## What Is FaceDAO (FACEDAO)?

FaceDAO (FACEDAO) is a Web 3.0 based decentralized network where users can be part of a decentralized autonomous community ([DAO](https://coinmarketcap.com/alexandria/glossary/decentralized-autonomous-organizations-dao)) and interact with real people from all over the world. FaceDAO is not only a social media platform and DeFi, but also a next generation social network built on blockchain technology where account users can exchange cryptocurrencies.

Freedom of expression, transparency and high-level security are key aspects that the FaceDAO protocol focuses on, as the project wants only genuine content and reliable information to be presented on the platform. 

The protocol adheres to the [Web 3.0](https://coinmarketcap.com/alexandria/glossary/web-3-0) vision, and unlike [Web 2.0](https://coinmarketcap.com/alexandria/glossary/web-2-0) projects, FaceDAO gives users ownership of data, even paying for their data/actions: active users of the platform perform certain tasks on an ongoing basis and receive rewards in the form of FACEDAO tokens, the only officially issued token at FaceDAO. Tokens can be earned by both content creators and consumers, they can get FACEDAO for actions like posts, likes, comments and retweets.

According to the project, users of FaceDAO are 100% real people who communicate, share information and create content without any restrictions, while the decentralized nature of the blockchain system guarantees data security and immutability; moreover, the project states that it is impossible to create fake accounts on the platform. As a result, all information is transparent, trusting relationships are formed and confidentiality is not violated.

Who Are the Founders of FaceDAO?

According to the FaceDAO [whitepaper](https://facedao.io/files/FaceDAO_Whitepaper.pdf) on the official website, the product was developed by industry experts and software engineers from major companies such as IBM, Google, Apple, Huawei, Facebook and Tencent. However, the identity of the founder/CEO, as well as the team members are not named. As of May 2022, work on the FaceDAO project is being conducted anonymously.

Based on the roadmap information, in Q2 2021, a team was assembled and a concept was invented. Then, in Q3 2021, there was a seed investment by the team, in Q4 2021, the project was still at the development stage, and in Q1 2022, the product/official website was launched, as well as the distribution of $FACEDAO.

What Makes FaceDAO Unique?

On centralized platforms, users have no power over data/content, so the information is owned and monetized by social networks. The FaceDAO project seeks to address the shortcomings of Web 2.0 social networking and return power and control to users.

Benefits of FaceDAO:

On the FaceDAO platform, users themselves can choose content, participate in platform governance and affect the development vector. FaceDAO users are the ultimate beneficiaries: a reward system is available for them, where $FACEDAO is earned by both content creators and content consumers.

FaceDAO developers guarantee the transparency and reliability of data, excluding privacy violations, invasion of personal space and shadow algorithms.

Each user has only one account, which eliminates the presence of fake identities and bot accounts. All community members are 100% real people as verified by 3D liveness verification and authentication.

FaceDAO eliminates the following risks:

Fake user accounts. Blockchain technology generates an individual match between accounts and individuals;

Account theft. The risks of distribution and sale of user information by hackers for profit are significantly reduced, and the successful recovery of a lost account is extremely high.

In other words, FaceDAO is a social mining project where the economic model is intertwined with social behavior, and any social behavior is rewarded.

FaceDAO income earning methods include:

Administrator role: users are rewarded by managing the platform and maintaining order/community rules;

Invitation mechanism: users can invite friends/acquaintances to the platform and receive rewards in FACEDAO tokens;

Task reward: users complete community service tasks within a certain period of time (participation in promotional events, for instance);

Passive income: users can set up advertisements. Display ad slots can be created on the platform / personal homepages and users can choose to post or not. Advertising revenue is shared among all FACEDAO holders based on the holding ratio.

Related Pages:

Read about [Aave (AAVE)](https://coinmarketcap.com/currencies/aave/) and [Hive (HIVE)](https://coinmarketcap.com/currencies/hive-blockchain/).

Learn about [Subsocial (SUB)](https://coinmarketcap.com/alexandria/article/how-subsocial-will-monetize-decentralized-social-media-on-web-3-0).

What is Binance Smart Chain (BSC)? Take a tech deep dive with our [educational portal](https://coinmarketcap.com/alexandria/article/what-is-binance-smart-chain). 

What is a DAO? Check out our definitive [guide](https://coinmarketcap.com/alexandria/article/what-is-a-dao-coinmarketcap-s-definitive-guide).

