New Web3 Social Media Network on Ethereum Promises to Pay Users for Chatting

New Web3 Social Media Network on Ethereum Promises to Pay Users for Chatting

Socrates, a Web3 social media and entertainment platform, launched on several blockchains including Polygon, Ethereum, BNB Smart Chain (BSC) and Optimism on Thursday, promising to pay users for interactions and debates.

In a statement, Socrates said the launch comes after months of testing for the decentralized social network, which incorporates so-called social finance and game finance. Thousands of people have signed up to use the platform, the company said, without giving a number.

A quick glance on Google Playstore shows the app surpassed 5,000 downloads. But the site can also be accessed via Web and on Apple App Store, meaning there could be more users.

Getting paid on Socrates

Socrates says users can earn rewards by asking and answering multiple-choice questions on the platform, “debating openly and sharing knowledge.” They can even be paid for liking other people’s viewpoints, backing questions asked by others or voting for answers.

Each question on the network does have a defined time limit – something that Socrates says is crucial to “creating a sense of urgency,” according to an earlier blog post published on Nov. 14. People can discuss anything, from politics to sports, and crypto to entertainment.

But there is a catch: you will need to spend money first before you can start to earn. Once you sign up for Socrates on its website or via the mobile app, you will be asked to mint what the company calls an “SBT Pen”, which you need to buy “points”.

The ‘points’ are your gate-pass to getting involved in conversations on Socrates and people need them to earn rewards, which are also in points. Each point is equal to $1. Socrates did not specify the minimum number of points needed for users to start taking part in its activities.

At this point, however, a user has already connected their cryptocurrency wallet to the app through supported blockchains such as Polygon, Ethereum, and Arbitrum One, where they can redeem their earned points 1:1 for USDT.

New Web3 Social Media Network on Ethereum Promises to Pay Users for Chatting
Collage showing different interactions on Socrates. Source: Socrates

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There’s also something called an “NFT Pen” that you get when purchasing the SBT Pen. The so-called NFT Pen is supposed to “provide you more benefits,” the company said. More “valuable contributions and interactions can earn large rewards.”

“Users can shape conversations in-app by crafting their Pen and selecting a sphere of interest, actively contributing to meaningful dialogues,” it added.

Combating ‘Web2 misinformation’

Web3 is the idea of an Internet that is decentralized and powered by blockchain technology and token-based economics. Non-fungible crypto tokens (NFTs) are expected to play a key role in Web3 as a medium of exchange.

Lottie Wells, the spokesperson for Socrates, said the platform gives people a place “to think freely about issues and combat misinformation common in web2 social media.”

“In response to the rise of AI language technology providing standardised answers to questions, our platform addresses a clear need for individuals, businesses and governments to seek human answers to their questions,” Wells said, in a press statement.

Web2 social media networks like Facebook and Twitter (X), exemplified by their centralized structures, have drawn criticism for various shortcomings. They are accused of breaching user privacy and colluding with governments to conduct surveillance on citizens.

Decentralized social media networks like Socrates, Bluesky and Mastodon are promising a different reality – one of free speech, security, and non-inteference.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.