BitOrbit is a decentralized social media network built on the Velas blockchain. The platform makes it straightforward for creators and influencers to start monetizing social content. Using the in-built BitOrbit wallet, creators can receive payment for content. Also, users of the platform can enjoy an embedded, encrypted messaging service and personalized experiences. Furthermore, by staking the native BITORB token, users will receive a BitOrbit NFT (non-fungible token) created by the BitOrbit NFT generator.
In this article, we’re going to dive deep into the BitOrbit platform. We’ll explore how the platform makes monetizing social content efficient and straightforward. Plus, we’ll discuss the BITORB token, the BitOrbit NFT generator, and the in-built BitOrbit wallet. Also, we’ll take a look at the Velas blockchain and how it compares to some of the most well-known blockchain networks.
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What is BitOrbit?
BitOrbit is the flagship decentralized social media network platform of Velas, a Swiss blockchain provider. The BitOrbit platform is the first social network to launch on the Velas blockchain and makes monetizing social content easier than ever. Bloggers and content creators can create a BitOrbit profile to earn money from their content using the BitOrbit wallet. The platform is censorship-resistant, free-to-use, with zero hidden charges. However, creators can opt to make their content public for everyone or sell it by creating a link and attaching it to a social media profile.
Also, BitOrbit features an embedded chat function to make it easy for followers and customers to connect. Plus, when users stake BITORB tokens, they can mint a BitOrbit non-fungible token (NFT) using the BitOrbit NFT generator. The platform also enables users to sync their contact lists and create private groups within the BitOrbit app. Furthermore, BitOrbit aims to become “a movement that urges users to take back control of their social experience”. The project achieves this by providing high social utility while preserving user privacy.
BitObit is taking on centralized social media behemoths like Facebook (Meta), Twitter, and Instagram by incentivizing influencers and content creators to engage and interact with audiences in an exciting new way.
Velas Blockchain
The Velas Account module powers the BitOrbit platform. Velas is a Swiss technology company creating disruptive blockchain applications to empower people across the world. The Velas blockchain is home to a diverse ecosystem of accessible decentralized products and services. Also, the Velas team has extensive experience in cryptography, mathematics, and engineering. By harnessing the “collective intelligence of the community”, Velas aims to integrate “world-changing technology” to improve people’s lives.
Established in 2019, Velas is a fork of the Solana blockchain featuring Ethereum Virtual Machine (EVM) integration. Plus, Velas claims to be the fastest EVM chain capable of competing with Ethereum 2.0. BitOrbit is one of many decentralized applications (dApps) operating on the Velas network, which provides a scalable platform for building dApps with transaction speeds of up to 75,000 transactions per second (TPS) using an AI-assisted delegated proof-of-stake (DPoS) consensus mechanism. Furthermore, the Velas blockchain boasts ultra-low transaction fees, super-fast confirmations, and smart contract support using the Solidity programming language.
Velas provides all of the necessary marketing and development support for BitOrbit to become a serious contender in the decentralized social media space. Furthermore, Velas offers a range of innovative products, including instant payments services and flexible monetization tools for decentralized social media. Also, the native VLX token is used throughout many of the Velas decentralized applications (dApps), including BitOrbit. The VLX token is essential for monetizing social content and will initially be the primary unit of account throughout the BitOrbit platform.
Moreover, Velas is a highly-efficient smart contract-enabled blockchain that provides a comprehensive suite of developer tools for creating decentralized applications (dApps) for various use cases. Velos commits to promoting the adoption of blockchain and cryptocurrency by creating disruptive, trustless, and accessible technologies.
BITORB Token
The native BITORB token is the utility token of the BitOrbit decentralized social media platform. The BITORB token will serve various functions throughout the ecosystem, including staking, governance, payments, and transaction fees. Also, the BITORB token is deflationary. This is due to it having set a maximum supply of one billion tokens and a transaction fee-burning mechanism.
The initial DEX offerings (IDOs) for the BITORB token took place via the Velas crypto launchpad VelasPad and the Binance Smart Chain (BSC)-based BSCPad. The BITORB token is currently available on PancakeSwap. However, we can expect to see more exchanges listing the token in the near future. Initially, the Velas VLX token will serve many functions throughout the BitOrbit platform. The project plans for the BITORB token to provide further utility as the development of the project nears completion. At the time of writing, the BITORB token is trading at around $0.97, with a market cap of $42.4 million, according to CoinGecko.
