my2cents by P2P Software GmbH
Last updated
Last updated
PROJECT OVERVIEW:
Product name: my2cents, a social media platform built on the BSV blockchain that aims to revolutionize social media by prioritizing content over user profiles. It's a social super app that combines various social media and marketplace features into one platform, allowing users to earn and spend BSV for interacting with content and purchasing goods.
Solution provider: P2P Software GmbH
Industry: Social Meida
Website or App URL:
EXECUTIVE SUMMARY
my2cents (my2cents.io) is a blockchain-based social platform designed to enable users to earn money through meaningful online interactions. Users can post text, videos, podcasts, books, sell homemade slow food, trade used items, find employment opportunities through video introductions (myJob), attract investment via video pitches (myIdea), and play a blockchain-enabled Championship Manager game (myCM).
Distinct from traditional social platforms, my2cents does not use follower-based algorithms or collect intrusive personal data, ensuring all users see identical content to encourage open-mindedness and reduce polarization.
The project is also available in Turkish at tr.my2cents.io, specifically catering to Turkish-speaking users.
Key Outcomes:
Creation of a user-incentivized ecosystem where high-quality content is rewarded financially.
Establishment of decentralized data ownership, granting users complete control over their blockchain-hosted content.
Facilitation of microtransactions and direct peer-to-peer payments, enhancing economic empowerment for content creators.
Implementation of features such as myJob and myIdea, significantly improving direct employment and investment opportunities.
Introduction of innovative mechanisms to reduce confirmation bias and polarization by providing identical, algorithm-free content to all users.
ABOUT THE ORGANIZATION
P2P Software GmbH, headquartered in Frankfurt am Main, Germany, specializes in innovative blockchain-based solutions aimed at transforming traditional industries through advanced digital platforms. The company leverages expertise in blockchain, artificial intelligence (AI), IoT, and cutting-edge software development to create practical, user-centric applications.
P2P Software GmbH is the creator and owner of my2cents (my2cents.io), a groundbreaking blockchain-based social platform enabling monetized user interactions, decentralized content ownership, and enhanced online transparency. The company places significant emphasis on privacy, decentralization, and financial empowerment, positioning itself at the forefront of digital innovation.
Key stakeholders or partners involved in this project:
Dr. Maximilian Korkmaz, Robin Kohze (Vaionex)
INDUSTRY CONTEXT
Industry Problems & Challenges
The my2cents platform addresses key challenges associated with traditional social media platforms, particularly regarding user privacy, centralized control of data, content manipulation through algorithms, and the polarization of public discourse. Conventional social networks often exploit user data, prioritize content based on opaque algorithms, and limit fair economic rewards for content creators.
By contrast, my2cents empowers users through blockchain-based decentralization, ensures complete user ownership and control over data, eliminates manipulative content algorithms, and financially incentivizes quality contributions. Thus, the platform provides transparent, equitable interactions and meaningful economic opportunities, directly addressing the prevalent issues of privacy infringement, content manipulation, economic imbalance, and societal polarization found within traditional social media ecosystems.
Key regulations and compliance considerations in this industry
The primary compliance considerations relevant to my2cents and blockchain-based social platforms include:
General Data Protection Regulation (GDPR):
As an EU-based platform, compliance with GDPR is critical. my2cents adheres strictly to GDPR guidelines, protecting user privacy, clearly defining data collection processes, and ensuring transparent user consent mechanisms.
Know Your Customer (KYC) and Anti-Money Laundering (AML) Regulations:
Given the involvement of blockchain-enabled financial transactions and microtransactions, compliance with AML/KYC requirements is essential to mitigate risks related to illicit financial activities.
Digital Services Act (DSA) & Digital Markets Act (DMA):
Compliance with the EU’s recent digital regulatory framework (DSA and DMA) ensures transparency of content moderation practices, protection against harmful online content, fair competition, and user safety.
Financial Regulations on Cryptocurrency and Blockchain Transactions:
Compliance with local and international financial regulations governing cryptocurrencies and blockchain-based transactions is necessary to maintain transactional legitimacy and transparency.
By proactively addressing these regulatory and compliance considerations, my2cents ensures lawful operations, enhanced user trust, and robust data protection standards.
PROBLEM STATEMENT
my2cents addresses the fundamental problems inherent in traditional social media platforms, specifically:
Centralized Control and Lack of Data Ownership:
Traditional platforms control user-generated content, monetizing personal data without fair compensation. my2cents solves this by empowering users with full decentralized ownership and control over their blockchain-hosted content.
