‘Solcial’ Raises $2.9M to Build Censorship-Free Social Media on Solana

The site will place a heavy focus on monetization opportunities for content creators.

Sep 27, 2021 at 9:17 p.m. UTC
Updated Sep 28, 2021 at 1:13 p.m. UTC

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

The Solana ecosystem is getting a social network.

Solcial has raised $2.9 million to expand in a round led by Alameda Research with Solana Foundation, Rarestone Capital, GBV, Shift Capital and Noia Capital participating.

Around 5% of Solcial’s planned SLC tokens are earmarked for seed funders, according to pseudonymous founder “Idris,” for a valuation of about $58 million.

The platform, which has not yet launched, plans to build a hub for sharing content, following the news and even trading assets, in a censorship-free environment. It’s hardly the only crypto stab at hands-off social media (BitClout is perhaps best-known) though one of the first on Solana.

“It has to be very cheap, and very fast to post a comment or a photo,” Idris said in a Telegram chat. “People have high expectations (in terms of user experience) with centralized social networks, and we have to have a decentralized solution that could match.”

Even so, Solcial is content on courting the crypto crowd for now. It will place a heavy focus on monetization opportunities of content creators, Idris said. He declined to elaborate on how that model will work but said, “Essentially, Solcial will allow to turn anyone into a business.”

BitClout also tried to put a crypto twist on content monetization. The “crypto social network” backed by Andreessen Horowitz lets users speculate on the value of creator coins that in many cases are listed without their namesakes’ consent.

“Their launch wasn’t well received,” Idris said in the Telegram chat. They said Solcial “looked at BitClout and all the other attempts” to find the right fit for decentralized social media.

Solcial plans to launch in December, Idris said. Until then, it’s is looking to hire marketers and project developers.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

CoinDesk - Unknown

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

Trending

1
CoinDesk - Unknown
First Mover Asia: Funds Lost Billions in the Terra Collapse. Here are the Ongoing Effects; Bitcoin Sees Red

When a fund suffers a major dent to its token, the impact reverberates widely throughout the venture funding eco-system; most major cryptos fell despite gains in U.S. equity markets.

When a fund suffers a major dent to its token, the impact reverberates widely throughout the venture funding eco-system; most major cryptos fell despite gains in U.S. equity markets.

CoinDesk - Unknown
2
CoinDesk - Unknown
At Davos, Crypto Is No Longer on the Outside

Cryptocurrencies have taken a prominent role at the World Economic Forum's annual meeting in Davos, despite the mainstream finance world's apparent contempt for the sector.

Cryptocurrencies have taken a prominent role at the World Economic Forum's annual meeting in Davos, despite the mainstream finance world's apparent contempt for the sector.

CoinDesk - Unknown
3
CoinDesk - Unknown
Wall Street Says a Fed Digital Dollar Spells Destruction for Banks

The Federal Reserve is considering whether to launch a CBDC like other nations, and bankers argue that’s a dangerous idea.

The Federal Reserve is considering whether to launch a CBDC like other nations, and bankers argue that’s a dangerous idea.

CoinDesk - Unknown
4
CoinDesk - Unknown
What Davos Man Thinks of Bitcoin and Crypto This Year

The annual WEF conference has begun, albeit late and in a more subdued fashion.

The annual WEF conference has begun, albeit late and in a more subdued fashion.

CoinDesk - Unknown