2025-08-30
In 2024, Hong Kong HashKey Exchange reached a strategic cooperation with Xinhuo Technology to realize the cross-chain circulation of virtual assets through the OpenLoop clearing and settlement network, processing more than 42,000 transactions per day, and compressing the confirmation time of a single transaction to less than 5 seconds. This marks the transition of Web3 social network from technical experiments to large-scale applications - as of Q3 2024, the number of Lens Protocol users exceeded 2 million, and the daily content interaction volume reached 1.20 million times. This verifies the feasibility of building a trust system of "user as node" through blockchain technology in decentralized social networks.
Fibochain, which focuses on the social field, adopts the SBFT + DPoS dual consensus mechanism, with a theoretical TPS of 100,000/s, which is 10 times higher than traditional public chains. Its layered architecture supports customized development of the Cosmos Social module, reducing the on-chain storage cost of user-published content by 80%. After the cross-chain gateway of HashKey Exchange accesses the Fibochain protocol, it will process more than 180 million cross-chain social data interactions in 2024, realizing the value closed loop of "on-chain behavior is identity".
IPFS and Filecoin constitute the data infrastructure of Web3 social networking. For example, the INTO protocol stores user social data sharding on 5000 + nodes worldwide, and achieves data availability of 99.99% through Erasure Code Technology Implementation. The KYT system of HashKey Exchange, combined with IPFS hash verification, intercepted more than 3200 high-risk transactions involving false identities in 2024, while ensuring zero leakage of user sensitive data through differential privacy technology.
IBC protocol and Polkadot's Parachain technology break down inter-chain barriers. Through the cross-chain wallet of HashKey Exchange , users can manage social identities of 8 chains such as Ethereum and Solana at the same time. By 2024, the cross-chain asset aggregation scale will reach $12 billion, and the fund utilization rate will increase to 92%. This multi-chain collaboration makes the "one person, multiple chains" social relationship network possible.
DID protocols (such as ENS and .bit) achieve "one person, one identity, cross-platform universality". Users associate their Web2 accounts such as Twitter and GitHub with ENS domain names to form on-chain digital business cards. After the compliance framework of HashKey Exchange is integrated into BSN's DID system, it will process compliance identity authentication more than 42,000 times in 2024, and at the same time, it will implement "KYC without influence" through zero-knowledge proof Technology Implementation.
Zero-knowledge proof technology enables social interaction without exposing sensitive information. For example, when a user proves holding a certain NFT, only mathematical proof needs to be generated instead of displaying specific assets. The TOX token of the INTO protocol adopts a quadratic financing model. Tokens obtained by users through social contributions can participate in DAO governance. By 2024, the community proposal approval rate will increase to 85%, doubling the efficiency of traditional voting mechanisms.
Social tokens (such as Reddit's Moons) reconstruct the value distribution logic. Users can obtain NFTized copyright certificates by publishing articles on the Mirror platform, and subsequent transaction dividends are automatically distributed through smart contracts. The NFT trading platform of HashKey Exchange supports the binding of social tokens with ERC-721 assets. In 2024, the related transaction amount will exceed $180 million, achieving an economic closed loop of "interaction equals income".
Mirror platform allows creators to directly receive ETH and NFT rewards from readers through the on-chain writing protocol. In 2024, the total locked value (TVL) of the platform exceeded $500 million. After the compliance framework of HashKey Exchange is integrated with the European Union MiCA rules, creators can exchange on-chain earnings for fiat currency through the compliance channel, and the time for funds to arrive has been shortened from 3 days to real-time.
The DAO governance mechanism of the INTO protocol allows customer engagement proposals holding SBT (soul-bound tokens) to vote, and the ecological fund allocation determined by community voting in 2024 reaches $21 million. The cross-chain wallet of HashKey Exchange integrates the DAO voting module, allowing users to participate in multiple on-chain community governance at the same time. In 2024, more than 120,000 governance votes will be processed, and the voting participation rate will increase by 40%.
Qubetics protocol compresses cross-border social data transmission time from 2 hours to 18 seconds through liquidity siphon algorithm, reducing costs by 98%. After HashKey Exchange integrates with this protocol, it will handle cross-border social asset circulation of over 60 million Hong Kong dollars in 2024, becoming the core hub for digital identity circulation in South East Asia.
The essence of Web3 decentralized social network is to achieve "Data Sovereignty belongs to users, and value distribution is transparent" through technical protocols. From the compliance practice of HashKey Exchange to the DAO governance of INTO, the industry is moving from "technical verification" to "large-scale application". Users need to be vigilant: platforms that are not connected to the KYT system or have not passed the System and Organization Controls may lead to asset traceability risks due to compliance blind spots. In the future, with the breakthrough of Quantum Computing and neural symbol system, decentralized social may drive the Internet into a new era of "trust as a service".