We take a deep dive into this Velas-based social media app that helps you monetize your content, chat without restrictions and better engage with your audience.
With today’s social media platforms responsible for a large chunk of the data mining most users face and beset by more than a few controversies surrounding censorship, preferential treatment, and information manipulation, few could argue that they’re not long overdue for a shakeup.
BitOrbit, a new Velas-based social media and content monetization platform, is looking to do that just by leveraging the unique properties of blockchain technology to not only address the flaws faced by traditional social media but potentially go much further.
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What Is BitOrbit?
BitOrbit is an upcoming decentralized social media platform, content marketplace and chat application designed to provide creators with a better way to monetize their content, grow their audience and build their personal brand.
As a decentralized application (DApp) that allows users to easily create, share and monetize their content without sacrificing their privacy, BitOrbit looks to tackle centralized social media giants like Meta (formerly Facebook), Twitter and Instagram in one fell swoop.
Built on the Velas blockchain, it is one of the first DApps to leverage the high-speed smart contract platform that supports up to 75,000 transactions per second (TPS) and features state-of-the-art AI-assisted delegated proof-of-stake (DPoS) technology. As a Solana fork that boasts an automatically optimized consensus system that helps maximize speed, security and efficiency, Velas is able to avoid the bottlenecks and congestion faced by older platforms.
BitOrbit is being developed by the same core team behind Velas. Some of the most prominent team members behind the project include Velas co-founder and CEO Alex Alexandrov — a serial entrepreneur who also founded the popular cryptocurrency payment gateway CoinPayments and a well-known figure in the blockchain space. In addition, Velas chief technology officer Roman Cherednik who is a heavily experienced developer with more than a decade of experience working with tech firms.
How Does BitOrbit Work?
BitOrbit is designed to provide an all-in-one social media platform that takes the best aspects of popular social media apps like Facebook, Twitter and Telegram, and wraps them all into one blockchain-powered solution.
In line with this, BitOrbit will include several major components that include:
A social sharing platform: Similar to Facebook, Twitter and Instagram, BitOrbit will allow users to create and share their content — all over a decentralized network. Users will have a range of tools at their disposal to help monetize their content and better engage with their audience or supporters.
Chat functionality: A peer-to-peer (P2P) chat module will form another major part of the BitOrbit product. This will allow users to communicate with one another, create groups, channels and more to socialize, work and discuss with like-minded individuals.
- Built-in wallet: BitOrbit will allow users to securely store their cryptocurrencies and transact with one another through an intuitive built-in wallet. This will help support its monetization features, allowing users to directly send payments to any other user with ease while enabling service providers to request payments via invoice.
An application suite: Much like Telegram, which allows users to deploy their own applications in the form of bots, BitOrbit will allow creators to build their own applications. Thanks to the use of React Native, developers will be able to customize the user experience and interface to create powerful applications that provide additional value and utility to users.
- NFT generator: Users will be able to stake the BITORB token to earn randomly allocated non-fungible tokens, or NFTs, through BitOrbit’s NFT generator.
BitOrbit will have a major focus on the commerce aspect of social media from the outset, giving creators the tools they need to create, sell and distribute their free and premium content to their audience without relying on centralized intermediaries. This will make use of the built-in wallet, enabling users and creators to transact using a variety of cryptocurrencies.
It also tackles the problem of privacy that frequently comes with social media. These apps are well known to harvest as much user data as possible before selling it to the highest bidder as one of their primary revenue streams. So, while using these applications is generally free, you’re actually paying with your private data.
BitOrbit addresses this by giving users complete privacy. It doesn’t harvest and sell user data, but does allow for a quick and efficient way of monetization through a unique link-sharing solution, and users can leverage existing socials to drive content sales through BitOrbit. Unlike centralized offerings, users keep 100% of the revenue they generate from their sales.
The team behind BitOrbit is looking to build a high-quality product that can rival the look, feel and accessibility of today’s most popular social media apps. In development since Q4 2020, BitOrbit is now inching closer to its public release.
BitOrbit is centered around the BITORB utility token, which is designed to fulfill a number of key functions in the BitOrbit ecosystem. This includes staking, governance, paying transaction fees and facilitating payments between users. The BITORB token supply is fixed at 1 billion units. Tokens used for transaction fees on the network are permanently burned, making the token heavily deflationary.
The platform will host its initial DEX offerings (IDOs) for the BITORB token on November 4, 2021, on VelasPad (a launchpad on Velas) and BSCPad. Following this, it will be listed on PancakeSwap.
What Makes BitOrbit Unique?
BitOrbit is built for social media users and influencers that want to take back their privacy while still benefiting from everything that makes traditional social media so powerful. It looks to achieve this through a unique combination of blockchain technology, community-contributed applications and content, as well as a community governed operational ethos.
Beyond this, it includes an array of features that help distinguish it from the competition. These include:
Decentralized features
Because BitOrbit operates on a decentralized blockchain ledger, it is able to offer a variety of features that centralized platforms cannot offer. This includes truly anonymous group chat functionality through private groups, peer-to-peer payments and censorship-free video streaming capabilities.
Available everywhere
As a decentralized social media network based on the permissionless Velas blockchain, BitOrbit is designed to be accessible to anybody, anywhere — even in countries that have local restrictions on social media apps like China.
The platform will be initially available as a downloadable mobile application on iOS and Android. In a later release, BitOrbit will be available as a web-app accessible through any standard web browser.
Intuitive user experience
One of the main reasons social media is so popular today is its accessibility. It’s typically incredibly easy to create an account and begin sharing content. BitOrbit replicates this experience by providing an intuitive onboarding facility and user interface reminiscent of today’s popular social media apps — without any of the usual problems hidden under the surface.
Low initial market capitalization
In line with its goal of user accessibility, BitOrbit also wants to be accessible to stakeholders. Because of this, it will launch with an initial market capitalization of $168,000, giving it the room necessary to expand to its fair valuation. To put this into perspective, the current largest blockchain-based social media platform, Decentralized Social, has a market cap of >$800 million.
The full tokenomics for the BITORB token is available here.
The full tokenomics for the BITORB token is available here.
One of the first DApps on Velas
BitOrbit will be one of the first DApps to deploy on Velas chain, an advanced fork of the Solana codebase. This brings with it a number of advantages over competing platforms such as impressive throughput and near limitless scalability, ensuring it is capable of supporting potentially millions of simultaneous users.
Fully private
As a platform that empowers users to take back control of their social experience, BitOrbit wants to put privacy back on the menu again. In line with this, it allows users to control exactly what they share and when, allowing users to select exactly what others see when visiting their social profile.
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