2Key blockchain tech firm is all set to revolutionize sharing of links, as well as, online recommendations. This would mean that Facebook, which has in-built feature for recommendation functionality, will be left behind. The social media’s functionality was used as a standard status update by several to seek recommendations in the last two years. Though the feature was termed as a useful one, there were some ways to improve the functionality. The tech firm is only trying to address those issues.
As far as 2Key is concerned, it has two elements, which are the platform and the protocol, which is a multi-step tracking technology. The advantage of it is that it could follow the sharing activities performed through the normal HTTP link, ambcrypto.com reported. This would mean that the protocol will store precise details of who shared the link, re-shared or re-shared again. Aside from that, it will also store details into which post it was shared.
This type of system is known as a multi-step tracking system and is aligned with blockchain associated smart contracts. As a result, it will form the 2Key platform foundation. The company clarified that these contacts are programmed in such a way that it will reward each participant person in the sharing chain. The tech firm is creating the first decentralized referral network with the help of integrating those elements. The focus is on consultants, freelancers, and small businesses though anyone could receive or share online referrals in the normal course.
For starting the sharing campaign, a user should have a stake in a specific number of 2Key system tokens, which is known as 2KEY. Such user creates a target of a specific table, like hiring or openings, with the hope of reaching the target with the link. For instance, a critic of the restaurant could share with someone else’s campaign through 2Key contacts network and who might be looking for recommendations of a restaurant in the specific area.
Similarly, some other person sees contact with another’s and shares the post with his or her own network. This type of sharing will enable users to make several things. For instance, a user could use the link for table booking in a restaurant. For its part, the company will recognize that the link is used successfully to book a table in a restaurant or any other form. This will be followed by a sharing of the 2KEY tokens.
Algorithmic Game Theory
2Key is adopting a system of algorithmic game theory that will ensure that the referrals and links shared are of high quality and spam free. As a result, this type of feed will earn a reputation-based weighting system. This is meant to penalize any users who share links repeatedly without any conversion.
The company’s platform and protocol are Ethereum-based in which the protocol is known as the Action Referral Contract (ARC), which is a normal HTTP link in Web 2.0 whereas it is an ERC20 token in Web 3.0. This will follow the digital whereabouts. 2KEY, which is an independent ERC 20 tokens could be used to buy services. There will be a restricted supply of 2KEY tokens with 35 percent of them will be used to launch the ecosystem.