KeySea, the newest approach to the decentralized social media industry, is taking the world by storm. Released in 2023, the platform intends to revolutionize how consumers relate with influencers and how these influencers are compensated for their content.
KeySea seeks to make it possible for anyone to monetize their social media engagement through SocialFi, a concept that has recently been making waves in the crypto industry. What is it about? Let’s find out.
What is SocialFi?
SocialFi is a unique blend of social media with the innovative decentralized finance (DeFi) industry. Its overarching focus revolves around addressing the limitations of the existing Web2-based social media platforms.
Built on the principles of Web3, which seeks to take power from the hands of large corporations, SocialFi offers a fresh and decentralized approach to how content is created, consumed, and monetized. It leverages the power of blockchain and cryptocurrencies to infuse economic value into social interactions.
SocialFi empowers content creators to determine how to monetize their influence and follower engagements. With the digital assets industry growing rapidly in recent years, experts believe that SocialFi could be a game-changer compared to the existing social media titans.
Consequently, several SocialFi platforms have emerged, seeking to help content creators turn their social media engagements into a money-making machine. One of these platforms is KeySea. What is it about, what features does it offer, and how can you get started immediately? Let’s find out.
About KeySea
KeySea is a decentralized social network built on Linea Chain, an Ethereum Layer 2 network. One of the platform’s main objectives is to give users the opportunity to be closer to their favorite online personalities.
The platform enables users to interact with other community members and monetize their interaction through the trade of “social keys.” These distinctive social keys are shares that give users access to the private chat rooms of top influencers and prominent figures in the industry.
This economic model empowers social media influencers to derive value from their follower engagement. Creators receive 5% of the fees from every buy and sell transaction involving their key supply.
How Does KeySea Work?
The concept behind KeySea is simple. By registering on the platform with their X (formerly Twitter) profiles, users can gain access to a curated list of top social media influencers, with each represented as a tradeable asset called “shares.”
The initial share price is usually determined by the influencer’s follower base, number of engagements received, and their overall influence. When users buy an influencer’s shares, KeySea charges a 10% fee, with half going to the influencer and the other half going to the KeySea platform.
Investing in the shares of a particular influencer unlocks a direct line of communication with them, as it grants the user access to the influencer’s private group chat. The experience is akin to joining an exclusive club where users can engage in conversations led by the influencer and other group members.
Using this innovative approach, KeySea intends to transform crypto trading into a social adventure. Acquiring the shares of a popular crypto influencer not only secures users a front-row seat to the latest crypto trends and real-time insights but also facilitates interactions with other crypto enthusiasts and experts.
What’s more, as the influencer group expands, the number of group shares increases, but rather than reduce the price of joining the group, the growing number of group shares increases the base price. Thus, when users want to leave the group, they can sell their shares at a much higher rate than when they purchased them.
This way, creators can gain financial incentives for their content by selling shares and increasing their value with more engagement. Followers, on the other hand, can make a lot of money by flipping the shares at higher prices, provided that the influencer gains popularity.
KeySea on Linea Chain
Linea Chain is a high-performance layer-two network for the Ethereum blockchain. Powered by ConsenSys, the organization behind the popular MetaMask wallet, Linea seeks to enhance user experience on the Ethereum blockchain.
Linea leverages the groundbreaking zero-knowledge (ZK) proof technology to process transactions quickly and at lower gas fees while using the Ethereum network for ultimate scalability and security. The blockchain network is also compatible with the Ethereum Virtual Machine (EVM), streamlining the migration of existing applications on Ethereum to Linea and the development of new ones within the network.
KeySea recognizes Linea’s potential to pave the way for the next wave of innovation in the blockchain industry, which is why the platform is built on the network. Linea’s fast transaction processing times are especially vital for the SocialFi sector, where users require rapid processing.
Linea’s cost-effectiveness makes it an attractive choice for applications handling numerous transactions, such as KeySea. Additionally, by making it easier and cheaper for developers to transition between both networks, Linea will soon become a hub of activities as several developers move to the network to enjoy Ethereum’s benefits at faster and cheaper rates. The potential spike in activity volumes on Linea will have a positive effect on the decentralized applications (dApps) built on the network, including KeySea, increasing user engagement.
