Taki is a social network that brings the old ‘engage to earn’ model in a new package, with crypto tokens as rewards
Taki social networkrewards its users to engage on the social network, giving them crypto tokensin exchange.
Taki tokenis built on the Solana blockchainfor fast and inexpensive transactions.
- The overall idea is to mesh the ideas of a traditional social network with crypto tokens, according to the company.
AdvertisementTaki is a new social network that, at first sight, seems to mimic Twitter and Facebook – after all, there are only so many ways to create a timeline of posts. But this social network comes with a twist – it rewards its users in the form of crypto tokens, not likes or comments.
Building a social network is not an easy task, and neither is creating a crypto token that stands out in a sea of cryptocurrencies and tokens. But bringing the two together could seem like a novel idea that might just help a company stand out from the rest.
“Taki is designed to be a secure, safe and tech superior product that enables social enthusiasts to consume, invest, share, transact and build a token-based content portfolio,” said
Taki aims to achieve just that. The
To be fair, though, there have been dime a dozen apps and services that have tried to attract users using in-app coins. But Taki is different in the sense that it actually uses crypto tokens – also called Taki – which can be converted into actual money once these tokens are listed on crypto exchanges.
Creating a “user economy” and a positive feedback loop
Interestingly enough, users can also create their own crypto tokens instead of relying solely on Taki.
In a conversation with Business Insider, Taki co-founder Sakina Arsiwala described this concept as “user economy”, giving creators and influencers the power to leverage their audience, thanks to their own crypto tokens.
Users who like a post made by anyone on Taki can reward them using Taki tokens. Additionally, to motivate users to post rewarding content and their followers to reward these creators, Taki has a reward-sharing concept in place.
According to Arsiwala, a small portion of rewards is also shared amongst the followers of Taki users, creating a positive feedback loop. She calls it a form of dividend for the followers.
AdvertisementUsers who want to cash out can do so by converting their Taki tokens to any other cryptocurrency or fiat on cryptocurrency exchanges, once the Taki tokens are listed. Arsiwala says her company is working with crypto exchanges to get the Taki token listed.
This process encourages creators to post engaging content, and their followers to reward this content.
Solana has also partnered with Taki to set up a $2.5 million fund to bring creators on the platform. Wider fundraising details are not known yet, though.
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