Important Zilliqa Cryptocurrency News

Zilliqa signs a partnership with SoCo SNP

The new relationship aims to further decentralized the social networking ecosystem

SoCo SNP – a blockchain-based project aiming to tokenize social assets – has reportedly confirmed a partnership with blockchain platform Zilliqa, eyeing for a better monetization of social assets in a brand-new distributed app (dApp) ecosystem currently in development by the two startups.

Per the news, the Singaporean-based social assets management company will use its Social Network Protocol (SNP) in conjunction with Zilliqa’s business-focused blockchain platform to improve their services and help expanding the mass adoption of this technology.

Mingliang Jiang, a founding member of SoCo SNP, shared his thoughts on this new agreement. “Starting a partnership with Zilliqa is a great move for us to explore the power of social assets. We believe SoCo SNP can do much more with blockchain technology, and at a more rapid pace, when partnered with Zilliqa,” he said.

What is SoCo SNP?

SoCo SNP is a blockchain-based project looking to revolutionize the way social assets are handled, by using the Distributed Ledger Technology (DLT) to decentralize the social network. Their token – SoCo – is used to rate and monetize users’ social assets via transactions over the blockchain, while SNP is the layer protocol used to grant apps social capabilities and a wallet to store the aforementioned tokens.

Launched in June 28, 2018, the project was founded by entrepreneurs Mingliang Jiang, Roderick Chia, and John Li. According to their roadmap, the project is currently on the Phase I, in which they are to develop core protocol layer implementation based on an existing public chain.

While the description suggest they were considering using Ethereum, Quantum Chain or NEO for the job, they finally opted to go with Zilliqa, due to its open, permission-less distributed network and support for thousands of transactions per second, and because of the nature of social networking, a slow transaction processing DLT such as that of Bitcoin or Ethereum was not suitable for its needs.

No estimated time of arrival for the product that will come from this alliance has been announced, though.

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