Privi — Decentralized Social Finance Platform: Product Overview
Introduction
Privi is a decentralized social finance platform that is uniquely designed for creating your own personalized network as per business needs. It seamlessly clubs together decentralized social and finance which helps in operating both simultaneously. In a generation where corporations are capitalizing on the data provided by their customers, Privi is bringing a technology that is not only decentralized but also user-friendly. Privi will drive transparency in the blockchain environment. Privi itself will cater to a whole universe within its ecosystems. Whether it's art, finance, or minting non-fungible tokens, Privi will make everything possible under one umbrella.
History
Privi started with the idea of uplifting creators like bloggers, YouTubers, small businesses, brands, etc. The founders of Privi tried to understand the needs of the market and began analysis on how to free these businesses from corporations that control Web 2.0 Privi believes that much like how Apple integrated hardware with software, they thought that it will give the non-crypto users a much better user experience, a scenario where blockchain is omnipresent but invisible. With time the ideas have evolved and so did the project, thanks to the bright minds behind it.
Features
Privi will host a lot of businesses and individuals within its ecosystem. And to cater to its community it will also come with many features that will make the ecosystem user-friendly for everyone. Keeping in mind decentralization and a platform for innovation, Privi aims to solve all the problems faced in the already existing platforms.
Privi Communities
Inside the Privi ecosystem, there are many communities concentrated on a particular idea. Every community will have its own functioning and a set of community members accordingly. Some communities can be related to cryptocurrency discussions, some can be related to traveling or some may be related to video rooms with fitness coaches and so on. All the communities will have their own unique purpose. You can create your own list of communities you want to join on your homepage. Communities can either be audio rooms or video rooms as per the purpose and needs. In order to access these communities, you will need to hold the community tokens of that particular space. For example, if you want to unlock a video in a certain community you will need to hold a certain amount of community tokens.
Privi Pods
A community member will also have a say in the content produced and the operations within the community. If you vote for a particular video and the admin shares an NFT pod with the community for that particular video and if you purchase token ownership of that video, it can either be traded or held for future returns. You can also access 3 new videos created by the same admin. Privi pods are not only limited to digital NFT pods but also Physical NFT Pod tokens which can be purchased within the Privi ecosystem. For instance, if these tokens are underwritten by an insurance pool then they can be held for recurring interest.
Privi Wallet
Every individual within the Privi ecosystem receives a wallet that can be used to send different tokens to other users in the network. It can also be used to swap with other popular chains like BTC, ETH, BSC, DOT. This will make things easier for individuals who need track of everything under one roof.
Liquidity Pools
Privi network gets a high volume of liquidity because liquidity providers are not deterred from depositing crypto pairs which will create pools without impermanent loss or slippage. Liquidity pools within the Privi network will enable users to swap and exchange other crypto tokens. Users will be able to swap NFTs for cryptocurrencies and vice versa.
Credit Pools
A user or a community can apply for a credit from the credit pools which are under collateralized methods of obtaining crypto loans based on a Trust and Endorsement Scores of a profile. Credit pools are decentralized and can include both known and unknown lenders who engage with ingenious risk distribution algorithms between borrowers, lenders, merchants, and providers.
Indexes
Users can invest in a particular that may track a set of cryptocurrencies or NFTs or some other sector depending upon the fund. Such funds are transparent and a user can participate through a wide range of cryptos
Decentralized Advertising
The Privi Data Coin (pDATA) is a unique data asset class that advertisers can buy, sell and transfer to users for impressions and conversions. With pDATA an individual gets access to the governance rights of Privi’s data system. It is the native token of the data system of Privi. Transactions between advertisers and users are permissionless. However, there is a small transaction fee charged by the platform.
If a user selects the option of “Open to Advertising” on the platform then the user will start sharing their own data within the blockchain. After opting for it the user will start seeing advertisements in communities, pods, and pools. The user will be paid directly by the advertiser for each advertisement viewed by the user.
Insurance Pools
In order to keep your assets and investments safe, a user can insure them through insurance pools. Insurance pools include both known and unknown underwriters, and are equipped with a digital claims court. The decentralized insurance network has a native governance token called Privi Insurance Coin (pINS).
Trust Score and Endorsement scores
Trust Scores quantify your transactions in the system and Endorsement scores assess the ability to endorse you as a financially trustworthy individual. Endorsement score and trust score are interdependent on each other to evaluate a user’s worthiness. This helps in making transactions simpler and lends confidence to an individual in the ecosystem. Each profile starts with 50% as their trust and endorsement scores and this is updated on real-time basis. Changes to the metrics can be voted by staking Privi tokens. Every profile, Pod (social and financial spaces that generate NFTs within the network), and community can verify their profile by staking Privi (PRIVI) Tokens. Each profile achieves a particular level within the network. This level is totally dependent on the amount a user sells or consumes within the network. The higher the level, the lower are the transaction fees.
