Overcoming Network Effects

How do you overcome the network effects of current social platforms? It’s certainly the biggest challenge for any start-up. Waivlength has many advantages over its competitors when addressing this 'cold-start' problem.

Token Incentives

One of our tools to accomplish this is token incentives. The basic premise – early during the bootstrapping phase when network effects haven’t kicked in, provide users with financial utility via token rewards to make up for the lack of native utility. Over time, as network effects and native utility grows, the token incentives taper off, and the world is left with a new, scaled network. This is achieved through clever tokenomics and token scheduling and has been used very effectively by blockchain protocols like Helium and Arweave among others.

For Waivlength, we’ve given a lot of thought to our tokenomics model and scheduling to ensure the scalability of the project. This includes a four-year release schedule of the entire token supply. 50%+ of tokens will be utilised within the community ecosystem for rewards and trading. With growth of the network, advertising revenue will be generated through the platform. As the financial incentives of the token begin to reduce, this is replaced by the profit-share model from all profits on the platform. The token will then see greatest utility as a governance token, allowing the ecosystem to operate fully as a Decentralised Autonomous Organisation (DAO).

There are also token pools designated for partnerships and collaborations and pools held in reserve for further investment rounds to raise funds. You can find further information by reading the Tokenomics section.

Reduce barriers to entry

A weakness of previous decentralised platforms has been the barrier of entry to non-crypto natives and those who aren't particularly tech-savvy. First impressions are long-lasting, and you only get one opportunity to make one. Waivlength is ensuring it creates a very inclusive and intuitive onboarding process to attract new users.

Familiar UX/UI

The Waivlength Dapp will support IOS and Android and offer a familiar and intuitive user interface and experience. It will look and feel like using a traditional Web2 app, but have all the added bonus features of a Web3 backend.

Seamless integration with blockchain and cryptocurrency

Users can connect their existing crypto wallet during initial sign-up and onboarding, or be given the option to create a new wallet. Those unfamiliar with the crypto world can create a Waivlength wallet with a streamlined process (no slow and arduous seed phrase components).

It will also link a users account specifically to their device, ensuring they can easily stay logged in and return to their application without slow follow up sign-in procedures and authentication.

Token airdrop to new users and in-app tutorials

Waivlength will airdrop network tokens (ALGO) to new users upon sign-up to overcome initial barriers to transacting (posting) on the network. For those unfamiliar with blockchains and transactions, there will be tutorials in-app to explain how ALGO is necessary for transactions on Waivlength and explain ways that users can ensure their use of the app will not be affected.

Sign-up incentives

Upon sign-up, new users have the opportunity to earn rewards directly to their wallet in the form of WAIV and an ALGO airdrop. Rewards of WAIV can be earned simply by completing their profile and completing the onboarding tutorial. There is also a referral program that can earn users WAIV by successfully referring new users to the platform using their unique sign-up code. ALGO is airdropped to new users to ensure they can transact on the network without any interruptions.

First mover advantage

Waivlength is the first social DAO of its kind that's aiming to become the social hub of the Web3 era. We're bringing SoFi in a simple manner that's accessible to all internet users. There's no doubt that SoFi will become a huge market in the near future and Waivlength is looking for the first mover advantage here with its application ready for launch very soon.