Moon Capital Observation #7 — Relation

Introduction

What will happen when Web3 meets with Social networks? And what’s the advantage of Web3 social over web2? Relation has its answer.

Relation aims to build a Web3 social network through a series of infrastructures. With Relations, users can conveniently manage their social network data and use them in different applications according to the users’ needs and build reputation and a better society in Web3 with semantic SBTs and linked relationship data together with the community.

What Are Soulbound Tokens (SBTs)?

In May 2022, a concept called soulbound tokens (SBT) was proposed by Ethereum co-founder Vitalik Buterin, economist Eric Glen Weyl and lawyer Puja Ohlhaver to address the current limitations of NFTs and other decentralized structures.

“While transferable NFTs have their place and can be really valuable on their own for supporting artists and charities, there is also a large and underexplored design space of what non-transferable NFTs could become.” This idea was expanded on by Buterin and his colleagues in a May 2022 paper titled “Decentralized Society: Finding Web3’s Soul.” Soulbound tokens are described as non-transferable digital tokens that represent social identity in a decentralized society.

Relation’s Semantic SBTs

Relation is building an open semantic-SBT minting tool for everyone to mint SBTs and build their brands, while co-creating the decentralized social graph. The open and permissionless model is easy to use, letting individuals and brands start minting SBTs in minutes.

They calls SBTs with meanings written in metadata “semantic SBTs.” The open availability of semantic meaning within SBTs makes the reading of the meaning independent of any servers. And if we want to make it easier for the developers, we can write the meaning in a structured format like the Resource Description Framework (RDF), the World Wide Web Consortium (W3C) standard.

For example, if an SBT represented someone who was a member of a DAO, when you read the on-chain data, you’d only know the account was holding an SBT, that’s all. But if we added the semantic meaning in metadata and followed the RDF format, the machine could easily know the account was a member of a DAO. And this is a directed graph link, connecting the account and the DAO.

Product

In order to make Relation convenient to use, Relation choose double clients. Web client for social activities, profile setting, tasks, medals, SBTs and other functions. It’s your dashboard. And Chrome extension client is mainly used for chatting.

Till now multiple functions have been realised, including:

Web client

• Bazaar
• Club
• Social Relation Graph
• Dapp Integration
• Reward system

Chrome extension client

• Chatting system
• Favorite & Share system
• Mini dashboard

Development Progress

The development of Relation started in October 2021. And in March 2022, Relation Beta products launched, when Relation came across their Seed users. In less than a month, Relation’s users grew to 3000+ and Relation joined Huobi Incubator at the same time.

From August 2022 to September 2022. Relation reached partnership with PNS, HashMix, CCC, .bit, HashKey Me, MetaOasis, 4EVERLAND, 5Degrees, Linkkey, TokenPocket, NFTScan, Dtools, Port3, Infinity Swap, everPay, Lilico, Bonfida, BitKeep, SPACE ID, Talisman, IC Naming, 0xScope, RociFi in turn. At the same time, Relation’s brand, functions and community all made some progress. And now it has 2,400,000+ social nodes.

From October 2022, Relation began their development on SBTs. Including SBTs Bazaar, Soulscan, Souldrop.

Statistics

Till now, Relation has grown a lot and has got lots of attention and love.

Roadmap

Based on its roadmap, Relation will finish the development of SBTs in March 2023 and begin to exaggerate influence through Relation Grant, Relation Community Ambassador Program, DAO organization construction and Relation Hackathon, and after that, build their global Web3 social alliance and general reputation system.

Conclusion

Relation has been one of the most promising and concerned Web3 social projects recently. Whether about Web3 social network or SBTs, Relation has its own unique understanding. What’s more, from their roadmap, we can see their great ambition and meticulous planning. Looking to see their future functions and more progress for the entire social blockchain industry.

About Moon Capital

Moon Capital is a cutting-edge investment firm focused on blockchain and cryptocurrency. Moon Capital portfolio includes, Galxe, Woo Network , Matrix World, Litentry, DeepDAO and some other high-quality projects.

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