Brush up on crypto terminology with the CMC [glossary](https://coinmarketcap.com/alexandria/glossary).

How Many FaceDAO (FACEDAO) Coins Are There in Circulation?

$FACEDAO is a network token of FaceDAO deployed on [Binance Smart Chain](https://coinmarketcap.com/alexandria/article/what-is-binance-smart-chain) (BSC) as a [BEP-20](https://coinmarketcap.com/alexandria/glossary/bep-20) with the maximum supply of 1,000,000,000,000,000 coins, which are distributed as follows: 90% goes to the community treasure (user rewards, airdrops, community tasks, providing liquidity in DEX), and the remaining 10% goes to development (platform maintenance, infrastructure construction, server development costs).

$FACEDAO provides users with an entrance to Web 3.0: each user has their own unique FACE aka private key & decentralized identifier (DID) and has the right to earn $FACEDAO. Members can obtain tokens on the platform by earning $FACEDAO for their efforts / daily activities and the more they earn FACEDAO, the more features and benefits they get.

Thus, the FaceDAO project tokenizes almost every social action of users: entering the platform/liking/leaving comments/posting content/participating in activities/inviting friends.

FACEDAO is also the governance token, users can vote and elect custodians, and for voting governance, they can get a certain amount of rewards (a person can get up to 50,000 $FACEDAO per day). To make a post, users need to spend 1000 $FACEDAO, and to unlock new social features on the platform, they stake 10,000 $FACEDAO. To draw more attention to publications, users can connect the so-called "Top" function, which costs 1 million $FACEDAO and has a time limit of 24 hours (the platform will distribute these 1 million coins to community token holders).

To sum up: FaceDAO rewards content creators and content consumers with $FACEDAO.

How Is the FaceDAO Network Secured?

In April 2022, FaceDAO passed a smart contract security [audit](https://coinmarketcap.com/alexandria/glossary/smart-contract-audit) from Beosin, a Web 3.0 blockchain security company that provides services to protect [smart contracts](https://coinmarketcap.com/alexandria/glossary/smart-contract), [DApps](https://coinmarketcap.com/alexandria/glossary/decentralized-applications-dapps) and wallets by applying formal verification methods in its core technology.

The summary of the audit results is available [here](https://facedao.io/files/Smart_contract_security_audit_report_FACE.pdf).

Where Can You Buy FaceDAO (FACEDAO)?

FaceDAO (FACEDAO) is available on [PancakeSwap (V2)](https://coinmarketcap.com/exchanges/pancakeswap-v2/https://coinmarketcap.com/exchanges/pancakeswap-v2/), a decentralized exchange platform for swapping BEP-20 tokens on Binance Smart Chain (BSC).

Download the CMC [mobile app](https://coinmarketcap.com/mobile/) to track prices of FACEDAO in real-time.

What is Web 3.0? Learn more with [CMC Alexandria](https://coinmarketcap.com/alexandria/article/what-is-web-3-0).


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Theta (THETA) is a blockchain powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. The project is advised by Steve Chen, co-founder of YouTube and Justin Kan, co-founder of Twitch.

Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.

Developers say that the project aims to shake up the video streaming industry in its current form — centralization, poor infrastructure and high costs mean that end users often end up with a poor experience. Content creators likewise earn less revenue due to the barriers between them and end users.

The Theta team has created a customer-centric business plan for their growing ecosystem of services focused on esports, music, TV, movies, and education. The list of Theta Network partners includes video platforms like Samsung VR, Cinedigm, Shout! Factory, Pandora.tv, Play Labs, and THETA.tv.

Wrapped THETA

TranslateMe Network Token

SoPay

OTCBTC Token

MultiversX is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost.

MultiversX rewards the community and active participants with EGLD tokens. EGLD, or Electronic Gold, is MultiversX's native token. It acts as a store of value currency to pay for network usage. The coin also serves as a medium of exchange between platform users and validators. Users pay transaction fees in EGLD and validators provide services.

EGLD allows developers to deploy smart contracts, protocols, and dApps on the platform. It empowers participants to perform any network action. Through staking and validation rewards, as well as transaction fees, EGLD manages the MultiversX network. Plus, EGLD is endowed with the functionality of a governance token, so its holders can vote on network decisions.

MultiversX was first announced in August 2019, and its mainnet went live in July 2020.