Philcoin, which claims to be committed to combining blockchain technology with philanthropy, has reportedly launched PhilSocial, the “decentralized” social platform designed to incentivize users for engaging while empowering them to give back to the community.
It’s described as a step forward in the intersection of blockchain tech / DLT and philanthropy.
PhilSocial leverages a so-called “Give-to-Earn Model,” where users are able to earn Philcoin’s native token (PHL) by engaging with content, sharing ideas, or even gaming, but must “give a portion of their earnings to a cause before unlocking their rewards” – an incentive for philanthropy.
PhilSocial is accessible for all and is built on the Polygon Network (to improve scalability and reduce transaction fees).
PhilSocial’s “low-bandwidth” technology ensures accessibility even in underserved regions, “bridging the digital divide.”
Additionally, PhilSocial allows users to donate directly to causes or individuals in need, providing transparency and immediacy that might not be offered by traditional systems.
With more than 250,000 users reportedly now part of this ecosystem, PhilSocial claims that its “reshaping how we think about giving back.”
This initiative reportedly aligns with the broader trend of Web3 tools that are focused on “disrupting” traditional industries.
As covered in December of 2022, Philcoin, which claims to be one of the largest philanthropic movements, is changing the way crypto users “view and respond to the current bear market.”
Despite the conditions and controversies regarding crypto company fallouts reported back in late 2022, Philcoin launches products “focused on generating individual wealth and empowerment.”
Philcoin’s core product is PHILApp, a super dApp on the blockchain “that allows users to earn while they chat, transact, donate to charities, educate themselves, refer friends and stake.”
It’s reportedly the “first” app of its kind that “not only teaches people how to give, but helps people unlock their full potential so they build an individual income while empowering themselves and others.”
Founder and CEO Jerry Lopez said back in December of 2022:
“It’s finally time for companies with integrity, real intentions and human-focused ambitions to help the industry grow safely and demonstrate what they have planned for this next decade in blockchain.”