The web3 app ecosystem known as the Pi Network has launched an innovative social platform called Fireside Forum, which integrates tokenomics at its core for enhancing content quality and user accountability. Started in 2018, the Pi Network comprises Pi miners who collaborate to build web3 and is now offering this decentralized platform for millions of members worldwide to connect and interact.
Fireside Forum diverges from traditional social media platforms by employing cryptocurrency as the central component of its social mechanism. To engage with the platform, users must pay in a native cryptocurrency, the Pi token, which drives a healthier user experience by regulating online behavior and reducing spam and harassment. The platform’s mechanism emphasizes that content creators bear a cost for their posts; only through generating valuable content and garnering tips from the decentralized audience can they recover that cost.
As a result, the platform is designed to encourage more meaningful interactions and increased visibility for content that the community regards as valuable, based on engagement levels. The decentralized aspect of the platform grants the community authority to determine trending content, which in turn, fosters greater authenticity and accountability.
To use Fireside Forum, Pi Network members, known as Pioneers, must pass a Know Your Customer (KYC) process—a step also required for interaction with other KYC-verified Pioneers. Once their mined balance is transferred to the Pi Mainnet, Pioneers can purchase in-app tokens with Pi cryptocurrency. Users need these tokens to participate in platform activities such as posting, replying, promoting, and demoting content. Creators also receive tokens as tips based on community engagement.
Pi Network’s Co-founder and Head of Technology, Nicolas Kokkalis, asserts that blockchain and cryptocurrencies can address ongoing problems such as misinformation, trolling, and internet violence that traditional social networks are facing. Chengdiao Fan, another founder of the Pi Network and Head of Product, explained that their design for Fireside Forum incorporates prior research on online behavior and interactions along with potential solutions for the flaws of traditional social media.
Although Fireside Forum represents just the beginning of Pi Network’s work in social networking, the platform’s design
Source: Cryptonews
