Monoreto has the ambitious goal to “revolutionize the world of social media,” according to the company’s blog. They are designed to be a “social network with the monetization of likes,” giving users the ability to receive token-fueled payment as a reward for quality content in which other users engage with on the platform. The company points to social networks like Facebook and Instagram, none of which pay users for content. Monoreto is different in that users are paid MON tokens commensurate to the number of “likes” received for content, including videos.
You may think that Monoreto sounds like many of the leading social media platforms out there, like Facebook and Instagram, for instance. But Monoreto insists it’s different, pointing to a couple of distinguishing factors that set its platform apart from the other, including “commercial profit for every user and brilliant quality of diverse content.”
First, users must create compelling content, whether it’s a photo, blog post, video, etc. Then other users on the platform who find the content valuable can “like” the post and transfer MON tokens to the creator of the content. Each MON token is worth $0.05, and users have the option to pay more than one token.
“Every like will bring the creator of the photo or video liked at least 5 cents in Monoreto tokens,”according to the company’s white paper. Considering that “likes” cost money, the model removes the need for advertising and makes bot-fueled fake likes obsolete. The incentive for engaging with posts is the more content that a user “likes”, the higher their rating on the platform.
Monoreto boasts a digital wallet that’s linked to user accounts and through which payments in MON coins are made. Users can also convert MON to leading digital currencies including BTC and ETH in the wallet and eventually conversions from other coins to MON will be supported.
Monoreto is aware of potential “content theft” in which users post content originating from someone else without getting permission or acknowledging the original source. This becomes an especially slippery slope when users are being paid for their content. To combat misuse, the Monoreto team is developing an automated mechanism that will verify the authenticity of the content.
The use cases for the Monoreto platform range from business use to promote brands or products to charitable giving to simply generous social media. Professional bloggers and photographers can also use the platform in an attempt to generate a revenue stream for their content. There is also a newsfeed in which the most popular content is featured prominently. Monoreto is working on a feature that will allow users to share content on other popular social media sites as well, including Instagram and Facebook, for instance. They’re not looking to replace these sites and believe they offer something unqiue.
Monoreto is targeting the “2.5 billion people on earth that use social networks every day,” as per the white paper. More specifically, their users are comprised of professional bloggers, photographers, regular users looking to monetize their own content and the audience/regular users engaging in other people’s content across “photos, posts and comments.”