INTOverse: A New Paradigm for the Web3 Social Revolution

Source: 0xin

"INTOverse represents the early pioneers of the Web3 social revolution and signifies a new paradigm. With the $TOX token launching on the Matcha trading platform, this ecosystem will fully take off."

Internet-based social interactions are providing people with the convenience of long-distance communication and connection, breaking down geographical barriers. This inclusive and extensive online connectivity accelerates the fusion of information, further speeding up the development of business forms and the profound transformation of human society. Today, social platforms have become an indispensable part of everyone's life, giving rise to Web2 social giants like Twitter and Facebook.

As the Web2 social system develops, the drawbacks of the traditional social ecosystem are becoming apparent. In the Web2 world, social platforms are typically operated and controlled by centralized organizations or companies. This means that decision-making power, data ownership, and content management are concentrated in the hands of a few institutions or individuals, becoming a bargaining chip for traditional business giants. Such centralized control can easily lead to power abuse, information manipulation, and unfair competition. In recent years, issues related to user privacy and data breaches on social platforms have frequently occurred.

For example, in 2018, the data analytics company Cambridge Analytica collected personal data from over 87 million Facebook users through a psychological testing application, including profile information and friend networks, and then used this data for political advertising and voter manipulation. In 2019, personal data of over 500 million Facebook users was again leaked online, including sensitive information such as names, email addresses, phone numbers, and geographic locations. These breaches reveal the vulnerabilities of social giants like Facebook in terms of data security and privacy protection.

Moreover, the highly centralized Web2 social system lacks user control, which not only limits users' autonomy and personalized choices but also makes it difficult for users to fully control the content they publish and manage their social graphs freely. At the same time, Web2 social platforms often exist in closed ecosystems, restricting interoperability and data sharing between different platforms. This means that users find it challenging to transfer their social data and content from one platform to another and to achieve cross-platform social interactions and connections.

Web3 is Reshaping the Traditional Social System

Web3 represents an innovative ideology that advocates for everyone to own a part of the internet, re-establishing a new governance system through blockchain technology, allowing for the redistribution of value and power to participants, meaning that value should be earned rather than merely purchased.

The Web3 social system is typically based on various distributed technologies such as blockchain and distributed storage, no longer relying on centralized servers and platforms. With blockchain and tokenization, users own their data and can choose to share it with other users or applications, earning economic returns in the process. Users can better control their privacy and data and decide how to use, share, and benefit from their data. Additionally, Web3 social networks typically do not have a single controlling entity that can censor or restrict users' speech and content; governance through DAOs is expected to achieve autonomy and governance in a democratic manner.

With the further development of blockchain technology, Web3 social platforms are also expected to achieve greater composability, such as social data, content, and social graphs, which can be fully utilized in an assetized form and achieve "modular" connections between different social platforms.

Currently, Web3 social is in the early exploration stage. We believe that a mature Web3 social system needs to include elements such as decentralized social applications, decentralized digital identities, encrypted security systems, uncensored freedom of speech, user data ownership and sharing, and user control.

INTOverse is a great early example, having built a relatively complete set of Web3 social components while retaining the usability of traditional Web2 social platforms, widely serving all users with social needs and providing income opportunities. INTOverse attracted a large number of early users at its launch, indicating a certain trend.

The New Paradigm of Web3 Social in INTOverse

INTOverse is positioned as a social ecosystem operating management solution based on Web3. This ecosystem is providing users and communities with a more open, democratic, efficient, and secure communication and transaction environment through a decentralized architecture, efficient management tools and mechanisms, and a rich community member evaluation and incentive system.

The INTOverse Web3 social system includes four main components: a crypto wallet, a Web3 social platform, a digital identity system (DID), and AI-assisted features.

• Crypto Account System

INTOverse is natively built on the blockchain, supporting users to conduct relevant on-chain transaction services through crypto wallet accounts, easily managing and using digital assets on the Web3 network for transactions, transfers, payments, digital red envelopes, etc. Currently, it supports four underlying chains: Match Chain, BNB Chain, Ethereum, and Polygon, with plans to integrate over 50 more underlying chains in the future, aiming to allow all Web3 users to establish comprehensive links based on INTOverse, breaking down barriers between different chains.

