Advertising is one of the main sources of income for Internet projects. Many traditional Internet companies such as Google, Facebook and Twitter earn their biggest money from advertising.
An emerging trend in recent years has been that people can make a living out of social media services like YouTube and Instagram through advertisement revenue. On the other hand, there is hardly any social networking service where people can easily monetize their accounts and connect with advertisers or sponsors who would like to reach specific groups of users (e.g., gamers). Also, it is difficult for content creators on various social media services to share revenues with advertisers because most ad platforms do not track referrals from one site to another.
There are many blockchain projects which aim at rewarding users for sharing content or creating content. However, most of them do not allow users to share revenue with advertisers or other sponsors and advertisers can hardly target specific groups of users.
Onix is a blockchain project which will develop a platform where people can monetize their accounts by various means such as inviting new members, creating group chats, sharing photos and videos and answering questions. Also, it will be possible for advertisers to reach selected groups of users through multi-level referral programs when they purchase ad placements on Onix Social Network (OSN). OSN aims at becoming one of the world's biggest social media services through decentralization and token economy in the long term.
Onix has already developed a prototype of its product and Onix Social Wallet (OSW) is currently running on the Ethereum testnet.
Date accessed: April 1, 2018. Title translated into English by this author. Hyperlinked text originally in Korean language. Summary made by author using online translation tools without any guarantee of accuracy or correctness of the summarized content written in English language. Also, I would like to point out that I am not related to ONIX project even though it is one of my favorite projects which I have been following since several months ago and wish its team great success with their project! Thank you!
ONIX Social Media Services (OSN) Team
Joon Hoh, Co-Founder. He used to work as a game developer at Nexon and Gravity after studying computer science at Pusan National University. And he has 18 years of experience in the game industry. Currently, he is managing ONIX's investment office INOX Capital. INOX Capital was established to actively support blockchain projects with unique business models and potentials by providing consultation services for entering global capital markets, conducting project feasibility review and introducing accurate investors specializing in Korea/Japan/China/Singapore blockchain sub-sectors. Juho Lee, Co-Founder. He used to work as a team leader at R&D Division of Nexon after studying computer science/business administration at Dankook University. He has 18 years of experience in the game industry. Currently, he is managing ONIX's development division INOX Lab. INOX Lab will be responsible for ONIX's product development including blockchain integration with social media services. Kyungmoon Kim - CEO & Co-Founder. Business Administration graduate from Hanshin university who used to work as a market analyst at Samsung Venture Investment Corporation specializing in IT and entertainment markets. Also, he also worked as an investment director at Naver Webtoon (2014) specialized in webcomics/webtoons business and an investment manager at Hana Financial Group (2011-2013). Hyundai Kim - CTO & Co-Founder. He used to work as a developer at Nexon after studying computer science at Pusan National University. Also, he has over 10 years of experience in the game industry. Currently, he is managing ONIX's R&D division INOX Lab.
Joon Hoh - Managing partner of INOX investment office which provides consultation service for entering global capital markets and enhancing business value by introducing accurate investors specializing in Korea/China/Japan/Singapore blockchain sub-sectors etc. In addition, Juho Lee - Co-Founder of ONIX will be taking charge of the following projects: Blockchain integration with social media services Business feasibility review Introduction to Korean market regarding Cryptocurrency Investment in promising blockchain businesses
Kyungmoon Kim - CEO & Co-Founder. Business Administration graduate from Hanshin University who used to work as a market analyst at Samsung Venture Investment Corporation specialized in IT and entertainment markets, as well as an investment director at Naver Webtoon(2014) specializing in webcomics/webtoons business and an investment manager at Hana Financial Group (2011-2013). Hyundai Kim - CTO & Co-Founder. He has over 10 years of experience in the game industry. Currently, he is managing ONIX's R&D division INOX Lab etc. Changho Choi - Chief research Engineer with over 15 years of experience as a developer such as planning and developing mobile systems, as well as researching and developing AI systems to solve real-world problems such as image recognition/processing, machine learning, etc.
To create a platform that will link social media services with blockchain technology. Social media platforms have been used for communication among people around the world. The information can be shared easily through SNSs, which makes the communication process flows without any difficulties. However, it is not easy to monetize SNSs because users do not pay directly by using them unlike Webtoon service provided by Naver(Korean web portal service company) where they have to purchase contents via credit card or Paypal. In addition, many SNSs are being monopolized by few companies that own the platform resulting in loss of interest by the users.
Starting from these problems, ONIX plans to provide a social media platform that will link blockchain technology with SNSs by using ONIX token, which can also be used in other business services provided by ONIX. This is because they are planning to interact with many services depending on the demand of their customers starting from gaming and E-commerce platforms. The following diagram shows how ONIX plans to integrate blockchain technology into SNSs and the structure of the platform:
There are three ways where blockchain technologies will apply in social media services: 1) Verification of contents 2) Digital assets 3) Monetization
1) ONIX believes that verification of contents should be applied for all kinds of transactions taking place in social media services. By verifying contents, there is no chance for false rumours or misleading information to occur since the users will need to verify their own contents first before uploading them to SNSs. This is where Blockchain technology can solve the problems occurring on contents provided by others resulting in loss of interest.
2) Digital assets are also something that needs to be verified and authenticated so that impersonation doesn't take place between companies or individuals. For example, cryptocurrencies such as Bitcoin can be started as digital assets on ONIX Platform. Even if they start with current cryptocurrencies, it will be possible to expand into other cryptos since all of them will be linked through blockchain technology which allows free flow of data between peers.
3) The last one, monetization is the most critical part of social media services. In order to solve problems of monopolization and loss of interest, ONIX will allow cryptocurrency transactions among users through application coin(ONIX). Not only can they support current cryptocurrencies but also possible to expand into other cryptocurrencies in the future since all cryptocurrencies will be linked with blockchain technology. This way, content providers can receive payment from their users immediately without any extra fees taken by a 3rd party company such as transaction fee for credit cards or Paypal.
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