SubSocial Announces Its Bid For Parachain Slot On Kusama

By November 11, 2021Polkadot
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SubSocial Announces Its Bid For Parachain Slot On Kusama

SubSocial announces that it will be bidding for one of Kusama’s coveted parachain spaces. As a result, SubSocial also invites Kusama (KSM) holders to join in its crowdloan campaign in return for significant rewards in native SUB tokens. The project’s native token is SUB, which has a wide range of uses on the SubSocial platform.

SubSocial, an open platform for decentralized social networks and marketplaces of the Polkadot ecosystem. Moreover, its web user interface allows users to create their own decentralized censorship-resistant community along with in-built monetization methods.

Significantly, SubSocial has the possibility to become the first social media platform that directly links with the emerging Web 3.0 as a social network for Polkadot and Kusama (Dotsama) community. Along with the vision of integrating this social platform with Web 3.0, Subsocial plans to bid for a parachain slot.

Since the launch of the first parachain auction, Kusama has deployed eleven projects successfully and is establishing a vibrant, interoperable ecosystem of applications. The platform focuses on implementing and integrating more features to highlight the Dotsama ecosystem’s potential and extensive capability.

SubSocial Launches Crowdloan Campaign

Subsocial is initiating a crowdloan campaign as part of their proposal for a parachain slot. The structure of the campaign is designed to achieve a simple and transparent way. The crowdloan will receive 16.5 million SUB tokens or 16.5% of the total quantity of SUB tokens. 15 million of these will be allocated as guaranteed prizes. The remaining 1.5 million will go toward referral bonuses, which will be disbursed according to the referral program’s conditions.

Additionally, participants of crowdloan are eligible to earn referral bonuses. Whereas, each participant will be provided with a unique referral code which will enable them to earn 15 SUB for every KSM their referral provides. This concept is split in a 50:50 ratio between the referrer and the referee.

Furthermore, this campaign is meant to encourage users to use SUB tokens for various use cases on the platform. Users can begin by developing their own social network and experimenting with monetization elements. Users can receive updates for the process of crowdloan campaign from their social channels.

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