As the environmentally friendly blockchain continues to grow its network which is currently one of the most comprehensive locations for developers and can process 1,000 transactions per second.
LoveChain to Launch on Algorand blockchain
In a press release on October 13, LoveChain announced its social media platform will be launched on Algorand blockchain soon.
The first version of LoveChain will be released in the next few weeks to celebrate love and empower its users through rewards and data ownership.
LoveChain will completely transform the social media landscape and capitalize on the value of digital content creation. The app solves some of the obvious problems plaguing users of social media giants of our time – most importantly, ownership of their data and the right to sell or protect that information at their own discretion.
Adam Mazzaferro, Founder of LoveChain, stated that News reports and research confirm that all major technological social media platforms are damaging to mental health and they are taking advantage of users and there is evidence that they are causing the breakdown in global social cohesion.
LoveChain is a radical alternative that allows every user to control their data and make social media more focused on constructive and active participation to celebrate the things and people we love. People are tired of being exploited and controlled by their life events.
The platform aims to empower its users from the get-go through its two token systems – the governance aspect of the platform and a reward program for creating and sharing content within the app.
LoveChain Plans to Share Reward with Users
Mazzaferro noted that tech giants-owned social media platforms do not share the billions of dollars in revenue they receive from advertisers with users but LoveChain will give back to its users and reward them for their time and contribution to the platform.
“LOVR” tokens provide services to holders and users by enabling active participation in the leadership and direction of the LoveChain community, and as users flock to the ecosystem, their value will essentially increase.
The token will be listed for purchase on the major exchanges, but in the future it can also be exchanged for discounts on goods and services via The LoveChain market (not included in the original version). This is another way for investors to join LoveChain Community Success.
The “burn” of the token offer is to be implemented based on a fixed quarterly percentage of the revenue pool.
A larger 8 billion “LOVR” token pool serves as the reward plan. LoveChain app users can earn these reward tokens by gaining followers, creating and sharing content in the app, increasing their online image and influence, and even voluntarily sharing their data with advertisers.
Rewards are automatically distributed to users’ built-in digital wallets. Ultimately, this means that users can achieve very quantifiable benefits just by participating. The value of this mining pool is borne by 30% to 40% of the foundation’s income and distributed via open-source algorithms.