Elon Musk’s recent public challenge on Twitter after the former US president Trump’s Twitter account has banned by the platform, was saying the current social platform has lost the “principle of freedom of speech”, emphasizing that netizens need a new social platform. His words have shocked the world and made the “SocialFi” on fire. The concept derived from Web3.0 is becoming a trending topic.
The CEO of Binance, Changpeng Zhao has said that Web3.0 shows the value of personal data sovereignty, while the value of SocialFi is hidden in repeated interactions, we need to capture the value of SocialFi by demonstrating the personal value of content creators.
According to the insider, Binance plans to start an in-depth strategic cooperation with a leading crypto social trading platform in Asia named iTrader about the future development of the SocialFi field. At present, the two companies have entered a formal financing negotiations. This news made people who are not familiar with SocialFi begin to wonder what are the advantages of iTrader to attract “the richest man in China”.
Web3.0 – the recognized “next stop” in the Internet field
Regardless of how the internet has evolved in the past, decentralized applications driven by blockchain have been recognized as ” in progress ” of the Internet. After the outbreak of the metaverse concept, Web3.0 has rapidly grown into the “future” of the internet industry.
Industry insiders believe that the purpose of Web3.0 is to build an online world dominate by decentralized platforms, allowing value and data to move seamlessly with decentralized ownership and control. Web3.0 is not a new technology but a new way of interaction. Instead of emphasizing human search for information, it is replaced by new social features focusing on intelligence, personalization and networking. At the same time, an “Internet of Currency” has quietly emerged into this context, along with distributed data hosting and numerous user-controlled platforms, known as SocialFi.
SocialFi has already stood on the cusp
In fact, the concept of SocialFi was born back in 2017 and was considered by many to be “new trends in the future.” However, some of the things need a perfect timing and place with the right people. Neither technology and the digital financial environment nor people’s perception has really exploded the market’s prerequisites at that time. After years of development, blockchain technology has now built a very solid foundation and made significant progress at the technical level. It has successfully implemented in many fields. The transition from Web2.0 to Web3.0 is accelerating across the board. As a result, more and more insiders are claiming that SocialFi has reached its “tipping point”.
SocialFi is actually a combination of Social and Finance, a self-consistent economic system based on decentralization. It means that people can gain more benefits through the financialization and tokenization of their social influence.
Changpeng Zhao has repeatedly told the media in interviews that he is very optimistic about SocialFi. iTrader platform must have its own advantages to attract Binance when SocialFi is taking the spotlight. After layers of screening, Binance finally offered iTrader a strategic cooperation.
Deep strategic layout, to create value investment that are “1+1 > 2”
As more people understand the essence of blockchain technology, they find that the significance of blockchain is to build a more reliable internet system to solve the fraud phenomenon in value exchange and transfer fundamentally. Speaking from another perspective, without blockchain technology, the options for sending money through social apps would be more cumbersome and increasingly risky. However, enhancing trust through an independent third party does not provide an automatic and immutable payment layer like blockchain. This is where iTrader’s real value lies, for creating a more convenient and secure virtual trading environment for both parties.
In addition, as the leading crypto social trading platform in Asia, iTrader is at the forefront of the industry in terms of underlying technologies. It’s application development technology and speed are fully in line with Binance’s standards. iTrader has also been effectively optimized for the current limited transaction scale of many virtual trading platforms. The platform is based on cryptography rather than credit and it can make directly payments through point-to-point distribution, without the need for third-party intermediaries. Effectively avoid the negative impact caused by rollback payment transactions, and maximize the protection of the interests of both parties.
The cooperation between Binance CEO, Changpeng Zhao and iTrader is more like a value investment in some ways. With the popularization of blockchain technology, the digital economy will become more authentic and credible. The economy will become more fair and transparent. The so-called “next-generation internet” will be a value-centered internet, where data island effect will be completely broken, and people will usher in a real era of interconnection.
Contact Person:Philip Hope