Whitepaper

Flic's Whitepaper

Abstract

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oday Social Media companies are seen as untouchable behemoths which use their monopolies to enrich investors more than the users and creators on the platform. Users and creators are disconnected from the ability to earn and have ownership from their input to the platform and instead are treated as another income stream. On top of that user data is collected, hidden from the user, and sold to further mine profits. From a consumer side the algorithm that the user is fed content from is behind a walled garden, with the user being unable to make changes to it which develops a toxic relationship between the platform and the user. We have hopes for ourselves to make changes and there is a lack of consumers having control over the algorithms that feed us content. Instead the algorithm focuses on what enrages the user and keeps them most engaged on the platform, rather than what is most healthy and best for them to live a positive, happy, and healthy life.

Platforms should serve us, not control us. We have relationships to the platforms we use the same way we do people as both provide us unique experiences that shape us. If you had someone in your life who refused to listen, you would stop hanging out with them too, or eventually realize they were toxic.

Tiktok is the top performing social platform in 2021. By allowing user generated videos in the vertical format we use our phones in, and providing an infinite feed of videos it took the social world by storm. Kids and Adults have become so addicted to it that it’s taken over a majority of the attention sphere and now puts its creator ByteDance at a worth of 470 Billion Dollars, but many users distrust it as it is a known centralized owned spyware platform with all data being fed to the government in China.

Flic aims to fix these problems through transparency, progressive decentralization which increases user governance over the platform. On top of that we are focused on creating more monetization opportunities for the creators and focusing on the ability for creators to build a deeper relationship with their fans. To do this we are utilizing web3 technologies including tokenization of the platform, allowing minting of media posted as purchasable Non-Fungible Tokens, and allowing fans to invest in creators’ pages.

Massive Potential

To many thought leaders, it is obvious the masses will be onboarded to web3 through a social platform.

The platform that accomplished this, given the fact that crypto price is based on value of attention, could reach a multi-trillion dollar market cap.

Already we see BitClout with just 300,000 users having a token valuation of 1.2 Billion dollars. This is an astounding $4,000 per user. It is no surprise web3 social platforms are being valued at this rate, because of the massive potential and ease of users to become invested in the platform they are using.

We strongly believe the web3 platform that wins, will be a platform that would have won on web2, and will need to be able to garner massive attention, have a clean UX, and a top tier product. Focusing on these metrics, Flic will bring an entire generation of web2 users onto web3 seamlessly. As the platform that onboards these users and gives them access to their first wallets, a swap built into the platform with an app already downloaded on their phone, the platform will have a massive stake in the web3 space.

Pioneering The Market

Over time social platforms have condensed into niche bubbles of utility.
  • for friends and family activities,
  • for tech and porn
  • for friends visual life updates
  • for optimizing your professional life
  • for user-created horizontal videos
  • for the mobile phone using short easy-to-digest vertical videos tailored for your interests
  • for cookie-cutter community creation
Social media platforms allow users to share different types of content, ranging from text-based to rich video footage. Over time social media platforms have evolved to service seperate market verticals.

Incumbent social media giants fail to keep up with the times, now copying rather than leading the charge, these companies having grown so large and bureaucratic that they fail to keep up with the new range of opportunities being presented especially by the web3 space. One ex ample of that is that Youtube launched Youtube Shorts, Facebook launched Lasso, Snapchat launched Spotlight, and Instagram launched Reelz. These are all tiktok clones also pushing short vertical media with an infinite scroll feed.

Fresh new startups have a lean advantage as well as an ability to win the hearts and minds of the consumers with more transparent policies and allowing user governance over platform changes. Current social media companies continually treat their users as products instead of owners.

The web3 platform that brings the mass of web2 users onto web3 will be a social platform that would have been successful as web2. Therefore, a unique market gap must be identified.

Over the past few years platforms have ballooned into hundred billion dollar unicorns. One of the common traits is that they fill a unique niche in the social media sphere that has not been represented properly yet. Most recently we saw Clubhouse, which released April of 2020, grow to over 10 million downloads in less than a year which represented the vertical of connecting via audio based chat rooms.

They recently raised a series C at a 4B valuation which puts a rough value of $400 per user at the time of raise. While Club house is new and more trendy than BitClout, BitClout was tokenized allowing anyone to have ownership in the platform. Clubhouse on the other hand provided a real unique utility moat, offering a unique social experience that had not been seen before.