• Social Platform

The Web3 social platform is one of the core components of INTOverse, providing a social experience similar to WeChat, allowing users to connect with others by adding friends and to establish their own communities in a "group chat" manner, further interacting and collaborating with other users. Currently, the vast majority of Web3 social platforms are limited by the native characteristics of crypto, often lacking in social experience and functionality, making them unable to attract Web2 users. In this regard, INTOverse has a distinct advantage, as it is expected to seamlessly bring Web2 users into its social system, achieving rapid growth in the short term.

INTOverse also supports efficient management and operation of communities, including member management, permission settings, and bot assistance, meeting the needs of Web3 operators, KOLs, and others to establish sticky connections with fans and community users through Web3 incentives, lowering the threshold for community operation. It helps community administrators better manage community members, increasing community engagement and user retention. Additionally, the INTO platform provides a set of data analysis tools to help administrators understand the needs and behaviors of community members. This enables users to independently choose and access valuable information, thereby enhancing community effectiveness and user experience.

The INTOverse platform also employs the most advanced blockchain technology and security mechanisms. During data transmission, INTOverse uses encryption technologies such as SSL to ensure that data is not intercepted or tampered with during transmission. In terms of data storage, sensitive data such as private keys and user privacy information are encrypted to prevent hacker threats and data breaches, ensuring the security of community members' assets and privacy data. Furthermore, the INTOverse platform provides comprehensive technical support and customer service, offering timely and professional assistance and support to users, building trust in the platform.

In terms of incentives and governance, INTOverse adopts a collaborative model of co-creation, co-building, and sharing, balancing the interests of core teams, investors, miners, developers, users, and ecosystem partners to maximize the interests of all parties through cooperation. This cooperative model not only effectively coordinates the interests of all parties but also promotes ecosystem development and enhances community member participation and loyalty.

With the introduction of a large number of Web2 users, it is expected that they will join different Web3 communities through INTOverse, while also subtly influencing Web2 business operations, which undoubtedly has positive significance for the development of the Web3 world.

• Digital Identity System

INTOverse has established a DID system, providing users with a secure and reliable digital identity authentication system, enabling users to easily manage and use their digital identities and utilize INTOverse digital identities for login, authentication, authorization, and other operations.

The DID system is crucial for social systems, as it not only helps users build user profiles but also further expands the extensibility and composability of the social system, establishing deep links with a broader commercial system.

Based on its own DID system, INTOverse has pioneered the concept of "social fingerprints," which represent each user's unique Web3 social network graph. This graph is expected to become the user's social "ID card" (DID asset) in the future and can deeply link with all social systems in a modular form. By interacting with various DApps through addresses, user identities are stripped away, and the on-chain data generated during interactions belongs to the address. Therefore, users who own that address gain ownership, management, and control over the data. This on-chain data is backed by blockchain distributed ledger technology, characterized by trustworthiness, traceability, tamper-proofing, and loss prevention, which will play a crucial role in building the Web3 crypto economy.

Currently, INTOverse is one of the few Web3 social ecosystems that have established a DID system, undoubtedly showcasing foresight and trendiness.

• AI Assistance

INTOverse plans to introduce AI-assisted systems, including ChatGPT, soon to help users with intelligent analysis, predictions, recommendations, and personalized services, providing users with a better Web3 experience.

Social 2 Earn

INTOverse is an open ecosystem that allows all users to participate and widely attracts users. For users, the biggest attraction of INTOverse lies in its "Social 2 Earn" feature, which means chatting is equivalent to mining.

Users only need to download the INTOverse application, register an account, and they can earn $TOX tokens (governance tokens) as rewards by participating in social mining.

