Social media platforms nowadays are designed with the focus on the user experience of individual users and evolve around social status. ‘Social’ tries to take a different approach to social media design by focusing all its effort on creating inclusive and immersive group experiences. ‘Social’ does this by providing its users with a community builder toolkit which empowers them to create custom online communities. This allows for maximum flexibility and creativity while creating various mediums of social communication which enables ‘Social’ to serve the needs of a wide range of communities to the best of its abilities.
‘Social’ is build upon three pillars namely communication, activities and exchange of value. These areas are of extreme importance and should be complementary in order to create holistic community experiences. The most important innovation ‘Social’ is able to deliver is a new way of exchanging value among people. ‘Social’ built its own cryptocurrency called ‘SocialCoin’, which is a stable coin meaning that the value of one Social Coin is always equivalent to the value of one US dollar. This is a game changing concept, because normally you need someone’s name and bank account in order to send a payment. In this concept the user just selects a person from his or her contact list and sends him or her SocialCoins globally within seconds without needing additional information or a third party. ‘SocialCoin’ could also potentially bank the unbanked such that people in third world countries can become financially included in today’s globalized economy.
Furthermore the customer relationship aspect is a top priority for ‘Social’. The reason why is that other social media platforms like for example Facebook and Instagram rob its users of their privacy. ‘Social’ thinks that this is an absolute disgrace and theft of someone’s identity. ‘Social’ sees a private future, everyone on the ‘Social’ platform will benefit from total privacy, it does not matter if it’s a paid user or not. But making privacy a priority also means that the classic social media marketing revenue model should be changed. Therefore ‘Social’ uses a Freemium business model where the base product is free to use for everyone, but if users want additional features they have to pay a yearly subscription fee.