What is OpenSocial?

Source: OpenSocial Website

OpenSocial is a social media platform built on a multi-chain SocialFi protocol. Due to its modular, drag-and-drop structure, it can also be seen as a launchpad for multiple dApps.

This platform is built for developers and community builders looking to create social applications and communities that they can own and monetize at will.

With its multi-chain compatibility, OpenSocial is enabling deployment across various blockchain platforms, acquiring more users and maintaining them with its multi-incentive layers, and offering an emotionally captivating and financially rewarding social experience where users’ security and data are top priorities.

History of OpenSocial

OpenSocial protocol was founded in 2023 by the Everest Venture Group, headquartered in Hong Kong. After different investment rounds and 36 investors in total, they were able to raise a total of $26 Million in early-stage VC funding.

$6 million is their most recent funding deal, which happened on 25 July 2024, and another seed round that ended May 2024, which raised $5 Million. After this, they made SocialFi the core focus.

This move was inspired by the fact that SocialFi will be the second-largest consumer use case after GameFi in the Web3 ecosystem. This would lead to massive adoption and the movement of Web2 money into the Web3 ecosystem.

In Q2 2023, they deployed their dApp, which supports creators in creating their own decentralized social media with no codes using their Modular design structure.

After that, they continued to develop, focusing on creating and deploying across different Virtual machines. This allows them to create a SocialFi ecosystem that is boundless and seamless in interoperability among Web2 social media platforms.

OpenSocial’s Main Features: Modular Architecture, Data Availability, and Blockchain and Account Abstraction

Modular Architecture

Source: OpenSocial Whitepaper

This modular architecture promotes the development of applications in separate, manageable components. For developers, this means updates can be made to individual components without affecting the setup, facilitating easier updates and maintenance.

This means users can attain a high level of personalization based on their social needs. It also reduces the complication of joining the project. That way, users can plan fast, innovate fast, and launch fast.

Data Availability

Source: OpenSocial Whitepaper

OpenSocial protocol created a hybrid server of Ethereum JS (on-chain database) and Orbit DB (off-chain). This hybrid model is essential for scaling and accommodating millions of users while ensuring data authenticity.

The Data Availability mechanism’s duty is to treat every activity performed as a unique entry and record it uniquely for ease of identification. Then, it decides which data is important enough to be recorded on the blockchain and which will be stored on a decentralized server off-chain.

Data like text, video, and audio posts alongside megaphones, likes, and comments are important and should be easily changed; hence, they are stored on-chain. Some votes, certain posts, and replies are stored off-chain. This improves user experience as latency is reduced, meaning information can be retrieved faster with less gas fee.

Blockchain and Account Abstraction

Source: OpenSocial Whitepaper

Account abstraction enables smart contracts to act as wallets, which can be programmed to execute certain tasks with predetermined requirements. There is no room for manual intervention, which could introduce errors and time wastage. Also, it’s harder to hack because all the transactions are immutable on the blockchain.

However, using this AA wallet will require users to own an external wallet or a normal wallet. This is because an AA wallet currently has some limitations on the transactions it can conduct.

Blockchain abstractions are layers of simplification that allow developers to interact with blockchain networks without needing technical knowledge of the protocol. This includes: Frameworks, APIs, and Templates for building applications. This way, more people can become developers, and more solutions can be brought into the ecosystem.

OpenSocial Spaces

Source: OpenSocial Website

The OpenSocial space feature is a collection of applications that make up the OpenSocial ecosystem. It is a group of innovative Web3 social applications built on the BSC chain, and it allows users to create, own, and monetize communities.

The feature is centered around building cool projects with the assistance of the OpenSocial platform. That’s where developers can build alliances, and share what they have been working on, invariably turning app ideas into reality.

Space Store

Source: OpenSocial Website

This is where users get to search for and join other spaces created by other users. They must scroll through the list and check out names and communities that appeal to their interests. And with one click, a user can join the space. It’s that simple.

Note that before users are allowed into any space, they will have to create their own me-space. Mostly, a Gmail login will do. Then, they will be asked to choose a network, a username, and something to identify with as they move across different spaces.

After that, they will be asked to customize their space and, lastly, to deposit an Ethereum token. This step simply involves cross-checking the safety of their wallet, so it is optional.

Me-Space and We-Space

Source: OpenSocial Website

The Me-Space serves the purpose of personal branding and fan engagement. It is centered around the creator of the space, designed to be a decentralized space for all the things the creator loves. This is a personal space for personal posts, akin to a personal timeline.

On the other hand, We-Space is a community-centered space for like-minded individuals. Here, users get to engage and network while sharing interests and ideas. The shared interest gets all the focus here, not the space’s creator.

