Rising concerns over fake accounts and bots on social media platforms have underscored the limitations of Web2 technologies. Phaver introduces a Web3 social app with a gamified system to combat botting and incentivize genuine user engagement.
Social media has a fake account problem, and a 2018 survey highlighted a growing concern among parents of teens — with over 65% alarmed by fake accounts and bots on social media.
The discovery of 1,305 bot accounts on X (formerly Twitter) that spread political disinformation during a critical Republican debate and a Donald Trump interview have underscored the extent of the problem and its potential to disrupt the fabric of democratic discourse.
Indiana University also conducted research that uncovered a bot network of 1,140 ChatGPT-powered X accounts that stole images to create fake profiles and engaged with each other through replies and tweets using advanced artificial intelligence (AI).
The battle against bots and fake accounts in social media
For traditional social networks, addressing this crisis of user authenticity is a daunting task. Over 47% of 2022’s web traffic was bot-generated, with 30% being harmful bots. Emerging as a potential solution with blockchain, Web3 offers mechanisms to ensure the authenticity of every participant on a specific platform.
Phaver, a Web3 social app, introduces a gamified solution to fight against bot accounts and incentivize users to build a reputation on social media. By implementing a level system similar to loyalty tiers in airline programs, Phaver aims to discourage detrimental practices plaguing the current social media landscape, such as farming and multi-accounting.
Phaver aims to build a more meritocratic and user-owned internet. Source: Phaver
Users accumulate a credibility score akin to status miles, which determines their level within the app. Phaver’s system penalizes harmful behaviors and rewards genuine engagement and credibility building with points — comparable to reward miles — instead of merely increasing follower numbers. Monthly redemption based on levels further disincentivizes abuse, promoting a healthier digital ecosystem. Users can increase their reputation, for example, by connecting various NFTs from a combination of wallets to their Phaver profile.
From Web2 limitations to Web3 opportunities
The platform enhances the user experience with perks for different levels, including benefits within the app, such as increased Phaves (akin to super-likes) and the ability to post sponsored content, along with external rewards like access to partner whitelists. Designed to ensure a balanced supply-demand in the market, Phaver’s mechanism also offers benefits to early adopters, aiding the network’s growth.
By the end of 2023, Phaver’s innovative system had attracted over 100,000 wallets, connecting NFTs worth more than $100 million. With the uniqueness of profiles in higher levels reaching 99.9%, the platform showcases its effectiveness in fostering a genuine and engaged community.
Phaver lets users opt in and out of the on-chain Lens posting depending on their needs. Source: Phaver
Phaver has integration with the Lens Protocol, a Web3 social graph on the Polygon blockchain, and CyberConnect, a Web3 social network, to create a decentralized social platform where users can securely store their content on-chain.
By leveraging these technologies, Cointelegraph Accelerator participant Phaver safeguards user data against centralized control and ensures users can move seamlessly between apps without losing their content and followers.
The platform raised $7 million in funding and has shown robust traction, boasting over 250,000 unique app installs and more than 50,000 daily active users, with retention rates surpassing Web2 standards. According to Phaver, users in Korea average 6 hours weekly on the platform.
Today, we are excited to announce that Phaver has raised $7M Seed financing round to accelerate further the adaptation of web3 social. 🦄 https://t.co/fVAIJ3LDmG pic.twitter.com/nNMJVcfQ2p
— Phaver 🦄 (@phaverapp) October 5, 2023
The rise of bot networks and traditional platforms’ inability to discern between genuine and artificial accounts have highlighted the limitations of Web2 technologies. In response, the emergence of Web3 proposes a foundational shift for social media platforms, leveraging blockchain to authenticate user identities and interactions with the goal of restoring trust and authenticity in digital communities.
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