With the new Web3 social network named “Fireside Forum”, Pi Network sets an ambition to prevent bots, online bullying and malware. To do that, Fireside Forum allows users to connect and interact with millions of peers while rewarding positive interactions, and penalizing negative ones, through a novel token model powered by Pi cryptocurrency.
“Web3 will solve issues of the popular Web2 social network such as information overload, misinformation and internet violence. Our platform uses the built-in engine of Web3, blockchain and cryptocurrencies to create a reward and punishment mechanism, thereby censoring user behavior automatically”, said Pi Network co-founder Chengdiao Fan.
On Fireside Forum, users can also promote other people’s content and earn rewards when their posts become popular.
Since launching Pi Network in 2018, the founding team has expected to build a social media platform with an enhanced user experience than Twitter, Facebook and Instagram. So far, 45 million users have downloaded Pi Network’s app and are mining Pi for free. However, please note that Pi is not yet officially listed on any exchange and is only useful within the project ecosystem.
Among them, about 3 million users have completed KYC and moved to blockchain through a wallet app. These people will have the right to register as the first Fireside members. In addition, there are many other Web3 social networks that are also popular with users, typically Lens Protocol. This platform also operates on a token-based system and just launched layer-3 last month.