately, Sociall’s goal is to achieve platform autonomy, enabling users to participate in platform management and content moderation, and to be rewarded with SCL tokens for these contributions. It’s like a social network run by community members, where everyone is a stakeholder and collectively decides its direction.

Technical Features

Sociall’s technical foundation is the Ethereum blockchain, leveraging Ethereum’s decentralization and smart contract capabilities. Its main technical features include:

• Decentralized Data Storage and Encryption: All your data and multimedia content are encrypted and distributed across the network, rather than stored on a single server, protecting your privacy.
• End-to-End Message Encryption: Ensures that only you and your friends can see your chat content; no one else can intercept or read it.
• Smart Contract Wallet: User account wallets are built on Ethereum smart contracts, making wallet management and transactions more secure and transparent.
• Identity Authentication: Sociall uses an open-source project called IdentityServer to handle user authentication and ensure account security.
• Open and Transparent: The project is open source, with its codebase available on GitHub, increasing transparency and encouraging community members to discover and report potential security issues.
• Consensus Mechanism: Sociall’s consensus mechanism does not rely on traditional mining (non-mineable) and has no specific algorithm; instead, it emphasizes maintaining ecosystem health through user participation and content quality.

Tokenomics

The core digital currency of the Sociall project is the SCL token, which is an ERC-20 standard token running on the Ethereum blockchain. SCL is designed as a utility token, meaning it has multiple practical uses within the Sociall platform:

• Payments and Transactions: SCL is the main payment method on the platform, used for purchasing goods and services, paying for ads, and supporting crowdfunding activities.
• Staking and Governance: Users can stake SCL tokens to earn rewards and participate in platform governance decisions, influencing the platform’s future direction.
• Incentive Mechanism: The platform rewards users who contribute to the community, such as those involved in content moderation and platform maintenance, with SCL tokens as compensation.

Token Basic Information

• Token Symbol: SCL
• Issuing Chain: Ethereum (ERC-20)
• Current Supply: Approximately 16,714,019.6643 SCL.
• Maximum Supply: 16.71 million SCL.
• Circulating Supply: Notably, CoinMarketCap states that the team has not verified SCL’s circulating supply; the project reports a circulating supply of 0 SCL and a self-reported market cap of $0. This means the actual number of tokens in circulation may be unclear, so investors should conduct their own careful research.

Token Acquisition and Future Plans

Users can exchange SCL by depositing mainstream cryptocurrencies (such as Bitcoin, Ethereum), and there are plans to support direct fiat (USD, EUR) exchanges for SCL in the future. Additionally, Sociall plans to implement peer-to-peer (P2P) trading functionality for SCL, allowing users to trade directly between wallets.

Team, Governance, and Funding

Team

The Sociall project was co-founded by a group of blockchain enthusiasts and developers. As early as 2018, the team emphasized that all members worked internally, covering development, management, marketing, and finance to ensure efficient collaboration and clear communication. At the time, Sociall was a startup headquartered on the Gold Coast, Queensland, Australia, and its founder and CEO was only 25 years old in 2018.

Governance

Sociall’s long-term goal is to achieve full platform autonomy. This means transitioning from a core team-led model to one managed and decided by community members. Through the SCL token staking mechanism, users will be able to participate in platform governance, vote on important proposals, and influence the platform’s direction and rule-making. This model aims to better align the platform with the interests and needs of its user base.

Funding

Sociall raised millions of dollars in the third quarter of 2017 through an Initial Coin Offering (ICO). Public information on the project’s current financial status and fund usage is relatively limited; it’s recommended to follow official announcements or audit reports (if available).

Roadmap

The development history and future plans of the Sociall project can be summarized as follows:

Key Historical Milestones:

• 2017: The project rebranded from “Nexus” to “Social,” launching a new brand identity.
• Q3 2017: Successfully completed ICO, raising millions of dollars.
• Q1 2018: Planned launch of platform version 2.0, redesigning the user interface and core features, including a streamlined registration process, redesigned homepage feed, SCL balance display, and integration with Facebook and LinkedIn.
• 2018: Sociall platform officially launched as a decentralized social media platform, aiming to give users control over their data and the ability to monetize content.
• 2018 to present: The project expanded its influence in the digital asset market by listing on multiple cryptocurrency exchanges.

