About HotorNot

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Hot or Not is Web3's answer to TikTok. It is a short-video social media platform that integrates gamification for short video content.

The problem with traditional social media

The current social ecosystem is built on the monetization of attention with the needs of advertisers in mind. In 2021, only 2% of the $150 billion ad revenue was distributed to users.

As we shift to the creator economy, some of this wealth is getting distributed to professional creators. However, the other users, especially lurkers (who make up 98% of the 4.7 billion social media users), are left with extremely limited financial incentives, despite spending an average of 2.5 hours every day on these platforms.

The social media ecosystem is also plagued by other issues, particularly those related to privacy and centralized control. The owners of the platforms wield an unprecedented level of control over the ecosystem, and they may not always be neutral.

These issues are exemplified by the bans imposed on TikTok by several countries, including India, the United States, the United Kingdom, Canada, and others.

HotOrNot's Vision for Social Media: Transforming the Landscape

In contrast to the challenges posed by traditional social media, HotOrNot envisions a revolutionary shift in the way we engage with and benefit from our digital interactions. We are reimagining almost every aspect of social media platforms by sitting at the intersection of three rapidly growing industries: Web3, social media, and gamification.

HotOrNot's core philosophy centers around the introduction of equitable revenue distribution through gamification of social media. We understand that every user contributes value to our platform, whether through creating content, engaging with it, or even by simply being part of our vibrant community. That's why we've implemented a rewards system that democratizes revenue sharing.

For instance, lurkers, who form a significant portion of social media users, can now actively participate in shaping the content landscape by voting on videos as "hot" or "not." When they vote in the majority, they earn twice the in-game COYN tokens, giving them a tangible incentive to engage. Meanwhile, the creators behind these videos receive a direct share of 10% of the COYNs voted on their content. This approach ensures that interaction is not just encouraged but also rewarded.

The in-game COYN tokens integrated into the HotOrNot ecosystem follow the tokenomics outlined in our whitepaper, and they are backed by the robust infrastructure of the Internet Computer Protocol. The entire application resides on-chain, except the video streaming (we are using Cloudflare for hosting and streaming of videos to maintain the user experience). This strategic choice allows us to maintain the security and transparency required for a fair and efficient rewards system.

The Internet Computer (IC) is a decentralized global compute platform that uses groundbreaking blockchain technology to achieve consensus within subnets. It is distributed globally across numerous independent data centers and is tamper-proof and unstoppable.

HotOrNot and Decentralization: Empowering the Community

Unlike traditional social media platforms, which are often controlled by a select few, HotOrNot is designed to be fully decentralized, truly owned by the community. This achievement is made possible by the Service Nervous System (SNS) functionality of ICP, which enables the tokenization of governance within a decentralized application (dApp). Users can acquire governance tokens called “HOT”, get the power to vote on proposals and propose changes to the platform. Crucially, no action can be taken on the app without first proposing it on the SNS. This mechanism ensures that centralized decision-making becomes a relic of the past, firmly placing control in the hands of our valued users.

Our vision for HotOrNot doesn't stop here. We are committed to introducing more innovative games and interactive features, all geared towards gamifying social media and unlocking the full potential of Web3's financial use cases. Our mission is clear: to empower our users, to make social media an equitable space, and to ensure that the rewards generated by the platform remain within the hands of the very individuals who make it a vibrant and engaging community.

HotOrNot represents a glimpse into the future of social media, one where users are at the forefront, data is treated with respect, and revenue sharing is fair and transparent. Join us on this transformative journey as we work together to redefine the social media experience for everyone.

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