What is PIP?
Through the web, people in South Africa can access the same information as New Yorkers. The internet protocol enables transmitting information, and social platforms like Facebook and Twitter enable sharing information.
However, a new problem has emerged; the concentration of power in social media platforms. A dozen internet companies have dominated the web as the central hub of information where individuals have no control over their data or identity. The social platforms operate by providing free services while using individuals as advertisement products. They have played a positive role in connecting billions of people globally but at the expense of individual privacy and digital sovereignty.
With crypto-protocols, we can now transmit “monetary value”, much like the internet did with “information”. We can now send currencies, assets, and any digital value without anyone’s permission across the globe. But who is going to connect billions of people just like social platforms did? That is why we built PIP.
PIP leverages the existing social platforms that already have connected billions of people around the world. PIP connects scalable crypto-protocols like Solana with social platforms like Twitter and Facebook so that billions of people can seamlessly transact value without a single party’s permission or a high intermediary fee.
As opposed to developing a brand-new infrastructure and ecosystem every time a new cryptocurrency is launched, PIP bridges the blockchain world, represented as Web 3.0, and the web 2.0 platforms. PIP can wrap the entire web2 with crypto and potentially onboard billions of people to the web3.
It is this approach that will pave the way for the peer-to-peer economy. You may have heard of the Creator economy where creators can monetize their content via Instagram or Youtube. The issue is that these platforms are all siloed and have their own payment systems, charging up to 60% fee on transactions. There is also no interoperability between Twitter, YouTube, and Twitch. PIP is a neutral platform that allows interoperability among social platforms when it comes to crypto activities. PIP provides three main solutions 1. Transacting currencies, assets, or any digital value on top of the social platforms 2. Linking social identity to crypto-ownership 3. Empowering individuals to monetize their contents on the web
If the information protocol (aka the internet) can be combined with the financial protocol (aka the crypto), a new economy would emerge with significant societal value. In developing countries, for example, a family can earn much more than the average family income simply by connecting people through social media. Through PIP, people from all over the world can send tips or pay for tasks to anyone they’re connected to.
PIP is the link between pseudonymous crypto addresses and social identities. One of the biggest problems in the crypto scene is that it is difficult to avoid fraud since you don’t know who you’re dealing with. For example, someone could take a screenshot of some art images on Instagram and sell them as NFTs. PIP, on the other hand, allows artists to authenticate with a social account and interact with their NFTs on existing social platforms.
Anyone can use PIP to monetize their content on existing social platforms. If you’re writing a blog on Medium.com and want to charge people to read it, you can use PIP. On Twitter or Facebook, you can impose a paywall on encrypted posts. This is how a peer-to-peer economy would look. Your mind alone is a source of wealth!
Our mission is to disseminate value around the world in the same way that the internet did with knowledge. We are very excited to present PIP and to fully pursue our mission. Help us improve and connect with us so that we can all change the world for the better.