The collision of cryptocurrency and social media is creating powerful new capabilities for content creators and consumers – helping them connect richer than before. One application at the cutting edge of this revolution is ZE23, a SocialFi application developed on the Solana blockchain. ZE23 meets the moment with an all new and potentially life-changing concept we’re calling “Time Mining.” Today, consumers can earn crypto simply by engaging with content! This piece will further explore ZE23 and how it functions. We’ll address its potential benefits and risks, too, while walking you through how to get started.

Understanding ZE23 and SocialFi

ZE23 is a Web3 SocialFi app built to connect social interaction with decentralized revenue streams. The new platform seeks to combine best practices in digital engagement with token-based rewards systems. At its heart, ZE23 is a platform like any other social media, where users can both produce and engage with different content. Similar to other social media platforms, unlike any of the big, traditional, social media platforms ZE23 pays users in cryptocurrency for their time and attention.

The platform uses the Solana blockchain which is recognized for its speed and low transaction fees. This capability allows ZE23 to drive micro-transactions and reward users in a timely manner. This makes it super easy to give small amounts of crypto to users. They’re guaranteed these subsidies for every second of public money they spend on the platform. The reward system is called "Time Mining."

In exchange for their time and attention, the platform pays its users handsomely. Further, it splits those rewards 50% to content consumers (fans), 40% to content creators, and retains 10% for operational expenses. This innovative distribution model serves to incentivize content creation and consumption, creating an ecosystem of creators and active audiences.

How "Time Mining" Works

ZE23 employs an innovative framework dubbed “Time Mining” to monitor user engagement and incentivize them with Z3 tokens. For every second a user spends with the intention to engage with content, either creating content or consuming it, they are rewarded with Z3 tokens. The idea of “mining” here is quite different from the more familiar context of cryptocurrency mining, which uses the term, and relates to solving difficult mathematical problems. In ZE23, “Time Mining” just means you earn tokens by spending time on the platform.

In the cryptocurrency space, “mining” is at the center of it all. It is used most often to describe the process of validating transactions on a proof-of-work blockchain network such as Bitcoin. This is done by having an enormous amount of computing power to aggressively solve complex mathematical equations. Miners compete against each other to find a hash value from a crypto coin transaction. The first miner to solve the code not only gets to add the block to the blockchain but wins this reward.

For ZE23, “Time Mining” is an apt metaphor. It details how players can win tokens by meaningfully spending their time and attention on the platform. This is an important distinction to note when navigating the ZE23 ecosystem. Because of the network’s built-in difficulty settings, the length of time it takes to mine 1 Bitcoin can fluctuate.

Benefits of ZE23

ZE23 offers several potential benefits for both creators and viewers, including:

  • Monetization of Attention: Both creators and viewers can earn Z3 tokens for engaging with content. This makes every second of attention quantifiable and monetizable.
  • Token Rewards: Creators receive 40% of token rewards for producing content, while viewers receive 50% for consuming content. This provides a financial incentive for participation.
  • Content Promotion and Advertising: Creators can use tokens to boost content visibility, and viewers can use tokens to pay for advertising campaigns. This provides a means to promote their content or interests.
  • Access to Premium Features: Tokens can be used to access premium features on the platform, enhancing the user experience for both creators and viewers.
  • Decentralized Revenue: The ZE23 ecosystem offers a decentralized revenue model, allowing creators and viewers to earn tokens and participate in the platform's economy.

Risks and Considerations

While ZE23 offers exciting opportunities, it's essential to be aware of the potential risks:

  • Market Volatility: As with any cryptocurrency, the value of ZE23's token (Z3) may fluctuate rapidly. Market volatility may affect the token's price.
  • Dependence on User Engagement: ZE23's value proposition relies heavily on user engagement, which may be unpredictable and subject to changes in user behavior.
  • Regulatory Risks: As a SocialFi platform, ZE23 may be subject to changing regulatory requirements, which could impact its operations and token value.
  • Smart Contract Risks: As with any blockchain-based platform, there is a risk of smart contract vulnerabilities or exploits, which could impact the security of user funds.

Getting Started with ZE23

Here's a step-by-step guide on how to get started and participate in the ZE23 ecosystem:

  1. Create a Solana Wallet: You'll need a Solana wallet to store your Z3 tokens. Popular options include Phantom, Solflare, and Sollet.
  2. Acquire SOL: You'll need some SOL (Solana's native cryptocurrency) to pay for transaction fees on the Solana network. You can purchase SOL on cryptocurrency exchanges like Binance, Coinbase, or Kraken.
  3. Connect Your Wallet to ZE23: Visit the ZE23 website and connect your Solana wallet.
  4. Explore the Platform: Browse the content, follow creators, and start engaging with the community.
  5. Start Earning Z3 Tokens: Begin "Time Mining" by spending time on the platform, creating content, and interacting with other users.
  6. Utilize Your Z3 Tokens: Use your Z3 tokens to boost content visibility, access premium features, or withdraw them from the platform.

Conclusion

ZE23 takes a unique direction with SocialFi, intending to monetize users’ time and attention. ZE23 takes advantage of the high-speed, low-cost Solana blockchain to introduce a revolutionary idea called “Time Mining.” This new model means that both producers and audiences can make money from their content interaction. That said, there are some real dangers to understand, and it’s vital youth advocates and their allies are cautious when approaching the platform. The SocialFi landscape is changing every day. The crux Platforms like ZE23 are opening the door to new, collaborative, and generative models of content creation and consumption.