Algorithm-Driven Polarization and Confirmation Bias:
Conventional social media algorithms filter content, reinforcing echo chambers and societal polarization. my2cents provides algorithm-free, uniform content visibility, promoting diverse perspectives and reducing polarization.
Privacy Violations and Intrusive Data Collection:
Existing platforms frequently collect extensive personal data for targeted advertising and monetization purposes. my2cents addresses this issue by refraining from intrusive data collection, aligning with strict privacy principles, and ensuring GDPR compliance.
Unfair Economic Incentives:
Traditional platforms inadequately compensate creators for quality content. my2cents establishes a clear, equitable incentive structure that rewards users directly through blockchain-enabled micropayments, thus encouraging high-quality interactions.
By solving these critical issues, my2cents promotes a fairer, more private, economically empowering, and socially cohesive online environment.
Limitations of Traditional Approaches or Legacy Systems:
Centralized Data Control:
Legacy platforms retain full control over user-generated content, limiting users' ownership and autonomy over their own data.
Algorithmic Bias and Content Manipulation:
Existing platforms utilize complex, opaque algorithms that influence content visibility, resulting in echo chambers, misinformation, polarization, and limited exposure to diverse viewpoints.
Privacy and Data Exploitation:
Traditional social media platforms routinely collect extensive personal information, often without transparent consent, using it primarily for targeted advertising, undermining user privacy and trust.
Economic Inequality for Content Creators:
Content creators on traditional platforms typically receive minimal or indirect financial compensation, while platforms disproportionately benefit financially from user-generated content.
Susceptibility to Censorship and Shadowbanning:
Traditional systems allow unilateral content moderation, censorship, or shadowbanning without clear or transparent mechanisms, limiting freedom of expression.
my2cents overcomes these legacy limitations by decentralizing content ownership through blockchain, removing manipulative algorithms, protecting user privacy, ensuring transparent monetization, and providing equal visibility to diverse ideas and opinions.
WHY BSV BLOCKCHAIN?
We chose the BSV blockchain for my2cents due to its distinct advantages, which align precisely with our project's objectives:
Scalability and Microtransactions:
BSV supports extremely high transaction volumes at ultra-low costs, facilitating instantaneous microtransactions (even below two cents) critical for rewarding user interactions and incentivizing quality content.
Data Ownership and Immutability:
The BSV blockchain ensures immutable, permanent storage of user-generated content, guaranteeing true content ownership. Users retain complete control of their data, independent of the platform itself.
Cost Efficiency and Speed:
Compared to other blockchain protocols, BSV enables fast, secure, and affordable transactions, necessary for seamless user experiences, high-frequency interactions, and practical real-world usage.
Regulatory and Compliance Advantages:
The transparent, auditable nature of BSV supports regulatory compliance, particularly with GDPR, KYC, and AML standards, essential for operating responsibly and securely within the European market.
Long-Term Stability and Sustainability:
BSV offers a stable, enterprise-friendly infrastructure, supporting sustained growth, innovation, and development opportunities critical for my2cents’s future scalability and reliability.
BSV features employed
Data storage
Micropayments
Tokenization
Function of the BSV features used
1. Micropayments and Low Transaction Fees
Function:
BSV allows secure and instant microtransactions, even fractions of a cent, enabling my2cents to directly and immediately reward users for posting high-quality content, selling items, and interacting within the platform.
2. On-chain Data Storage and Immutability
Function:
By leveraging BSV’s ability to store large amounts of data directly on-chain, my2cents ensures that all user content—text, videos, podcasts, and files—is permanently recorded and immutable. Users maintain full ownership and control over their data, which cannot be altered or deleted by the platform or external entities.
3. Scalability and Transaction Speed
Function:
BSV’s unlimited block size and high scalability ensure my2cents can accommodate significant volumes of user interactions without performance degradation. This is crucial for delivering a seamless, responsive user experience, particularly as the platform grows.
4. Secure and Transparent Payments (Peer-to-Peer Transactions)
Function:
BSV facilitates transparent, secure, peer-to-peer payments directly between user wallets without intermediaries. Users can independently transact, earn, and spend BSV within and outside the my2cents ecosystem, promoting financial autonomy.
5. Regulatory Transparency and Compliance
Function:
BSV’s public ledger structure offers complete auditability and transparency, facilitating compliance with GDPR, AML, and KYC requirements. The transparent yet secure nature of BSV simplifies regulatory reporting and user data management, crucial for operations within regulated jurisdictions.
