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Solchat is making a lot of buzz in the headlines after its unique approach towards decentralized social media.
In this new world of decentralization, crypto companies are working hard to provide access to every user. Whether decentralized finance or decentralized gaming, crypto companies and enthusiasts are going all in. With the rising popularity of the decentralized sector, Solchat is taking the lead in decentralizing social media.
What is Solchat?
The Solchat protocol enables user-friendly communication between a wallet or multiple wallets. The Solana blockchain is one of the most popular ones with lower gas fees.
How Does Solchat Work?
The Solchat protocol Solchat runs on Solana and offers a range of features. These include texting, voice and video calls, and more, similar to Web2 but in a Web3 environment. Solchat (beta v1) utilizes the power of Solana to ensure that all messages and group chats are stored on-chain.
Audio and video calls are peer-to-peer facilitated via WebRTC, eliminating the need for a database and preventing leaks. Privacy is our top priority, and we encrypt all interactions. Solchat is cost-effective for users because of Solana’s efficient blockchain, which results in low transaction fees.
Solchat’s Native Token: CHAT
The CHAT token introduces an ecosystem for rewards, staking, and accessing premium features. In contrast, Instagram and WhatsApp monetize through advertising and data analysis, indirectly impacting user privacy.
Solchat is a digital communication platform that uses blockchain technology to offer features not available in traditional Web2 applications, such as Instagram and WhatsApp. It represents a major advancement in digital communication. Here are several reasons why Solchat stands out and how it compares favorably with these Web2 giants.
Unique Features of Solchat
Solchat incorporates exclusive blockchain capabilities such as communication between wallets, storing messages on the blockchain, and sending SOL payments directly through chats. These capabilities bring a whole new dimension of functionality, seamlessly blending financial transactions with communication.
Solchat doesn’t have native cryptocurrency integration, limiting users to traditional communication forms and third-party payment options.
Solchat is cost-effective for sending messages and using various features because it offers low transaction fees due to Solana’s efficient blockchain. The $CHAT token creates an environment where users can earn rewards, stake their tokens, and gain access to exclusive features.
Instagram and WhatsApp are free to use, but they make money through advertising and data analysis. Users do not have to pay any direct fees. However, they may indirectly pay through exposure to advertisements and potential loss of privacy.
How Solchat Takes Advantage of Memo Field
Every transaction in Solana can include a “memo” field, allowing arbitrary data to be included. Solchat takes advantage of this feature, and embeds encrypted messages directly within blockchain transactions to provide a decentralized and secure way to transmit messages.
Solchat introduces a staking mechanism where users can stake their $CHAT tokens in the SolRocket staking pool to earn a revenue share of 80% from the total pool.
This innovative feature allows users to earn staking rewards while accessing additional premium functionalities within the Solchat ecosystem. This integrated approach provides a significant return on investment and enhances the overall user experience.
Stakers will gain exclusive access to enhanced features such as custom stickers, high-definition (HD) voice calling, and HD audio services that enrich the user experience. Additionally, as part of the Solchat community’s commitment to value-sharing, a portion of the revenue generated from the staking pool will be distributed among the speakers.
Solchat’s staking option is an attractive proposal for users who want to get the most out of their digital assets and engagement within the platform. That’s because staking allows users to earn while benefiting from advanced communication features. The dual benefit of earning through staking and enjoying advanced communication features makes Solchat’s staking option an enticing proposition for users looking to enhance their digital asset utility and engagement within the platform.
Future Roadmap of Solchat
Solchat has outlined a comprehensive and very detailed roadmap for its development in the whitepaper.
- In phase one, they plan to develop their website, create a whitepaper, establish a message system, and build a community.
- Phase two involves launching on Solrocket and Raydium, implementing features such as texting and image sharing, and listing on CoinMarketCap and CoinGecko.
- Phase three focuses on expanding the community, introducing audio and video calling, integrating with the SOL ecosystem, and forming Dapp partnerships.
- Phase four includes launching the Solchat app on the Solana Mobile DApp Store, introducing in-app rewards, and listing on centralized exchanges.
- Finally, phase five involves implementing a group chat feature, introducing Solchat streaming functionality, and launching staking for rewards within Solchat.
This roadmap provides the users with clarity and trust and outlines the company’s vision. This extra informational roadmap tells the users and the investors that Solchat is committed to delivering improved features to its users.
New and innovative projects are constantly emerging in the continually evolving world of blockchain technology. These projects offer solutions to existing problems and seek to open up new development avenues. Solchat is one of these communication protocols. As the world of dApps evolves, crypto investors become increasingly interested in and invested in them.
Summary
Solchat is a protocol that enables user-friendly communication between wallets. It uses the CHAT token for rewards, staking, and accessing premium features. Solchat embeds encrypted messages within blockchain transactions for a secure way to transmit messages. Stakers get exclusive access to enhanced features and a portion of the revenue generated from the staking pool. It makes Solchat’s staking option an enticing proposition for users seeking to maximize their digital asset utility and engagement within the platform.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, s or related indexes comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
