The legacy of social mining: Injective Protocol
Injective Protocol, co-founded by Eric Chen and Albert Chon in 2018, is a bespoke interoperable layer one protocol for the development of powerful exchange, DeFi, derivatives, and Web3 applications. With its layer-2 decentralised exchange protocol, Injective, transactions can be finalised instantly and at breakneck rates on an entirely open and permissionless network. The goal of the project was to enhance the usability and security of DeFi by reducing issues associated with excessive latency, poor liquidity, and user experience. The final objective was to provide DEX users with the same ideal experience as CEX users, thus closing the gap between the two. The native deflationary scarce asset that fuels the Injective Protocol and its fast-expanding ecosystem is INJ. Injective maintains a fully decentralised orderbook and permits community participation in platform governance. Injective is incubated by Binance and backed by Pantera Capital.
The Injective Social Mining Platform officially launched on October 14th, 2020. The Injective Hub was powered by Social Mining technology, a community accelerator that enabled supporters of the project to receive rewards for their contributions. It is an ingenious way for community members to become more involved in the project by participating in a variety of activities that support and advance Injective. The Injective Hub account creation process was all that was required.
As an enterprise client, Social Mining helped Injective Protocol in establishing a community with an ATH ROI of 299.33x* (private sale) and 62.34x* (public sale), making it one of the company's most successful clients. When Injective Hub first went live, its market value was only $10 million, but it eventually grew to $521 million over time.
Social Mining relies heavily on the data it collects, with communities coming in a close second. With the changing nature of jobs brought on by the fourth industrial revolution, the importance of maintaining active social networks among the world's working population has increased dramatically. The fourth industrial revolution is already having a significant impact on the way people do their jobs today and is shining a light on how various fields deal with diversity.
Instead of wasting resources on pointless marketing initiatives and inconsequential public relations, Social Mining aims to give users the recognition they deserve and make it possible to monetize users' skills. Another vital objective is to provide a voting system that is completely devoid of any potential security flaws and is therefore risk-free. Many people in the crypto space are tired of the custodial solutions that have become the norm, and they are frustrated by all the scammers promising easy ways out. By participating in Social Mining, users can "soft stake" their assets to demonstrate their confidence in the initiative, and they can also monetise their Socials, a key component of this fourth industrial revolution. With the world's population increasing at an unprecedented rate and the collapse of the manufacturing sector in the wake of COVID, it's becoming increasingly difficult to obtain and retain employment. This is where Social Mining comes in.
On the Injective Hub platform, participants were able to receive INJ token incentives for taking part in any social mining activity carried out through the Injective Hub, which was all automated. The community was also able to stay abreast of the latest happenings thanks to the news feed that compiled updates on new contributions and user participation. On-chain proofs of involvement included using the token in the protocol, adding liquidity on the DEX, being an active buy-side trader, and more. It also involved advocacy-based attributes, such as contributing to the project's rise in visibility through high-quality content or even just actively connecting with the project's social postings and accounts. As one could assume, this implied that essentially everyone in the community could utilise his or her particular skill sets to promote the expansion of Injective. This comprised authors, programmers, marketers, designers, translators, and aficionados of the blockchain.
The Hub had a reputation system that sought to recognise and reward productive account holders who regularly and significantly contributed to the platform. Community members could also vote on, like, and rank contributions. Each team member had the creative freedom to expand the project's ecosystem and scope in a decentralised yet cooperative way.
To maintain the integrity of the secondary market for the native token, INJ, users on the Injective Hub never parted with possession of their assets and had their wallets scanned just once per day. This put Social Mining on top of traditional staking, which just asked "how much" and "how long," but not who staked. Users would not abandon the roles they battled for and built for themselves in order to dump the token they worked so hard to stabilise if soft staking was combined with the correct incentive model. They would be demoted from their user rank in the Injective Community Hub and pushed down the social media hierarchy within their own microeconomies. These users deserved better APY and APR, not the dump on the backs of retailers from mysterious benefactors and VCs who destroy the product and the community.
As with any Social Mining platform, it had unique and distinct customizations based on business preferences. You had to access the Hub with a web browser and link your wallet to Ledger or MetaMask. The Injective Hub was different from the others in that a bridge between Ethereum and Injective had to be built in order to stake on the Injective Chain. To stake INJ, one had to delegate to a validator.A notable set of renowned organisations served as Injective's validators. Redistributing allowed you to continue receiving rewards.You would stop getting rewards once you removed your tokens from the stake. You had the option to claim your winnings using the Wallet page. Members of the community with INJ holdings could vote on ideas that would affect the direction of Injective and play an active role in governance. The forum served as a venue for the Injective community to gather and exchange suggestions for enhancing the protocol.
One of the most crucial aspects of any successful cryptocurrency project is the community. Behind the zeal of avatars and regular social engagement are real people with genuine lives and high-quality professional abilities simply waiting to be used. Injective wanted to tap that talent and had done so by ensuring that each new member was already well-versed in the community and eager to put their professional abilities to work within the Injective Protocol.
Data has now surpassed oil as the world's most valuable resource in terms of market value. Do you recall how frequently you had to check the size of the MP3 files you downloaded to ensure they were the correct size? The development of fresh data contributes to inflation in these and other ways. In today's environment, it's typical for firms to simply harvest users' data without compensating them. Users on social media post images of their latest rides, clothing, and favourite sports teams and players on a daily basis, but they receive no compensation for doing so. This is also true of cryptocurrency. It is critical for every company to establish who can be counted on to accomplish specific tasks. It is not only the largest users who can make a difference; even minor users can have an impact.