04.01.2025
News
Somnia Will Turn Dreams Into Reality in 2025!
Taking Blockchain Beyond Finance
Blockchain technology is the new infrastructure for the internet, but most of the world doesn’t realize it yet because so much of the industry has been focused on finance.
For those of us in the industry, blockchain represents a major advancement in how we do business, but many people just see it as a vehicle for the rich to increase their own wealth. This is largely because, for the most part, the only way that the average consumer can interact with blockchains is through investing, which is a luxury that most people who are living paycheck-to-paycheck can’t afford, especially when considering the risks associated with the industry.
However, there is actually a ton of promise and opportunity in this technology for the working people of the world, through the financialization of the types of applications that they use every day.
According to the most recent figures, there were about 4.88 billion smartphone users worldwide at the beginning of 2024, accounting for about 60.42% of the global population, and this year the number of cellphone users is expected to rise as high as 7.21 billion. Most of these people are using their devices to interact with friends on social media, call rideshares, listen to music, play games, track fitness and keep up with hobbies. They spend countless hours on these applications, their data is captured and sold to the highest bidder, and billions of dollars are made for massive corporations.
Incorporating blockchain into these applications can entirely change this dynamic, by allowing the users of the applications to capture some of this value in exchange for their time and data.
The Mechanics of Decentralization
Decentralization and blockchain technology make this possible by eliminating the need for centralized intermediaries, enabling peer-to-peer interactions and direct value exchange. Blockchain uses a transparent and immutable ledger to record transactions, ensuring fairness and trust without relying on a central authority. Smart contracts, which are self-executing pieces of code on the blockchain, automate processes like payments and rewards distribution based on predefined rules. This setup allows users to retain control over their data and earnings while reducing the fees and inefficiencies introduced by middlemen. By giving users ownership of their digital activities and contributions, blockchain transforms apps into fairer, more equitable ecosystems, where value flows directly between participants.
How Blockchain Can Improve Popular Applications
Power users on social media can be rewarded in the native token of the platform for growing large audiences or for engaging with their favorite creators more than other fans. Rideshare applications could directly connect the rider with the driver, cutting out the middleman to lower prices while increasing earnings at the same time. The same can be said for music applications, where musicians are currently grossly underpaid and users are overcharged. Depending on the design, top fans could even earn tokens for heavily supporting the artists they love. Removing the middleman from the equation would radically improve the lives of a lot of people. Gaming is where this model will really shine though, because there are so many different ways to add rewards into games, and there are so many opportunities for players themselves to take advantage of in-game economies or even create their own businesses in virtual worlds.
The Time is Now
Although blockchains have been around for over a decade, the technology has yet to break into mass-consumer markets because it wasn’t mature enough. Early blockchains were too slow and costly to support these types of applications effectively, making it difficult for past attempts to deliver a satisfying user experience that can compete with the likes of Facebook, Spotify or Uber, but that is about to change with the upcoming launch of the Somnia blockchain.
Somnia is uniquely equipped to meet the demands of mass-consumer applications and deliver the user experiences needed to compete with traditional platforms. With over 400,000 transactions per second, sub-second finality, and sub-cent fees, Somnia provides the scalability and affordability required to support millions of users simultaneously.
Take a look through our litepaper to learn more about Somnia’s tech, and join our community channels to stay updated on upcoming launches.