Megaphone On-Chain Ads

Source: OpenSocial Website

Megaphone Ads serve as an essential tool for enhancing communication within OpenSocial Spaces, enabling users to broadcast announcements and updates to a larger audience compared to standard posts.

To utilize a Megaphone, users simply create a post, select their target audience, set a budget, determine the promotion period, and send it out, effectively amplifying their message throughout the community.

Users have complete control over audience targeting, allowing for broad or specific group engagement. There are no restrictions on the frequency of Megaphone usage.

Engagement can be monitored through metrics such as views, likes, and comments found in the “Insights” section, allowing users to assess and refine their messaging strategies for better resonance with their audience.

OpenSocial Functionalities: User Engagement Analytics, Gadget Framework, and Wallet Integration

User Engagement Analytics

Source: OpenSocial Whitepaper

This is just like Google Analytics. It offers useful insights to developers seeking to understand how users interact with their applications, thereby optimizing their applications accordingly.

When users begin to use the megaphone feature, they may want to know how their campaign is performing, who it’s reaching, and why. That’s where the analytics functionality comes in.

Gadget Framework

Due to the modular structure of OpenSocial, developers can restructure and re-use components, thereby creating something new almost instantly. Plus, this feature allows developers to create applications that can be easily embedded on various social platforms.

It is built using recent blockchain abstraction technologies, which facilitate the creation of reusable contracts that can be integrated across different environments. This capability has led to a rich ecosystem of applications that leverage OpenSocial’s functionalities.

Wallet Integration

Users can easily sign up using social logins, which simplifies the registration process. However, OpenSocial adopted the latest blockchain and Account Abstraction technology to achieve a seamless onboarding process from web2 to web3.

This technology enabled users to log into smart contracts seamlessly within the protocol. It also rewards community builders with an NFT as proof of ownership, which is impossible to steal.

Interoperability

This feature allows applications to access multiple blockchains and different social networks seamlessly. A social graph is created for every interaction, friendship, or follower gained on OpenSocial. It’s more like a user’s interaction footprint.

This social information network can be accessed and updated across all users’ social platforms. It uses the social network’s API to connect these platforms to OpenSocial.

This seamless integration enhances user experience by providing a unified interface. Since it is built on the social network API, standardization of data access across platforms is possible.

User Customization

Opensocial empowers users with great flexibility, meaning they can now tailor their social experiences according to their preferences. This function lets users personalize their profiles, feeds, and interactions, making their social experience unique. This leads to a more engaged user because users are in control.

How does OpenSocial Work? Social Graphs, Plugin, and Social Network API

Social Graphs

Source: OpenSocial Whitepaper

This is a structural representation of users’ activities and relationships between users in a network. It visually maps out how users connect, showcasing interactions, friendships, and social dynamics. More like your digital footprint is mapped as you move across multiple dApps and network with diverse people.

However, in OpenSocial, users own their graphs, meaning they can control access to their personal interactions and connections. This anonymous data can be compiled, analyzed, and aggregated, allowing businesses to leverage social relationships without infringing on individual privacy.

While aggregating, patterns are noticed, which can be used as a framework for organizing and accessing data, thereby making it easier for developers to retrieve and manipulate social information. It is not just developers, but the data gotten from your social graph helps Opensocial tailor your timeline to activities that genuinely interest you. More like the algorithm on social media.

Plugin

Source: OpenSocial Whitepaper

Users can own a plugin via tribe NFTs and customize it as a community owner or developer.

This means users can upgrade the function of their community, give rewards, and sell the privilege of community leadership to other users. Thankfully because of the ERC-1155 protocols, these ownerships can’t be stolen.

Social Network API

This API helps in building interoperability among platforms. It’s like a portal to other realms, in this case, other networks and platforms.

This API can retrieve a user’s profile, friends list, and digital footprint. As the user migrates and navigates different platforms and networks, they won’t have to re-upload profile pictures.

Competitive Analysis

OpenSocial Protocol and Farcaster both focus on creating decentralized social experiences within the SocialFi ecosystem. Notably, though, Farcaster is significantly ahead of the OpensSocial protocol in its transaction volume and number of unique active users.

In comparison, OpenSocial Protocol uses modular infrastructure, allowing for rapid dApp development and speed optimization. Farcaster uses decentralized identity management that allows users to fully control their online presence. In essence, it optimizes for animosity.

OpenSocial has multichain compatibility, which enables deployment across various blockchain platforms. This means it’s more focused on interoperability, while Farcaster focuses on building an open-source social network that promotes user privacy.

Lastly, OpenSocial targets developers looking to build social applications with ownership and monetization opportunities. Meanwhile, Farcaster targets users seeking privacy-centric social networking solutions.