ONZ Coin ICO Review: Blockchain Meets Social Media

Social Media’s Current Issue

Social Media is an interesting concept. It allows users to contact each other worldwide through instant messaging and content sharing. But, there are a few things that have caused for concern within the following years.

For instance, users are unable to receive monetary incentives for using social media. There are high barriers to entry when it comes to obtaining payment; it’s only reserved for high status celebrities and athletes.

Another issue is the disconnection that social media tends to bring. While people actively interact on social media platforms, they don’t have the personal connection that’s made through face-to-face interaction. That’s where ONZ Coin steps in.

ONZ Coin’s Solution

onzcoin reviewBased on their whitepaper, ONZ Coin aims to bridge the gap between social media and real-life interaction. The project plans to create a real-time token powered social media ecosystem where users engage with each other more than just sending “likes” on their friend’s page.

ONZ plans to use DPOS blockchain technology to transform engagement and appreciation on social media to a coin that each user can benefit from. By doing this, they hope to make social media a more interactive place where users value personal and deep connections with each other.

Aspects

  • ONZ Net: This is the backbone of the program that manages and takes care of all of the transactions that occur throughout the ONZ’s platform.
  • ONZ Coin: ONZ Coin is used as a value carrier and is reliant on the level of trust and the recognition of the entire community. Its measured based on four of the following things:
    • Asset: Original posts and not shared content
    • Influence: The number of followers a user has.
    • Recognition: How many likes or shares in a post.
    • Active: How often do they post on social media.
  • ONZ Wallet: This is where each user holds their ONZ Coin. In the future, ONZ plans on creating a hardware wallet to increase the security of the coins.
  • ONZ Stamp: Used to assess if a post is 100% original or not.
  • ONZ Probe: ONZ Probe is used to integrate each social media platform (Facebook, Twitter, Instagram, etc.). This helps ONZ gather information from each network and use it to reward users for interacting with them.

Token Sale Information

Positives
  • User Incentives: Using ONZ Coin allows users to gain payment for their social media interactions directly.
  • Adaptable: ONZ plans on using blockchain technology to reach all social media platforms.
  • Real Interactions: ONZ Coin rewards users for organically engaging with each other.

Negatives
  • Social Media Competition: While ONZ is a great idea, we wonder if social media platforms will allow it to
  • Coin Value: The value of the coin is reliant on the people who participate in ONZ’s platform.

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Adam Cole has been a crypto enthusiast for years. First getting involved in Bitcoin mining in late 2010, he has now diversified his portfolio and dug deeper into the alternative coins of the space. As new and exciting ideas arise in cryptocurrency, Jeremy is always looking for the next big thing and a coin which not only appreciates in value but also has a steady increase in use and demand. Jeremy has seen the rise of coins such as Ethereum and by studying the technical and fundamental side of ETH, he has learnt how to find similar coins that are likely to have a bright future.

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