Growth
Privi aims to bring a fully equipped system incorporating many decentralized financial and social tools which allows to fairly and transparently measure the trustworthiness, reliability, and good behavior of actors inside the network. Unlike many other projects Privi already has a working product in hand.
As they aim to build multiple apps on the Privi blockchain there will be enough room for creators and communities to earn and enjoy content together. Privi metaverse will include everything such as listening, watching, meeting people, going to events, making payments, etc. Privi will launch 3D worlds for users to showcase their NFTs. Privi already has 500+ creators (most non-crypto). Privi is also focusing heavily on TikTok marketing campaigns once the product is live.
Hyperledger Fabric
The core of the system, its accompanying logic, consensus’ and smart contracts, are implemented in Hyperledger Fabric. This takes advantage of the high throughput and costless transactions, breaking with the limitations of most other blockchains and achieving a highly dynamic system where fees or transaction speed are not a problem anymore.
Transactions on Ethereum and Bitcoin networks can take hours to process during times of great network congestion. Hyperledger Fabric is the perfect technology to deal with these problems because transactions are costless, and the average transaction speed is around just 5 seconds. Moreover, its modular architecture helps to easily scale and adjust this throughput with network growth. The system is compatible and interactive with any other blockchain and this can be achieved through the hybrid bridge that makes use of Hash-Time locked Contracts (HTLC) to securely allow atomic swaps between any blockchains. The idea of this blockchain agnostic bridge is that funds on any 2 blockchains are locked on escrow accounts for a certain amount of time. After ensuring that both parties have locked the funds, a random key is generated and encrypted, which is then provided to both counterparties which have a period of time to use it to claim the locked funds. If after that time no claim is made, the funds are refunded to the original party.
This agnostic bridge is optimally implemented, particularly powering atomic swaps between Privi blockchain (Hyperledger Fabric) and other blockchains (for example Ethereum) in a completely secure fashion. Moreover, this delegates the power of the funds to the users, obviating a central intermediary in the exchange of funds between blockchains.
A comparison between Bitclout and Privi
Bitclout is a decentralized blockchain similar to Bitcoin, but it also supports complex social network data like posts, profiles, follows, speculation features, and much more at significantly higher throughput and scale. It is more of a social network that mixes speculation and social media. Not unlike Twitter but also a new kind of monetization tool for creators called “creator coins.” With BitClout, every creator gets a coin that anyone on the platform can buy and sell which unlocks many innovative ways for creators to monetize, and allows them to create deeper relationships with their followers.
Everything included within Bitclout is included in the Privi ecosystem along with some more features. Privi has more use-cases which include governance, data monetization, NFTs, and asset streaming. Privi does not aim to become the next Twitter as it is not only offering a social network but also an ecosystem that can help users stake, govern and create content that will change the way the market works. It comes along with evaluating the worthiness of a particular user with trust and endorsement scores. It helps users to explore different communities and vote on the contents displayed on them. It will allow users to send tokens within the network.
It gives back the right to users on whether they want to share their data. Users also can earn while sharing data. You can also ensure your assets and investments within the network through insurance pools. Loans are provided to users through credit pools. Anyone can invest in funds created by other users within the ecosystem. All these go show that Privi has created a one-stop for all the needs. Privi has just entered the arena and it is already way ahead of all the competition in the Web 3.0 space.
Tokenomics
The PRIVI Coin is the cryptocurrency used for governing the PRIVI Ecosystem and constitutes the gas that permits the PRIVI Protocol engine to run, each the Finance Protocol and the Data Protocol.
Fundraise Target
$3,800,000
TGEMCAP
$832,244
Fully diluted valuation
$15,000,000
Total Supply (tokens)
100M PRIVI
Total Price TGE Unlock Vesting Monthly
Seed $200,000 $0.065 12 months
Strategic Sale $450,000 $0.095 12 months
Ecosystem Partners $600,000 $0.095 12 months
Private sale $600,000 $0.12 12 months
Long term partners $1,600,000 $0.14 6 mo cliff/12
Public Launchpad $200,000 $0.20
Allocation and Release Plan
Conclusion
In a world where many corporations are capitalizing on the data provided by users, Privi is trying to make its way through transparency and ownership of data to the users. On-boarding non-crypto users will be the biggest challenge for Privi however, looking at the pace at which the network is growing the days are not far when Privi ecosystem will be used to its full potential. A working product is an added advantage among the other achievements of Privi. It is not providing a platform to connect everyone but also assuring you of privacy. It is an interesting fact that Privi’s visions have no limits. And there is no doubt that in time Privi is going to redefine the horizons of blockchain technology.
