Article Summary, Automatically Generated By AI
Summary of FaceDAO
Key Points
- FaceDAO is a decentralized social network built on blockchain technology.
- It rewards users with FACEDAO tokens for creating and consuming content.
- The platform focuses on freedom of expression, transparency, and high-level security.
- Users have ownership of their data and can earn tokens for their actions.
- The project aims to address the shortcomings of Web 2.0 social networking.
Founders and Development
- The founders and team members are anonymous.
- The project was developed by industry experts from major companies like IBM, Google, and Facebook.
- The roadmap includes assembling
Introducing FaceDAO: Revolutionizing the Future of Decentralized Governance
Introducing FaceDAO (FACEDAO): A Revolutionary Decentralized Autonomous Organization
FaceDAO (FACEDAO) is a pioneering Web 3.0-based decentralized network that enables users to participate in a decentralized autonomous community (DAO), fostering global connections and interactions with like-minded individuals from diverse backgrounds. Beyond a conventional social media platform and DeFi ecosystem, FaceDAO represents a next-generation social network built upon blockchain technology, empowering account holders to seamlessly exchange cryptocurrencies.
The FaceDAO protocol places paramount importance on upholding the principles of freedom of expression, transparency, and robust security, thereby ensuring that only authentic content and trustworthy information are showcased on the platform.
The protocol aligns with the Web 3.0 vision, diverging from Web 2.0 projects by empowering users with ownership of their data. Moreover, FaceDAO incentivizes active users by compensating them for their data and actions. Through ongoing engagement, users can earn rewards in the form of FACEDAO tokens, the sole officially issued token within the FaceDAO ecosystem. Both content creators and consumers can accumulate FACEDAO tokens by performing various actions, such as posting, liking, commenting, and retweeting.
According to the project, FaceDAO’s user base comprises 100% genuine individuals who engage in unfettered communication, information sharing, and content creation, all while the decentralized blockchain system ensures the integrity and immutability of data. Furthermore, the project asserts that the creation of fake accounts on the platform is impossible. Consequently, all information is transparent, fostering trust-based relationships and maintaining confidentiality.
The Visionaries Behind FaceDAO: A Founding Team Profile
As outlined in the FaceDAO whitepaper on the official website, the product is the brainchild of a team of seasoned industry experts and software engineers hailing from esteemed companies such as IBM, Google, Apple, Huawei, Facebook, and Tencent. Notably, however, the founder/CEO and team members have chosen to remain anonymous, with their identities undisclosed as of May 2022, as the FaceDAO project continues to unfold under the veil of anonymity.
According to the roadmap, a team was formed and a concept was conceived in Q2 2021. This was followed by a seed investment by the team in Q3 2021. Throughout Q4 2021, the project remained in the development phase. Finally, in Q1 2022, the product and official website were launched, accompanied by the distribution of $FACEDAO.
Unveiling the Unparalleled FaceDAO: A Revolutionary Concept
In the realm of centralized platforms, users relinquish control over their data and content, allowing social networks to assume ownership and reap the financial benefits. The FaceDAO project endeavors to rectify the limitations of Web 2.0 social networking, ultimately empowering users to reclaim sovereignty over their digital presence.
Unlock the Power of FaceDAO: Unparalleled Benefits Await
On the FaceDAO platform, users are empowered to curate content, engage in platform governance, and influence the direction of development. As the ultimate beneficiaries, FaceDAO users are rewarded with a system that incentivizes both content creators and consumers, earning them $FACEDAO tokens in the process.
FaceDAO developers ensure the utmost transparency and reliability of data, safeguarding against privacy breaches, personal space invasions, and opaque algorithms.
Each user is assigned a unique account, thereby eliminating the possibility of fake identities and bot accounts. The community is comprised entirely of 100% genuine individuals, as verified through rigorous 3D liveness verification and authentication processes.
FaceDAO mitigates the following risks, thereby ensuring a more secure and reliable experience:
Fabricated user accounts are eradicated, as blockchain technology establishes an immutable, one-to-one correlation between accounts and their respective individuals;
The threat of account theft is mitigated, as the risks of hackers distributing and selling user information for financial gain are substantially diminished. Moreover, the likelihood of successfully recovering a lost account is exceptionally high.
In essence, FaceDAO is a pioneering social mining project where the economic model is intricately intertwined with social behavior, and every social interaction is incentivized.
FaceDAO’s diverse revenue streams encompass:
The Administrator role is entrusted with maintaining order and upholding community rules, and in return, users are rewarded for their diligent management of the platform.
We introduce an innovative invitation mechanism, whereby users can extend invitations to friends and acquaintances to join the platform, and in return, receive rewards in the form of FACEDAO tokens;
Task reward: users are incentivized to complete community-driven tasks within a specified timeframe, such as participating in promotional events, thereby fostering engagement and community building.
Unlock a passive income stream: users have the flexibility to configure advertisements on their personal homepages, creating display ad slots at their discretion. The advertising revenue generated is subsequently distributed among all FACEDAO holders, proportionally allocated based on their individual holding ratios.
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What Is the Circulating Supply of FaceDAO (FACEDAO) Coins?
$FACEDAO is a network token of FaceDAO, strategically deployed on Binance Smart Chain (BSC) as a BEP-20, boasting a maximum supply of 1 trillion coins. The token distribution is allocated as follows: 90% is reserved for the community treasury, which will be utilized for user rewards, airdrops, community-driven tasks, and providing liquidity on decentralized exchanges (DEX). The remaining 10% is earmarked for development purposes, encompassing platform maintenance, infrastructure development, and server development costs.
$FACEDAO offers users a gateway to Web 3.0, empowering each individual with a unique FACE, a private key, and decentralized identifier (DID). This innovative platform rewards members with $FACEDAO tokens, earned through their daily activities and efforts. As users accumulate more $FACEDAO, they unlock a plethora of features and benefits, further enriching their experience.
Thus, the FaceDAO project effectively tokenizes a wide range of social interactions, encompassing every aspect of user engagement, including platform entry, liking, commenting, content creation, participating in activities, and inviting friends.
FACEDAO also serves as the governance token, empowering users to participate in voting and electing custodians. In return for their governance engagement, users can earn a substantial reward, with a daily cap of 50,000 $FACEDAO per individual. To create a post, users must spend 1,000 $FACEDAO. Furthermore, unlocking advanced social features on the platform requires staking 10,000 $FACEDAO. To amplify the visibility of their publications, users can leverage the “Top” function, which comes at a cost of 1 million $FACEDAO and has a 24-hour time constraint. Notably, the platform redistributes these 1 million coins to community token holders.
In summary, FaceDAO incentivizes both content creators and content consumers by rewarding them with $FACEDAO tokens.
The FaceDAO Network’s Security Framework: A Robust Defense Mechanism
In April 2022, FaceDAO successfully underwent a rigorous smart contract security audit conducted by Beosin, a renowned Web 3.0 blockchain security firm that specializes in safeguarding smart contracts, decentralized applications (DApps), and digital wallets through the application of formal verification methods at the core of its innovative technology.
A concise summary of the audit results can be accessed
here
.
Where to Acquire FaceDAO (FACEDAO) Tokens?
FaceDAO (FACEDAO) is now accessible on PancakeSwap (V2), a prominent decentralized exchange platform facilitating the seamless swapping of BEP-20 tokens on the Binance Smart Chain (BSC).
Stay ahead of the curve with the CMC mobile app, where you can monitor FACEDAO prices in real-time and make informed decisions on the go.
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