KeySea Features
KeySea has curated a selection of features that align with its vision of creating a sustainable economy within its social network platform. Let’s look at some of the platform’s features.
Chat Rooms
Chat Rooms lie at the center of the KeySea platform, providing users with an avenue to participate in discussions and connect with other individuals who share the same interests. To access these chat rooms, users must acquire Certified or Fan Keys, with each key tailored to suit different community dynamics. Each chat room focuses on a particular theme, artist, or hobby.
Users can also report inappropriate behavior or content using the handy “Report” button or by contacting the support team. This provision ensures that chat room members maintain a safe and respectful community atmosphere.
KeySea Platform Keys
The platform has two social keys that users can trade:
Certified Keys
Certified Keys are a significant aspect of the KeySea platform. These keys serve as gateways for users to access specific chat rooms on the platform and connect with individuals who share similar interests.
Users can acquire Certified Keys after they create their personal keys upon joining the platform. When users buy a Certified Key, the corresponding chat room becomes available on their list of chat rooms, and they can easily join and interact with like-minded people.
KeySea has a unique fee structure with the Certified Keys, designed to reward content creators for their contributions to the community and strengthen the platform’s sustainability. When users trade the Certified Keys, 5% of the incurred transaction fees go to the creator of the key, and the other 5% is transferred to the platform.
The concept of Certified Keys is designed to uphold exclusivity and relevance to certain topics to promote a conducive environment for sharing valuable insights. These keys ensure that users are always engaged in meaningful conversations with others who share similar interests.
Fan Keys
Fan Keys are a unique feature within the KeySea platform, developed to foster communities around shared passions and interests. Unlike the Certified Keys, though, Fan Keys are not official keys.
However, they are designed to bring together a group of individuals interested in a particular topic, artist, or hobby in the same chat room, creating a vibrant community of enthusiasts. The trading of Fan Keys also features a unique fee structure that allocates 10% of the transaction fees to KeySea’s sustainability efforts, ensuring that the platform continues to provide a conducive environment for community building and meaningful interactions.
Referral Program
KeySea offers users access to a robust referral program geared toward promoting user engagement and expanding the community. The system allows existing KeySea users to invite new individuals to join the platform using their unique referral links, contributing to the community’s growth and rewarding the referrers with the accumulation of REP points.
Here’s a detailed breakdown of how KeySea’s referral program works:
Referral Link Issuance
When users create a KeySea account, they automatically receive a unique referral link that can be shared with others. When a new user joins the platform using these links, they become referred users.
Earning REP Points
The referring users earn REP points whenever their referred users buy or sell keys on the platform. Thus, the bigger the number of referred users, the bigger the REP points accrued.
Leaderboard and Ranking
Accumulating REP points enhances a referrer’s ranking on the leaderboard, an important aspect of KeySea’s upcoming Token distribution event. A higher rank on the leaderboard increases users’ chances of receiving a portion of the tokens during the airdrop event.
Continuous Engagement
KeySea’s referral system encourages continuous engagement on the platform as more users keep sharing their referral links and accumulating REP points through trading activities.
The referral system demonstrates KeySea’s commitment to creating a rewarding and collaborative environment that incentivizes users to contribute to the platform’s growth and community engagement.
The TIDE Token
$TIDES is KeySea’s proposed native token, which is set to become the first SocialFi token in the industry. The token will play a critical role in the platform once launched. The utility of the TIDES token will be extended across most services and features on the platform, boosting the overall user experience.
A significant portion of the token distribution will be airdropped to KeySea users, focusing more on users in the top ranking on the leaderboards. However, the percentage that will be allocated is yet to be determined.
After the first distribution, KeySea plans to initiate a monthly chart, and at the end of the month, an allocated amount of tokens will be distributed among the first positions. Additionally, the liquidity pool of the TIDES token will be funded from at least 40% of the fees raised before the launch.
Security
KeySea prioritizes the safety and privacy of its users. As a result, the platform employs several security measures to protect users’ funds and sensitive information.
The platform securely encrypts all chat room conversations with some of the best encryption systems to ensure that personal information remains confidential. The verification process that users must complete before getting logged into their accounts is designed to confirm the identity of users.