As the project matures, users can expect to see the introduction of decentralized governance. This will grant BITORB token holders the right to vote on update proposals, grant funding, and the token burning model. Plus, those who stake the BITORB token will receive unique BitOrbit NFTs from the BitOrbit NFT generator.
Monetizing Social Content
BitOrbit is a one-stop-shop social media platform that combines the best elements of traditional social media with decentralized blockchain-based infrastructure. The project has several components. Firstly, the social sharing network operates much like Facebook, Instagram, or Twitter. Users can create a BitOrbit profile and share content with their customers, fans, and supporters. Plus, the platform offers various tools for monetizing social content.
Secondly, users can access a peer-to-peer (P2P) chat module directly from their BitOrbit profile. The chat function makes it straightforward to create groups and channels to help build communities. Thirdly, the in-build BitOrbit wallet will offer users a secure place to store their crypto assets and transact with other users. The BitOrbit wallet will be essential to monetizing social content and buying premium content. Also, the BitOrbit wallet will facilitate invoice payments for service providers.
The fourth tool is the suite of applications available to users of the platform. Similar to how Telegram enables users to deploy applications such as chat bots, BitOrbit will enable creators to develop and deploy their own applications on the platform to customize interfaces and user experiences.
BitOrbit NFT Generator
The fifth and final tool is the BitOrbit NFT generator. The BitOrbit NFT (non-fungible token) generator will allow users to stake the native BITORB token. In turn, this enables users to claim various BitOrbit NFT prizes that are allocated at random. Though there is not much further detail about the BitOrbit NFT range and the BitOrbit NFT generator, the current hype around NFTs suggests this could be a hit among platform users.
Another key value proposition is the privacy-preserving ethos the platform upholds. While many centralized social media platforms are prone to mass data harvesting, BitOrbit keeps user data private. Instead of selling various data points to earn revenue for shareholders, BitOrbit provides avenues for monetizing social content that benefits creators directly. This model enables creators and influencers to keep all revenue they generate from the platform.
BitOrbit Wallet
The built-in BitOrbit wallet is essential for monetizing social content via the BitOrbit platform. Creators will receive payments for premium content using the BitOrbit wallet. Plus, it will enable audiences and followers to make purchases. Furthermore, the BitOrbit wallet is non-custodial and will support invoicing and direct digital payments.
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Platform Safety
The BitOrbit team believes that users should be in complete control of their data at all times. As such, the platform prevents bad actors from intercepting data using advanced cryptographical techniques, including Shamir’s scheme, the Diffie Hellman algorithm, elliptic
curve cryptography, and ZK Snarks. By trusting mathematics instead of a single-point-of-failure, the BitOrbit platform minimizes the likelihood of data breaches and hacks, providing a safe and secure social media experience.
Why Do We Need Decentralized Social Media?
Despite the many benefits social media has brought about, it’s difficult to ignore the many issues surrounding current social media networks. From the toxic algorithms that impact users’ mental health to manipulating elections and the hoops that creators must jump through for organic growth and the resultant impact on their creativity, there are many problems that users of current social media platforms face.
Also, with the increase in data mining, a complete lack of privacy, and centralized parties that are susceptible to data breaches, current social media platforms often fail to put their users first. However, decentralized social media platforms such as BitOrbit put users in control of their data. Plus, social media networks that live on the blockchain minimize the risk of hacks or data breaches.
Another major benefit of blockchain-based social media is that content moderation is apolitical and often community governed. This means that it is much more difficult to “cancel” creators or influencers who share controversial opinions. Instead, many platforms leave the decision to the community, who are often able to reach a consensus about the validity of a piece of content and its potential to do harm. Also, this model provides a wealth of new revenue streams and Web3 functionalities that enhance the user experience.
Exploring BitOrbit & BITORB Token Summary
The BitOrb team is striving to “fundamentally change how social services are built” using monetization without intermediaries. Users of the platform retain complete control over what data they want to share and how they want to share it. The use of blockchain technology improves trust and transparency while making the decentralized social network model more efficient than legacy networks.
The team aims to be at the “forefront of how users engage and interact in the decentralized world”. With this, in combination with a highly-intuitive user experience, total privacy, and accessibility, BitOrbit positions itself to disrupt the traditional social media industry by empowering artists, creators, and influencers to monetize their work on the blockchain in a secure, trustless, and censorship-resistant environment.
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