mgsocial

Hello everyone, it's MateoXRP with MG.Social. In our last Coil blog posting we discussed our immediate technical roadmap for MG.Social going into the first half of 2021.

MG.Social Progress:

1.0: 2020

2.0: Q1-Q2 2021

3.0: Q3 2021+

We consider 2020 as the 1.0 phase of MG.Social, which was all about getting a fully functional, ad-free, web monetized social network up and running and released to the public.

We consider our upcoming mobile app release, creating a re-designed web front-end and improving our marketing/branding as the 2.0 phase of MG.Social.

That got us to thinking about what we want for the MG.Social platform long-term beyond the first half of 2021.

When we think of what big changes we want for the MG.Social platform going into phases 3.0+, one main area that comes to mind is that of decentralization.

Currently creators on the MG.Social platform are able to share in the revenue generated by the site by monetizing the content they contribute. We also want to implement decentralization, community governance and community ownership of the MG.Social network as well.

Operation:

Currently MG.Social operates as a closed system, open to those who have a web monetization provider (currently Coil). One idea we have is to create a new component for MG.Social that will be a separate, optional portion of the site called “Public Square.”

This portion of the site would emulate a micro-blogging dapp. It's function would be allowing MG.Social users to make posts onto a public blockchain and allow for interaction with off-network users and content.

Posts to this portion of the site would be visible to the public, censorship resistant and not dependent on any one entity to exist (like us). Users would most likely have to pay some sort of small gas fee when they want to broadcast onto whatever blockchain we decide to use. We could implement an existing product like peepeth or create something new.

This would be an optional component of the site that users could participate in as much as they want or not at all. Other portions of the site would continue to operate as normal.

Governance:

We want to give our creators the opportunity to control both the rules of how the MG.Social network will operate and also the direction of the platform's development. We will need to spend time considering the best method to implement community controlled governance into MG.Social, whether it be through the issuance of some sort of governance token or some other fashion. That brings us to the question of ownership

Ownership:

MG.Social creators currently share in the revenue generated by the platform when they monetize the content they post. We would love to give our creators the ability to have an ownership stake in the network itself as well. This would give an added level of investment for our creators in the platform's long term success.

To make something like that happen we will need to take time and thoughtful consideration to the best method for community investment whether through the issuance of a token or otherwise. The next question that arises is what will be the relationship between those with a stake in operations, governance and ownership?

A system will need to be designed to balance this operation, governance and ownership of the MG.Social platform. This will not be a trivial undertaking. We are committed to taking time to explore possibilities for implementing decentralization to help ensure the long term health and sustainability of the MG.Social platform and community.

We thank everyone who has supported us so far and are excited about what the future will bring for the MG.Social platform. Our ultimate goal is to be the best and most creator friendly platform in existence.

We look forward to seeing you monetize your content on MG.Social in 2020, 2021 and beyond!