Social media networks are interactive digital applications and website-based platforms that enable users to socially connect, interact, communicate, and share content with friends, family, and the internet. Persystic Token news…
Humans are social animals by nature, and these networks are one of the latest artificial tools which fulfill these innate needs and desires.
Blockchain is a younger, emerging field of technology that has gained immense popularity since the launch of the first cryptocurrency, Bitcoin, in 2009. There is a large well of potential that has long-remained untapped from integrating blockchain technology into a social media application. Some have tried in the past, with a prominent example being the social media network Voice, however, it shut down after an early test in the summer of 2021.
Persystic Token (PSYS) is a new cryptocurrency used in the Persystic ecosystem and decentralized social media network. This will be the first social network of its type, created to solve the problems associated with traditional competitors whilst offering unique benefits such as content monetization.
What is Persystic Token (PSYS)?
(PSYS) is a BEP20 token on the Binance Smart Chain and helps drive the ecosystem. For example, users use the token to send and receive payments. The token is also used for purchasing licenses for multimedia content, such as movies and music, on the social media platform.
Additional utilities for Persystic Token (PSYS) include the ability to trade with other cryptocurrencies as well as fiat currencies, and a rewards mechanism: users can earn rewards for sharing content with the community.
The total supply of Persystic Token (PSYS) is 3 billion and the token allocation is as follows:
- Founders: 20%
- Early Contributors: 10%
- Marketing Promotion: 5%
- Advisors and Team: 5%
- Liquidity and staking rewards: 60%
What Does Persystic Token (PSYS) Solve?
Persystic Token (PSYS) was created to serve the community first, with a social media network that aims prevalent issues facing traditional networks. These issues include security concerns, censorship, fake content, privacy, and unfair monetization policies.
To resolve this, the(PSYS) social media platform will employ advanced security measures, technologies, and policies combined with blockchain technology to ensure that user identities remain private. Persystic Token (PSYS) also features a “right to be forgotten” option which is not currently offered by existing platforms. This means that users can decide whether they want their content to be stored on Persystic.
Creators on the platform will also have the right to ownership of their work, and (PSYS) is taking a direct approach to ‘fake content’ by offering cryptocurrency rewards as an incentive to creators for producing genuine original content.
Finally, Persystic Token (PSYS) has a clear policy on censorship. Content that crosses clear legal or ethical boundaries will not be allowed, however, the content will never be censored for the simple reason of the project team disagreeing with the statement made by, or opinions of, the content creators.