Pixie Becomes the First Blockchain App in the UK to Reach 18,000 Daily Active Users
The world’s first social network based on blockchain cryptoeconomics technology benefited from the leading research outcomes from the researchers at the University of Surrey.
Back on February 10, Pixie – the world’s first fully-functional SocialFi application, or a decentralized photo and video sharing social network based on blockchain cryptoeconomics technology, launched by researchers in Surrey University – celebrated a notable achievement by exceeding a user count of 100,000 users and reaching 18,000 daily active users.
Pixie has become the crypto version of giants like TikTok and Instagram. However, it plans to go a step further by adding features that allow content creators and the platform itself to share in the profits.
Being based on a transparent blockchain network, Pixie has the ability to solve a decades-old issue with the lack of balance of power between ordinary people and technology giants. It wants to do so by utilizing a more reasonable and just way to incentivize creators, including such operating within the Web2.0 and Web3.0 users. On Pixie, quality content that gains a large number of interactions (likes and reposting) receive an in-platform cryptocurrency called PIX. Users with a large amount of PIX over time improve their influence in the platform and will, on average, receive more of the crypto than other users whose content doesn't generate high engagement.
Pixie uses innovations that solve some of the critical problems faced by blockchain technology, such as its inability to quickly process a large amount of data. Pixie developed a multi-layer, hierarchical data processing algorithm to deal with heavy user interactions on its platform to record data efficiently. Pixie allows its algorithm to tend to the frequent user interactions but, crucially, records interactions that need a high level of security (such as PIX or non-Fungible tokens (NFT)) directly on the platform's chain. This security feature allows Pixie to protect digital content as soon as it is created and, with the use of its social data, can give accurate pricing for NFTs. Additionally, the project applied dual Chain and several other innovative blockchain algorithms to enhance its performance.
Pixie will soon launch a new feature. Users of Web3.0 will be able to display their Ethereum NFT asset in Pixie and share their NFT with other users while earning PIX rewards accordingly. Pixie believes that its current social eco-system and user social behaviors will make up for the shortcomings, such as the lack of ability to share and display in the current marketplaces (e.g. Opensea). In contrast, Pixie enables the Ethereum-based content creators to enter its eco-system seamlessly to experience an actual SocialFi experience. Moreover, the researchers have also revealed that users will soon be able to log in to Pixie using their crypto wallets signing.