Future Plans (based on whitepaper and early announcements):

• Fiat Integration: Plans to support direct fiat deposits and SCL token exchanges for users.
• Peer-to-Peer Trading: Plans to implement peer-to-peer trading of SCL tokens between users to reduce reliance on a centralized “main wallet.”
• Full Autonomy: The ultimate goal is to transition the entire platform to a community-driven autonomous governance model.

Please note, the above roadmap information is mainly sourced from the project’s early whitepaper and Medium articles. For the latest progress and detailed plans, refer to the project’s most recent official announcements.

Common Risk Reminders

All blockchain projects carry certain risks, and Sociall is no exception. When participating in or learning about such projects, here are some common risks to be aware of:

Technical and Security Risks

• Smart Contract Vulnerabilities: Although Sociall runs on Ethereum and uses smart contracts, the contracts themselves may have unknown vulnerabilities. If attacked, this could result in asset loss.
• Platform Stability and Scalability: As a decentralized social media platform, whether its technical architecture can remain stable and efficient as user numbers grow is an ongoing challenge.
• Security Audits: The whitepaper mentions using third-party security firms for audits and penetration testing, but the results and frequency of these audits require ongoing attention.

Economic Risks

• Token Price Volatility: As a cryptocurrency, SCL’s price is affected by market supply and demand, macroeconomics, project progress, and other factors. Volatility can be high, posing investment risks.
• Unclear Circulating Supply: CoinMarketCap notes that SCL’s circulating supply is unverified, and the project reports it as zero. This may lead to information asymmetry in the market, affecting judgment of the token’s true value.
• Liquidity Risk: If token trading volume is insufficient, it may be difficult to buy or sell, affecting asset realization.

Compliance and Operational Risks

• Regulatory Uncertainty: Global regulations for cryptocurrencies and decentralized social media are still evolving. Future policy changes could significantly impact project operations.
• User Adoption and Competition: The decentralized social media space is highly competitive. Whether Sociall can attract and retain enough users to build strong network effects is key to its success.
• Project Activity: Many early projects may face development stagnation or declining community activity. It’s important to keep up with the latest project updates and development progress.

Please remember, the above information does not constitute any investment advice. Be sure to conduct thorough personal research and risk assessment before making any decisions.

Verification Checklist

To further understand the Sociall project, you can verify and research through the following methods:

• Block Explorer Contract Address: Visit Etherscan.io or Ethplorer.io and search for the SCL token contract address. On these sites, you can view SCL token holder distribution, transaction history, total supply, and other on-chain data to assess its activity.
• GitHub Activity: Visit Sociall’s GitHub page (github.com/sociall-io) to check codebase update frequency, commit records, developer community participation, etc., to evaluate project development activity.
• Official Website and Social Media: Visit Sociall’s official website (such as sociall.io) and its official accounts on Medium, Twitter, etc., for the latest project announcements, development progress, and community interaction.
• Whitepaper: Read the project’s whitepaper carefully to understand more detailed technical details, economic models, and future plans.

Project Summary

Sociall (SCL) is a blockchain project aiming to build a decentralized social media platform, with the core concept of returning data ownership and content monetization to users. By running the SCL token on the Ethereum blockchain, it provides users with an ecosystem for payments, staking, and governance. The project emphasizes privacy protection, using encryption and decentralized storage to counter privacy violations found in traditional social media.

Sociall’s vision is to create a fairer, more transparent, and community-driven social network, allowing users to truly benefit from their social interactions and content contributions. However, as a project in the cryptocurrency space, it also faces technical challenges, market volatility, and regulatory uncertainty. In particular, its circulating supply is unverified by third parties, which is an important point to note.

Overall, Sociall represents an attempt to apply blockchain technology to the social media field, seeking to address the pain points of centralized platforms. For those interested in decentralized social, data sovereignty, and Web3 concepts, Sociall offers a case worth watching. But remember, the cryptocurrency market is highly risky—the above content is for project introduction only and does not constitute any investment advice. Always conduct comprehensive due diligence and risk assessment before participating in any project.