Sapien is an upcoming blockchain project that is huge in scope. It advertises itself as a social news platform, however after reading the whitepaper one is left with ideas that this platform could rival not just social news platforms such as Steemit, but other larger general social platforms such as Reddit.
Sapien aims to create a decentralized social network that is ultimately tamper-proof against fake news, poor quality content, and spamming.
The general idea is that content creators are rewarded by the community for publishing good quality content whilst curators help to vote up or down this content depending upon its quality. That’s where its similarities end with sites such as Steemit and Reddit however — as the platform aims to truly do something revolutionary unlike any other social news platform.
In essence, Sapien will rely on a decentralized “Proof of Value” protocol. Value must be proven as ascertained by community consensus. Since the platform is decentralized and stored on the blockchain, there can be no central or co-ordinated actors than can easily tamper with it with fake votes. As authors publish good quality content they will be awarded a higher amount of SPN. However if an author’s content is bad quality, they will be penalized. I’ll go into exactly how this is done in the next paragraph.
The platform, similar to SteemIt, will rely on a “staking” mechanism whereby token holders can stake (basically “freeze”) their coins. Whilst in Steemit this staking gives additional power which simply allows the early adopters to profit ahead of the rest, on Sapien staking has a much more interesting purpose that serves the greater community— it’s required to actually perform functions on the platform such as content creation, upvoting and gaining reputation.
The way the platform is structured is that if you want to publish content, you must first stake a certain number of SPN tokens, let’s say 10 SPN. If the content you publish is good quality and curators upvote it, you’ll receive these SPN back after some time plus some extra, depending upon how well your content has been received by the Sapien community. However — and this is where the platform differs to the rest — if your content is flagged as bad quality or spam, your staked SPN tokens are outright confiscated and donated to the community reserve.
That may sound harsh, but think about it for a moment. As long as curators and the general community is trustworthy, the only people that will lose their staked SPN are the actual spammers or poor quality content posters. In effect, those that publish fake or inaccurate news articles will have an actual token penalty for doing so. No other social media platform I know of does this, and I think it will be fantastic as a way to build trust on the platform as people come to respect its voting system.
What about if people try to game the curating system, creating multiple accounts just to upvote poor quality articles on their primary spam account? The entire Proof of Value protocol, as mentioned earlier, prevents this. You see, in order to even vote, you must also stake tokens. If your votes are found to align with what the greater community agrees with (they also upvote the content) then you’ll receive your voting stakes back, plus a little bonus. However if you upvote spam content and the greater community chooses to downvote the content you upvoted, you can forfeit your staked tokens.
Furthermore, voting weight is increased as an account gains a greater reputation score on the platform. A lot of spam accounts that upvote spam content can easily be countered by a single account with high reputation.
Now you may be thinking, this could all lead to censorship by the central community. That’s actually the idea when it comes to fake news — to get rid of it completely. But what about legitimate competing views? First of all, the Sapien platform is divided into different communities, whereby each community has different reputation scores. Leaders in one community will hold no authority or reputation in other communities. Like with Reddit, there should always be some community where your voice will be welcomed.
But what if people really do their best to game the system? At the end of the day, if any spam or fake news for whatever reason passes through the voting system and filters, users can flag the curators and content creator for review. A review panel of completely randomly selected high reputation figures within the specific community that the post was a part of will each vote on whether the content is trustworthy or not. Since such mediators are randomly selected, the risk of a centralized group controlling any community is low.
After really going through all the “what-ifs” I could think of after understanding what Sapien intends to do with its Proof of Value protocol, I honestly feel nothing but anticipation for a social news network that will finally reward real content and heavily penalize bad quality content, all done decentrally through community consensus, and not centrally controlled by the site developers or anyone else.
SPN Token Utility
The platform sounds great for users to get accurate and high quality content, but as an investor what benefit does the SPN token confer? Of course you can always hold the SPN token on the platform and do nothing with it and just trade it on exchanges, but as explained in the last section there is actual utility to the token — in fact the entire platform requires the SPN token to do anything interesting.
To begin with, SPN can be staked for a minimum of 1 year. Staked SPN can directly effect users reputation depending upon the quality of their content creation and curating. Additionally, staked SPN can earn additional SPN by allowing ads to be displayed on the platform. Advertisers are forced to not just pay the SPN platform, but the actual end-user in the form of the SPN token in order to display ads to them.
The longer and greater quantity that SPN is staked will also allow greater voting rights in proposals for the autonomous Sapien platform, be they development decisions or whatever.
Similar to SteemIt, users will also be able to tip quality content with SPN tokens. If you’ve staked SPN to post a good quality article, you may get a lot of tips in addition to your staked SPN back.
It is also the aim of the team to develop a marketplace whereby SPN tokens can be used to purchase rewards both within the Sapien social network and outside of it.
Details of the ICO
If you’re as hyped as I am about this project, you won’t want to miss the ICO. The presale will be ending February 15, which you can join now at https://www.sapien.network/
The main Token Sale will begin March 3 and last until April 3. Hard Cap is $30,000,000 USD, and contributions will be possible via ETH. If you get in early, you can get some nice bonuses ranging up to 15% on Day 1. The team aims to release at least 50,000,000 SPN tokens in this sale.
Looking at the project expenses, I’m pleased to see that 55% of raised funds is being allocated to development. This is a good amount that hopefully will ensure a speedy release of the platform.
Conclusion
I’m all for new projects based on the blockchain that aim to disrupt traditional industries. Sapien, if it achieves its goals, will almost certainly disrupt Reddit, SteemIt and other large social news networks. It has in place a remarkably original Proof of Value protocol that should hopefully allow it to be the first social network to eliminate spam in a decentralized manner, without the need for any central moderators. I’m keen to see Sapien as one of the new social news platforms as Web 3.0 begins to emerge.
You can also find the latest news about Sapien :
Website: http://www.sapien.network/
whitepaper: https://www.sapien.network/assets/SPNv1_1.pdf
BitCoinTalk announcement: https://bitcointalk.org/index.php?topic=2739033
Facebook: https://www.facebook.com/sapien.network
Twitter: https://twitter.com/sapien_network
Instagram: https://t.me/SapienNetwork
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