Hot or Not is preparing to launch its SNS DAO with a proposal to start the decentralization sale expected soon.
This post is a forum for the IC community to discuss the Hot or Not SNS and ask the founding team any questions.
Hot or Not is Web3’s answer to TikTok. It is a short-video social media platform that integrates gamification for short video content.
We aim to tackle the intrinsic issues that have created an unequal and biased ecosystem in traditional social media. These issues around monetization and centralization are detailed below.
Problem Statement
The current social ecosystem is built on the monetization of attention with the needs of advertisers in mind. Consequently, it is designed to keep the concentration of dollars within advertisers and platform owners. In 2021, only 2% of the $150 billion ad revenue was distributed to users.
Hot or Not Platform
Hot or Not combines the best of social media, gamification, and decentralization to revolutionize the short-video social media ecosystem which leads to equitable distribution of wealth among all the stakeholders of the social ecosystem including all the users of the social platform. This presents a multi-billion dollar market opportunity that has remained untapped by the existing social media ecosystem.
Our vision is to promote a more equitable and democratic social media ecosystem that prioritizes freedom of expression and resists censorship from Big Tech. We strive to empower individuals and communities to participate in shaping the online landscape while fostering a culture of respect, inclusivity, and accountability.
Here is the link to the Hot or Not SNS Whitepaper. Please read the whitepaper beforehand as hopefully, it will already contain many of the answers.
Funding Target
As detailed in our whitepaper, we are targeting a minimum of 1,000,000 ICP to a maximum of 2,000,000 ICP.
We are seeking 400,000 ICP - 500,000 ICP from the Community Fund. We will strictly adhere to the guideline that limits the Community Fund’s contribution to a maximum of 10% of the total maturity of the Community Fund at the time of submission.
More details about the distribution and SNS configuration can be found in this section of the whitepaper.
We are excited to launch our SNS and what lies ahead for Hot or Not and the IC!
Hi @JaMarco, This is Rishi from the Hot or Not team.
The Hot or Not NFT (Funded) holders would be receiving liquid HOT tokens in the Plug Wallets. We’ll be putting out more information about the same soon
Hi @courage7710 The COYN token value would be determined by the market forces once it gets listed on the DEXs in the IC ecosystem initially. There is a game proposed in the white paper where in the COYN tokens would be utilised in order to unlock the same to transfer it to the exchanges.
What month are you planning to starts your SNS D-Sale?
I’m asking because from what I know, the current maturity of CF neurons is about 4 M, and you want to collect as much as 600 k, which is over 10%. For me it is perfectly acceptable, but from what I know DFINITY strongly recommends that it be max. 10% of the total currently available maturity.
In addition, this month, AFAIK, 2 launches are coming. This will definitely reduce this value and - retail investors may haven’t more money after buying 2 new SNS projects, which reduces decentralization and the potential to collect a sufficient and satisfactory amount of ICP in the current month (May).
You have the same problem as kinic. The current product experience is not very good, but you are asking for so much money. This is out of proportion. Please optimize the product first and show the strength of the team before launching.
Does Hot Or Not have a plan to capitalize on the decentralization aspect of Hot or Not post SNS sale? It’s seems like a golden opportunity and low-hanging fruit to market the product to these specific geo locations where TikTok has been banned. I would like to see this added to white paper.
I’d suggest avoiding as much controversy as possible and setting community fund to 0. I don’t think the decentralization benefit is worth the headache with the current process.
Have you expanded on this idea anywhere else? Will you please provide a link? I saw you make a similar post on Twitter. I don’t understand why setting the community fund to zero would avoid controversy. It seems to me that the ICP community is going to find controversy in any attempt at a SNS decentralization sale.
Hey @DHemingway This is wonderful news for us for sure. We’ll add this to the heading of the white paper itself. Thank you for supporting us always. Really appreciate the same.
