Without a doubt, the internet has transformed how the world could receive information, from reading news on Twitter, instead of picking up the daily paper to communicating with friends from around the world through instant messaging. As significant as the contributions of the internet have been, these developments have resulted in an entirely new concern, which one can define in three words — monopolization of power.
Although the internet has low barriers to entry for anyone to begin participating in, fewer than a dozen megacorporations have dominated the digital space. Since social media platforms have so much authority, users willingly give their information to access this community. Therefore, while these platforms are free to use, they do come at a price.
As the world enters a period where the creator community takes reign, monolithic control impacts the viability of producers to make an honest living with their work. This is often likened to platforms taking a cut of profits. The result is that many look to decentralized social networks as a means for users to retain full control of their assets and enable profile monetization. Doing so becomes a possibility due to Web 3.0 allowing users to own information and cryptocurrencies and giving them an opportunity to transact in a decentralized manner in a development that may be larger than the internet itself.
PIP aims to address these concerns by adding Web 3.0 functionality to traditional social media platforms as a bridging solution. The project will effectively provide the billions of people already engaging on these platforms with these features through a single browser extension. As a bridge, there will be no need to create new infrastructure when a cryptocurrency is launched; instead, users can seamlessly interact between Web 2.0 and Web 3.0 platforms. The result will be the ability to send payments, buy and sell NFTs directly on Twitter or Twitch.
The project is currently backed by top-tier industry-leading investors, including Alameda Research, CMS Holdings Genesis Block Ventures, Galaxy Digital Hong Kong, ROK Capital and Ragnar Capital.
The path to disseminating knowledge
PIP exists as a layer of the internet on Web 3.0, enabling applications on this web version to be built on top of a user’s website. This foundation enables three main pillars, the first being the ability to transact values such as currencies, assets and other forms of digital value.
PIP refers to this functionality as “social pay,” giving users the chance to send and receive coins over the social platforms they are already interacting on. Payment buttons will appear on the social profile or the individual post to help promote online transactions, a feature often acting as a barrier for small business owners and digital creators. Sending funds can be done regardless of whether both parties are PIP users or not, ensuring anyone can claim tokens.
The second pillar of PIP is presented in the linking of social identity to cryptocurrency ownership through future releases of PIP bio, a social identity tree that authenticates users and their interactions, making engagements more trustworthy, as well as PIP NFT for the display of digital assets on one’s profile.
The final pillar in PIP’s three-part solution comes down to the ability to empower individuals in the creator economy to monetize their content on the web. The infrastructure is set up so that creators can develop entire microeconomies and collect royalties on their creative works throughout the entire sales process.
Other solution applications are seen in purchasing transactions, where users can use a cryptocurrency debit card to spend Solana (SOL) tokens in offline and online settings. The result is said to be a “one-click shopping experience” with a user’s favorite stores, regardless of their location.
Extending reach across the social world
In reflecting on their progress so far, their team shares,
“Our mission is to disseminate the value around the world as the internet did with information and knowledge. We are very excited to present PIP and fully pursue our mission.”
As PIP continues progress against their future roadmap, their team shares its plans to expand by adding support for additional social media platforms, including Reddit, Medium, Facebook, LinkedIn and YouTube, amongst others. Future expansion plans also include the addition of more tokens and the introduction of community token issuance from authenticated social accounts.
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