Additionally, KeySea recognizes the importance of smart contract audits. These audits help to quickly identify errors in code and correct them to prevent security risks related to smart contract vulnerability. Without smart contract audits, DeFi projects are more vulnerable to cyberattacks by hackers who will likely exploit any loopholes in the project’s code.
KeySea is audited by TechRate, a DeFi security and smart contract development company. The smart contract audit adds an extra layer of user protection and increases the platform’s credibility.
User Interface and Experience
KeySea offers a user-friendly interface that is easy to navigate for both DeFi experts and beginners. The platform is designed to give users a remarkable decentralized social networking experience.
On the homepage, users can find the number of registered Certified and Fan Keys, the total value locked (TVL) on the platform, the total number of members, as well as buy and sell trades. Once users are logged into their account and connected to the KeySea wallet, they get to enjoy the full experience of the platform, including the leaderboard, top influencers, and the most popular chat rooms.
The platform’s design is simple and sleek, allowing users to quickly find features. KeySea also offers a comprehensive FAQ list that caters to questions about how the platform works. By simply reading the information found on the FAQ page, new users can easily navigate the platform.
How to Get Started on KeySea
Registering on the KeySea platform is simple. You just need to complete a few steps, and you’re ready to start interacting with other people and earning from the platform. Here’s a step-by-step process on how to get started:
- Step 1: Open the KeySea.xyz website on your browser.
- Step 2: Click on “Register”. The platform provides you with two options, join with email or join with Google.
- Step 3: If you select the option to join by email, input your details and confirm
- Step 4: KeySea will send you a verification link to your email address. Once you verify the email, you will automatically be logged into your account.
- Step 5: Link your X and Discord accounts to complete the verification process.
- Step 6: After linking your social media accounts, click on the ” Get KeySea Wallet” button. The platform will then send you a code to access your account.
- Step 7: Input the 6-digit code and confirm. You will be immediately taken to your KeySea account dashboard, where you get to see all the top influencers, chat rooms, the leaderboard, and the keys.
Deposit
To start participating in the platform’s activities, including joining chat rooms and acquiring keys, you must deposit some crypto assets to your KeySea account. Here’s how to do it:
- Step 1: Go to the drop-down menu on your KeySea dashboard and click the “Deposit” button to access the Linea deposit wallet address
- Step 2: Select the “Connect Wallet” option to bridge your tokens from another wallet. The platform offers access to over ten crypto wallets, including Metamask, Trust Wallet, and Coinbase Wallet.
- Step 3: Swap ETH between the wallets and make a deposit using the Linea address provided
- Step 4: Select the amount you wish to deposit and complete the transaction
- Step 5: Once the deposit is completed, it will be visible on your KeySea wallet
- Step 6: Proceed to create your personal key. Click on the “Your Keys” button to create your first key for free with only a small gas fee.
- Step 7: Click on “I Understand” and certify the key. Your key is automatically created and ready for trade.
Withdrawal
The withdrawal process on KeySea is also straightforward. Here’s a step-by-step guide on how to do it:
- Step 1: Go to the drop-down menu on your KeySea dashboard and select “Withdraw.”
- Step 2: Paste your withdrawal address and the amount you wish to withdraw
- Step 3: Click the “Withdraw” button, and the funds will immediately be sent to your wallet.
Conclusion
KeySea represents a new frontier of social networking, offering a unique blend of social and financial interaction. Its social keys empower users to engage in meaningful discussions with a diverse community of crypto enthusiasts and experts while earning from their engagements. The referral program also unlocks an extra earning opportunity, incentivizing users to contribute to the platform’s growth.
By building on the Linea blockchain, KeySea ensures high performance and cost-effectiveness, making it a promising contender in the Web3 landscape. KeySea is making SocialFi more fun and accessible to everyone.
One of the advantages of being an early participant in decentralized social networks like KeySea is that users get to buy shares of leading personalities on the platform at a relatively lower price. So, what are you waiting for? Follow the steps outlined in this guide to get started on the platform immediately.
The post What is KeySea? A Comprehensive Guide on the Web3 SocialFi Platform appeared first on CryptoPotato.