Introduction
In the last few days, I have investigated a new SocialFi project where you get rewarded for posting. It is not a new concept if you are already familiar with Hive for many years.
It is always exciting when you have a chance to try, and build a fresh stream of income. Unfortunately, in the crypto sphere, a lot of projects fail and disappear. Especially in SociaFi, the stake is high!
Why do you think about that?
Bots problem in Sociogram
Everyone is trying to make a quick buck without putting in any effort or gaming the system. On each post, you see multiple useless comments that don't bring any value to the conversation.
We saw many headlines talking about this issue. Some people want to have in place a level system or a mechanism to approve the comments for who or not might receive them.
It is difficult to address the issue, but we have experienced something similar in Hive. That is why we need to power up Hive and we have a reputation system in place.
I don't know how Sociogram will address it, but they need to do something about it.
Bots don't bring any value and drain the reward pool.
The reward system of Sociogram
When you deposit money on a post, you become a reward post. When people put a friendly comment on it, they receive a portion of it. This is the way you can make money on Sociogram, but I advise you, you will not become rich.
As I already mentioned in the previous section. We have an army of bots that gamify the reward pool for getting pennies... So in return, the legitimate users receive less in reward.
Not cool and we live in the juggle in the crypto sphere.
We receive the reward 3 days after the creation of the post deposited in your account.
How to receive the reward?
As you can see, I have received so far $1.03 that pays with Tether stablecoin. The predominant player in the market of stablecoins.
For a test purpose, they set the minimum to withdraw to $1. I tested the feature to see if the withdrawal was working as expected. Unfortunately, my first transaction failed, and don't know if the team will get back the money to my account.
I presume yes; I am going to wait a cycle of 24 hours.
You can withdraw on the following blockchains,
- Arbitrium
- Ethereum
- Optimism
- BNB Smart Chain
- Polygon
Do not forget the only payment available is the stablecoin Tether.
My first impression
It is not a SocialFi where you are getting news in the crypto sphere. Over 3 days I am testing the platform! I don't like to see many useless bots farming the reward pool from paying posts.
It might have a bright future if the team addresses the issues with bots!
So far, I have a failed withdrawal, so this does not provide confidence if the platform is a scam or not. I am going to wait and see what I need to do to get back the money and make a second attempt.
I believe is worth giving a try if you like testing a new SocialFi, but remember don't expect to become rich using it.
Have a wonderful and beautiful day!
Sincerely,
@chesatochi