SOLUTION ARCHITECTURE
my2cents is a blockchain-based social platform built on the BSV blockchain, designed to enable users to earn money through meaningful online interactions. The platform functions as follows:
Content Creation and Monetization:
Users can post text, videos (myVid), podcasts (myPodcast), digital books (myBook), slow food recipes (mySlowFood), used items for resale (myReuse), job introductions (myJob), and investment pitches (myIdea). Each contribution is permanently stored on-chain, allowing creators complete ownership of their content.
User Interaction and Economic Incentives:
Users interact with posts by giving "pluses" (equivalent to monetary value: 1 plus = 0.02 EUR) or "minuses," reflecting content quality. Content creators directly earn money based on the positive interactions and transactions occurring through their posts.
Microtransaction Capabilities:
Leveraging the BSV blockchain, my2cents enables instant, cost-effective microtransactions, allowing users to financially benefit even from minor contributions or interactions.
Algorithm-Free Content Display:
Unlike traditional social media, my2cents does not utilize algorithms that filter or manipulate content visibility. Every user sees the same content simultaneously, reducing confirmation bias and social polarization.
Data Privacy and Ownership:
User-generated content is encrypted and stored immutably on the BSV blockchain. Users hold exclusive control over their data through private keys, ensuring full privacy, compliance with GDPR, and protection from unauthorized access or deletion.
Peer-to-Peer Transactions:
Transactions between users are securely processed via blockchain technology without intermediaries, facilitating transparent, instant peer-to-peer payments.
Technologies or tools integrated with BSV
The my2cents platform integrated several technologies and tools with the BSV blockchain, including:
1. Fabriik Weave (Digital Asset Exchange)
Facilitates seamless conversion of BSV to other digital assets or fiat currencies directly within my2cents, enhancing usability and liquidity for users.
2. Encryption Tools
Advanced encryption methods ensure user data privacy and secure content storage on-chain. Users hold their private keys, guaranteeing exclusive control over their data.
3. BSV Wallet Integration
Integrated wallets enable secure, instant peer-to-peer transactions among users without intermediaries. Users can independently manage, send, and receive BSV.
4. GDPR-Compliant Data Management Tools
Specialized privacy and compliance tools ensure adherence to GDPR, maintaining user confidentiality and secure data handling.
5. Artificial Intelligence (AI)-Enhanced Search Engine
The platform employs an AI-driven search algorithm to deliver precise, relevant search results based on content quality, user interactions, synonyms, and semantic analysis.
RESULTS & IMPACT
Key quantitative results
User Base: my2cents has established itself as the platform with by far the largest user base within the BSV blockchain ecosystem.
On-chain Transactions: my2cents processes the highest number of on-chain transactions on the BSV blockchain, significantly exceeding other BSV-based platforms.
Privacy Impact: The platform has maintained 100% compliance with GDPR, with zero instances of user-data breaches or privacy violations since its initial launch.
Key qualitative benefits
Enhanced Trust and Transparency: Blockchain-based data ownership provides users with absolute control over their content, significantly enhancing user trust and platform transparency.
Reduced Polarization and Bias: The absence of content-manipulating algorithms allows all users to access identical content, promoting diverse perspectives and effectively reducing social polarization and confirmation bias.
Improved User Privacy: Strict adherence to GDPR and minimal collection of user data significantly improve privacy, creating a secure environment free from intrusive tracking or data exploitation.
Superior Economic Empowerment: Direct micropayments incentivize quality content creation and user interactions, offering fair and immediate economic rewards that substantially improve user motivation and satisfaction.
Enhanced User Experience and Speed: Leveraging the BSV blockchain’s scalability enables seamless, instant interactions and fast, reliable microtransactions, providing an optimized user experience unmatched by traditional platforms.
Testimonials, customer feedback, and recognition
Here are some examples:
Sweetener:
The time to declare victory has come, my2centsers.
1. More than 1 million pageviews in two months. The closest app has less than 3000 pageviews per month.
2. 2.4 million Bitcoin transactions per day. It corresponds to almost all transactions on the BSV blockchain.
3. More recommended than the sum of all other applications in the Bitcoin ecosystem in Ager Hanssen's Twitter poll and even in The Enemies of my2cents' Twitter polls. Please note that most my2centsers are strictly against Twitter. A tiny percentage of my2centsers use Twitter. Even that tiny percentage is much bigger than the entire Twitter BSV community.
The my2cents BSV Community won.
