February 9th, 2022 - The Algorand Foundation today welcomes Waivlength to the Algorand ecosystem. Waivlength is the latest Foundation grant recipient and has been awarded funding to support them in their development of a decentralised social network platform.
Waivlength is a fully verified, autonomous social media platform, aspiring to be the fairest and most rewarding social network on the internet. The integration of the platform’s native cryptocurrency ($WAIV) allows it to add many features which set it apart from current mainstream platforms. To the fore is the financial rewards enabled by the platform's token economy which allow all users to earn directly from the dApp.
Waivlength seeks to drastically improve on the economic models of current social platforms by allowing the community of users to share in the success of the platform. Beyond the 70% of token supply dedicated for rewarding the community ecosystem, Waivlength will also redistribute 45% of all company profits back to its community.
Waivlength will also be the first social media platform to fully verify its entire user base. This eliminates duplicate accounts and bots, and upholds a more authentic online space to connect. As a decentralised network, it also has all the benefits of data security, privacy and self-governance which are concerns commonly raised against current large social media companies.
Algorand is the perfect match for Waivlength, owing to its incredibly fast transaction speed, super-low transaction cost and scalability, all things necessary to host a social media network. The grant from the Algorand Foundation will be used to expand the team of blockchain engineers and accelerate the project for launch later in 2022.
“We’re delighted to be building Waivlength on the Algorand blockchain. We love the ethos of Algorand as a sustainable protocol and their values very much align with that of Waivlength. Partnering with Algorand and joining their extensive ecosystem is a big first step for Waivlength and opens up huge possibilities for growth.
This grant will help to accelerate development of the dApp with the expansion of our technical team and meet our expected launch time later this year. We’re excited to reveal our final product and will be working hard in the coming months to make it a success” - Niall O’ Reilly, Waivlength CEO.
“Partnering with Waivlength to support the development of a decentralized social network platform is a very exciting blockchain use case. Waivlength will employ KYC protocols which will maintain the integrity of the social network, cultivating accountable and responsible engagements backed by real people, rewarding users for their participation and engagement within the community. The Waivlength roadmap is very exciting with plans to gamify the social experience for its users.” - Jason Lee, COO Algorand Foundation.
For more information on Waivlength please visit their website at waivlength.io or follow them on Twitter or LinkedIn. If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.
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