SoFi - Return on Social Investment

A key feature of Waivlength is how it will financially reward its users for their contributions to the social network. Social Finance, in short - SoFi. Users get financially rewarded for growing, maintaining and providing social value to the network.

Recognising Contribution

Waivlength is designed around a relatively simple concept: everyone's positive contribution to the community should be recognised for the value it adds to the network.

In a perfect world, community members would cooperate to accurately rate each other's contribution and derive fair compensation. In the real world, however, ratings can be intentionally manipulated to undermine the system. Any widespread abuse of the scoring system could cause community members to lose faith in the perceived fairness of the economic system. The challenge faced by Waivlength is to derive an algorithm for scoring individual contributions that is resistant to manipulation and that the vast majority of community members consider to be a fair assessment of worth. The protocol designed to govern this is called the Social Consensus Protocol.

It is important that all users providing value to the network are recognised. Let’s explore the different sub-groups of users who play instrumental roles in building and maintaining the network.

Active Engagers

Most users will fall under this category. These are the life-blood of any social network. This includes day-to-day users who browse, comment, share and engage within the platform. They can also help the network in other ways like referring new users, engaging with and reporting content etc.

Creators

Those who produce highly-rated content and have been successful in building a lot of engagement and followers bring a huge amount of value to a social network. They provide entertainment to many users and help to grow the appeal of a platform. The talent, hard work and time commitment to create quality and engaging content is significant. It’s important that the platform can reciprocate this effort, reward its creators fairly and give an opportunity for the most artistic, creative, knowledgeable, educational, charismatic and talented individuals to be financially rewarded for creating content.

Moderators

As a decentralised, community-governed platform, Waivlength relies on its users to fulfill the role of upkeeping the integrity of the network. Many other decentralised platforms have been adversely affected by the influx of right wing extremists, criminal gangs and are awash with uncivil behaviour due to a lack of appropriate moderation. While freedom of speech is a universal human right, there are codes of conduct to uphold for any functioning community to coexist in harmony and those in breach of these codes must be subject to actionable sanctions. For users who participate in Waivlength’s unique ‘jury-duty’ decentralised moderation system, they are playing a vital role in maintaining the network and must be recognised for their value here.

Stakers/Holders of $WAIV

For a decentralised token economy to function, it is vital that there is sufficient stability in the system. A currency must strike a balance with supply and demand and have appropriate reserves and liquidity. This is maintained by investors/token holders who stabilise the price of the token by holding. Those who stake their tokens as a means of validating transactions on the network are also crucial. It is important that a strong portion of the community engage with this to uphold the stability of the currency. All community members who contribute here will be recognised for the value they are adding.

Rewards

The breakdown of how these subgroups are rewarded is discussed further in the Tokenomics section. The protocol that determines and automates this process is the Social Consensus Protocol and is discussed in the next section.