BSV = my2cents
FREEDOMandPEACE:
Twitter is malicious. my2cents established such a system that won't allow them to be malicious even they wanted to be malicious one day.
dave:
The only web3 super app on the planet. It can singlehandedly replace Twitter, Reddit, Youtube, LinkedIn and Uber Eats with some marketing.
CHALLENGES & LESSONS LEARNED
Technical Innovation and Complexity:
Developing an entirely blockchain-based social platform posed significant technical complexity. Integrating seamless micropayments, on-chain content storage, and GDPR compliance required meticulous planning and advanced technological expertise.
Ensuring Scalability and Performance:
Designing the platform for high scalability and instant transaction speed on the BSV blockchain presented substantial engineering challenges, especially given the unprecedented transaction volumes that my2cents handles.
User Trust and Privacy Compliance:
Achieving complete GDPR compliance and safeguarding user privacy, while also offering blockchain-based transparency, demanded careful architectural choices and rigorous testing.
Market Differentiation:
Clearly communicating how my2cents differs from legacy social platforms, particularly regarding privacy, user control, economic incentives, and algorithm-free content delivery, required significant strategic and marketing efforts.
Self-Funding and Financial Sustainability:
The my2cents project is 100% self-funded, making financial discipline and strategic resource management critical. Balancing innovative development with budget constraints demanded continuous oversight and efficient resource allocation.
Overcoming these challenges enabled my2cents to successfully launch and establish itself as a leading blockchain-based social platform on BSV.
Lessons to share
Focus on Clear User Benefits:
Prioritizing clear, tangible user benefits—such as privacy, data ownership, and financial incentives—was essential in differentiating the platform and driving adoption.
Early Regulatory and Compliance Planning:
Addressing GDPR and other regulatory considerations early in development helped avoid costly delays and ensured seamless compliance post-launch.
Scalability from Day One:
Designing and testing for scalability at the project's inception proved critical in smoothly managing growth and maintaining high performance.
Effective Resource Management (Self-Funded):
Being entirely self-funded emphasized the importance of strategic budget allocation, financial discipline, and efficient use of resources to sustain development and growth without external dependencies.
FUTURE PLANS
Scaling User Base and Infrastructure:
Continuing the rapid growth trajectory by expanding platform infrastructure to accommodate increased global user adoption and maintain optimal performance.
Introduction of New Features:
Launching additional features such as myCM (Championship Manager game) and other interactive modules to further enhance user engagement and monetization opportunities.
Enhanced Integration and Partnerships:
Pursuing strategic partnerships and deeper integration with complementary blockchain and fintech solutions, including further developments in seamless digital asset conversion.
Sustainability and Long-term Funding Strategy:
Considering strategic funding opportunities, partnerships, or monetization enhancements to ensure sustained financial independence and ongoing innovation.
Plans to continue using or evolving with BSV blockchain
Further Scalability Improvements:
Continuously leveraging BSV’s inherent scalability to support exponential transaction growth, enabling seamless performance as the user base expands globally.
Expanding Micropayment Capabilities:
Utilizing BSV’s micropayment infrastructure to introduce even more granular economic interactions, further incentivizing user engagement and high-quality content creation.
Enhanced On-Chain Data Storage:
Increasing the efficiency and volume of immutable, on-chain data storage, providing users greater flexibility and control over their blockchain-hosted content.
Deepening Wallet and Financial Integrations:
Developing stronger integration with BSV wallets and payment systems, streamlining user experiences for peer-to-peer transactions and digital asset conversions within the my2cents ecosystem.
Innovation in Privacy and Compliance:
Continuing to leverage BSV’s transparency and auditability to enhance regulatory compliance, further improving privacy mechanisms and security standards in alignment with GDPR and global financial regulations.
Exploring Additional Blockchain-Based Functionalities:
Assessing emerging BSV blockchain capabilities and tools, evaluating their potential integration to continually innovate and differentiate my2cents from competing platforms.
FINAL THOUGHTS
We believe my2cents represents the future of social media and online interaction—an equitable, privacy-focused, economically empowering ecosystem built on the BSV blockchain. Our journey has demonstrated it is possible to combine decentralization, meaningful economic incentives, and full user ownership of data, all while remaining completely GDPR-compliant and fully self-funded.
In recent years, many BSV-based applications have struggled to sustain operations and ultimately vanished from the ecosystem. By contrast, my2cents has proven its durability, resilience, and long-term viability, clearly demonstrating it is here to stay and continue innovating.
We're committed to ongoing innovation, actively seeking new partners and collaborators, and we invite everyone to experience firsthand how my2cents is redefining online engagement.
Together, we're building a better, fairer, and more transparent digital world.