INTOverse has set up a rich social mining reward mechanism. Users can earn rewards through various activities, including posting updates, liking, commenting, and inviting friends. Through this incentivized approach, INTOverse is helping users establish sticky connections with the community. Since the incentive factors are related to user activity, this further promotes efficient and high-quality interactions between users and the community.

Moreover, INTOverse's social mining rewards are not limited to digital currencies; they also include physical goods and coupons, providing users with tangible value and laying an early foundation for INTOverse to explore broader Web3 business models.

Compared to traditional cryptocurrency investment and mining, INTOverse's social mining does not require technical knowledge or significant capital investment; it is almost free, solving the problems of high mining costs, difficulty, and low efficiency associated with traditional mining methods. Additionally, social mining itself is a positively meaningful activity, and this innovative mining method encourages users to actively participate in social activities, freely communicate and trade in the Web3 world, and continuously benefits the development of the INTOverse ecosystem.

The chat mining feature of INTOverse was first launched to the market on May 9, attracting a large number of early users within a month. Currently, the platform has around 15,000 daily active users, with total on-chain interactions exceeding 4.8 million. As of now, INTOverse has nearly 60,000 registered users (with an activity rate of over 25%). On June 15 alone, the total number of group chat messages on the platform approached 10 million, while private chat messages surpassed 2.6 million, with over 46,000 users interacting on-chain. This indicates that the INTOverse ecosystem is backed by a large active user base, showcasing excellent growth potential.

Token Economy

$TOX is INTOverse's standard utility token, serving as the primary reward asset for users participating in chat mining, allowing users to trade freely. Social mining can effectively increase the community's influence and publicity while attracting more users to participate in the project. Additionally, INTOverse has established a token economy system around $TOX to continuously create value capture mechanisms and empower its value.

INTOverse encourages users to hold $TOX assets for the long term. After the launch of chat mining, it established a staking system that allows users to stake $TOX tokens into a pool to earn interest, while also supporting the stable operation of the platform. This staking pool will offer APYs far exceeding those currently available on DeFi platforms, motivating users to participate in staking. The establishment of this staking mechanism will significantly reduce the market circulation rate of $TOX tokens, which is very helpful for solidifying the value of $TOX in its early stages.

Furthermore, the $TOX token can also be used to purchase virtual items in the INTOverse online store. As INTOverse expands into broader fields, it is expected to introduce a large number of innovative narrative-oriented virtual assets.

For example, the INTOverse NFT asset launched on the Binance NFT platform on June 9 saw its price increase by over 320% shortly after launch, with trading volume exceeding $200,000 in a short period, attracting significant market attention. $TOX is expected to achieve deep value linkage with these virtual assets, continuously generating essential demand effects within the virtual economic system of the INTOverse ecosystem.

INTOverse itself is backed by a vast user base, possesses a relatively mature Web3 social system, and has widely attracted various operators, KOLs, and project parties, while also having the potential to attract a broad range of Web2 users. Therefore, based on this, INTOverse is expected to further explore more business scenarios, forming deep linkages with its own system, and $TOX is likely to become a necessary asset in this process, such as for the creation of other types of assets and circulating assets for various commercial transactions. With the backing of a massive user base, it is expected to further promote the rapid rotation of the $TOX token value flywheel.

According to official news, the $TOX token will soon launch on the Matcha trading platform, which means that $TOX will further have external circulation scenarios, an extremely important aspect of the development of the INTOverse ecosystem.

Firstly, this is good news for social mining users, as it means that all social mining users will be able to realize the value on this platform.

At the same time, after $TOX logs onto the Matcha platform, the INTOverse ecosystem will be able to achieve new value interactions with the external market. As the ecosystem continues to expand, external funds will be able to flow into the INTOverse ecosystem through the trading platform as a hub, providing an early value foundation for the subsequent landing of more ecosystem applications, further exploration into the Web2 world, and exploration into broader commercial systems.

INTOverse has established a unique and advanced Web3 social ecosystem, backed by a broad user base and enormous commercial potential, driving the field towards the next stage of development. It represents a new trend in the development of the SocialFi track and is also a new paradigm of the Web3 social revolution.