Flic will enter the market as the platform for podcasts, stories, and vlogs in the vertical format. With Tiktok as the top growing attention platform now, we will act as an extension to short vertical videos, with the full version being posted on flic and a simple link on Tiktok in the users page that can be viewed in the native tiktok browser.

Vertical videos have never been captured more, and it has never been easier to capture cinema quality film. Our phones have more storage and speed and editing software than ever before, and there’s never been more independent creators. Right now the massive amount of videos taken and captured from our cinema level phone cameras have no place to be edited into stories and films by creators and shared with the opportunity for mass virality.

The problem was spotted when Jack Jay was living at the prior Hype House (The Top Tiktok Content House). This idea came when noticing the problem of these massive creators with tens of millions of followers, who had their videographers holding a Phone and Camera, one in each hand recording the same thing. When asked why, it was always the same. The phone for tiktok, and the camera for Youtube. In order to create real relationships with fans via vlogs, documentaries, or podcasts they must go onto Youtube.

Social Media Videos Youtube and Tiktok

Youtube, having been built before the smartphone, is optimized for horizontal content.

Besides vertical content helping tiktok pioneer the mobile space, TikTok offers an amazing discovery feed to allow new creators to be found.

Tiktok is the fast food of vertical media and we are building the restaurant. We are pushing to be the healthy and sustainible social media option.

Recently mobile traffic overtook desktop, with over 50% of mobile being social apps.
Source: https: //www.oberlo.com/statistics/mobile-internet-traffic
Social Media apps are the mostpopular

Time spent in types of mobile apps
Source: American Press Institute

It became clear that there was a missing spot for long format vertical videos in the market as creators had to film separate content for a platform, and drive all their own traffic to great content they made.
Creator Made Content

After interviewing over 50 creators with a combined following of over 350 million followers (that’s more people than there are in the U.S.) The positive feedback was overwhelming and feedback for new features invaluable.

Original the idea was based on web2, however it became clear that web3 would solve a lot of the problems currently had on the existing platforms. Jack at the time was living in Crypto Castle, and built the first Paypal to Ethereum crypto exchange so he has extensive knowledge and early founder experience in the field.

Web 3 Workings

By creating an internal Flic token we are able to represent a more fair and transparent platform for the producers and consumers. This is to say disintermediating the social media world with smart contracts which can transparently be seen on chains will give a new level of transparency the traditional social media platforms we all use today lack.

By utilizing smart contracts between brands and influencers we provide a secure basis for brand deals to go through while providing platform revenue to Flic.

All of our platform’s AD-Revenue is set to flow back into buying governance tokens which automatically go into the creator and consumer pool of

tokens that will continue to be earned through use of the platform. By best estimates it seems Tiktok, the leading mobile vertical video application, is paying roughly 4% of its revenue back to creators and they pay absolutely zero to consumers. Flic believes investing in its creators’ lives and ability to create great content is worth it and for that reason is able to commit 40% of AD revenue back to creators, and 20% now acting as a pool for consumers to earn. These features empower the users and creators like never before.

These tokens are distributed to these wallets to perpetually supply the rewards:

Our creator and consumer pools mean consumers and creators will earn governance tokens from using the platform, which can be held and utilized to vote on the future of the platform, or sold to support the new great content our creators
come up with.

At the $34.3 billion dollars of revenue that bytedance (tiktoks creator) did in 2020, heres how the breakdown would be when the sum is used to buy flic token and distributed to our ecosystem.

$13.72b into the creators pool (aka creator fund) 6.8b to the team allows massive funding of real human interactions of the platform, creating flic original series, and staying on the frontier of ai and ml.

5.14b into the foundation 8.57b into the consumer pool, rewarding all users of the platform for that year.

In Comparison:

“First announced in July 2020, the fund is committed to doling out $1B over the next three years to allow creators to earn a livelihood from the video-sharing app.”

Algorithms & Transparent Data

In order for users to develop a HEALTHY relationship with Flic, we offer the ability for the user to control the algorithm feed based on their true preferences, rather than the algorithm attempting to gain control over the user by displaying any content that will get the user to stay longer in the short term.

The Tiered Voting System, or TVS, is our way of allowing more user control over the algorithm which then helps curate content together. Rather than allowing a like or no like, we offer a bronze, silver, or gold star. Allowing us to understand to the level at which the user liked, enjoyed greatly, or loved the piece of media. TVS will supply our video recommendation algorithm.

Tokenomics

Token Release Schedule