On October 23rd, the decentralized social platform Port3 announced that it had received investment from DWF. With the previous round of financing, Port3's total funding has reached as high as $10 million. This is considered high for an application-oriented product.
Furthermore, Port3 has also received donations from Binance Labs, Mask Network, and Aptos. As a highly anticipated social project, since the launch of social mining, Port3 has had over 15,000 participants who have collectively published 63,147 tweets for mining, with over 1.67 million interactions and over 200 million views.
Behind the Twitter social mining, what kind of product and ecological layout has Port3 built, and why has it received consecutive favor from major institutions? The veDAO Research Institute will take you on a journey to explore the truth!
Port3 Network Social Data Layer
Port3 Network is building a social data layer with wide accessibility and excellent functionality for Web3 application scenarios by standardizing and aggregating on-chain and off-chain data. Its ultimate vision is to become the core social data gateway for Web3.
The implementation of Port3 Network's social data layer infrastructure is divided into three key stages: data collection, data aggregation, and data application.
Data Collection
Different from other blockchain products, Port3 Network connects with the public chain ecosystem on one hand, and on the other hand, it integrates with Web2 platforms such as Twitter, Discord, Telegram, and even Github and E-mail.
Based on this, Port3 Network has obtained comprehensive on-chain and off-chain data collection, including social user identity data and developer behavior data, by bridging the gap between Web2 and Web3, providing a solid data foundation for the Web3 ecosystem.
Data Aggregation
Based on the diverse data collected, Port3 Network processes it to form usable aggregated data. A large amount of raw data undergoes precise data cleansing, which involves removing duplicate content and correcting inaccurate information. The diverse data collected from various channels is integrated during the aggregation stage to gain a more comprehensive perspective. The aggregated data is then redefined and organized to form structured data. This structured data undergoes in-depth refinement and transformation to evolve into standard data formats suitable for analysis, such as specific indicators, identity labels, or other convenient application data formats.
Data Application
This stage mainly provides necessary data support for upper-layer applications to ensure diverse needs of project developers and end users are met.
Based on the aggregation of Web2 and Web3 data, Port3 Network's social data layer strives to achieve Web3 digital identity system in a secure and private manner. This digital identity system not only connects users' various on-chain and off-chain accounts but also aggregates users' behavioral data on these platforms, thereby better achieving the identification and verification of Web3 user identities.
Web3 Task Platform SoQuest
In the Port3 Network product system, SoQuest is widely known. SoQuest is a Web3 task platform, and the currently popular social mining on Twitter is part of the SoQuest ecosystem.
Spaces
Each space is a Web3 operating entity, and optional spaces include NFT, DAO, DeFi, wallet, Gamefi, exchange, community, infrastructure, VC, Web3, KOL, and metaverse. Operators of various projects, platforms, communities, VCs, and even KOLs can create spaces in SoQuest to operate projects and communities. SoQuest space operations support four types of activities: marketing activities, member recruitment, live streaming, and Gig.
Marketing Activities (Quests)
Space operators can create marketing activities, initiate on-chain, off-chain, or other customized tasks, and set rewards for completing tasks. Off-chain tasks include answering questions, joining Discord, downloading specified apps, following spaces, inviting friends, submitting proof images, following Twitter, joining Telegram, visiting specified websites, and more. On-chain tasks include holding specific tokens, NFTs, or participating in interactions of specified applications on specific networks. Marketing activities can be set for everyone to participate, or specific thresholds can be set for participation, such as holders of certain tokens or NFTs, whitelists, real-name verification, or IP address whitelists.
In addition to creating, editing, and deleting marketing activities, SoQuest supports activity duplication for ease of management. SoQuest has introduced AI programs, allowing operators to use AI programs to create innovative cover images for activities.
Member Recruitment (On-Boarding)
SoQuest spaces can create different member recruitment activities to recruit new users for the space and segment community roles. SoQuest space supports data analysis and download of on-boarding activities, which is beneficial for the operation and management of SoQuest spaces.
Live Streaming (Twitter Space)
Live streaming activities not only support Twitter Space but also support FamLive live streaming. Operators can set the duration required for users to join and receive POAP NFT, which can effectively incentivize user participation in live streaming activities.
Gig
Gig is a temporary task where users are hired to perform specific work and receive predetermined rewards upon completion.
SoQuest Space Data and Related Tools
SoQuest space data provides operators with more operational tools. Among them, the influence of SoQuest space is calculated based on four dimensions: space followers data, TVL, ecological partners, and social index.
Space activity data showcases the operational status of space activities through four dimensions: PV (page views), UV (unique visitors), participants, and on-chain users.
SoQuest provides space operators with participant number change trends, user label management, and more. SoQuest also supports user data download and API tools.
Activities
Operators initiate various activities in their respective spaces, and users can participate in these activities. Port3 provides technical support to verify the completion of tasks by users. Upon completing various tasks, users can receive corresponding rewards, which can be tokens, NFTs, whitelist memberships, and more.
Mining
SoQuest mining rewards total 500 million gems. Of these, 60 million (12%) are used for task mining rewards, 60 million (12%) for social mining rewards, 350 million (70%) for trading mining rewards, and 30 million (6%) for workflow mining rewards.
Current Status of SoQuest Ecosystem
Currently, the SoQuest ecosystem has over 1,000 spaces created. The most popular is the Port3 Network space, with 75,000 followers, 145 activities launched, and a total of 270,000 participants. Next is the BNB Chain space, with 10,000 followers, 39 activities launched, and a total of 773 participants.
As of the writing of this article, the SoQuest ecosystem has launched nearly 83,000 activities, with over 3 million participants collectively receiving over $350,000 in rewards. The most popular reward token is USDT.
The continuous duration of task mining and social mining on SoQuest is 291 days, while trading mining and workflow mining have durations of 92 days and 75 days, respectively. As of now, over 220,000 people have participated in task mining, with over 2 million gems mined, leaving 66.06% remaining. Over the past 2 weeks, nearly 37,000 people have participated in social mining, with a total of 2.54 million gems mined, leaving 95.76% to be mined. 3,565 people have participated in trading mining, mining less than 2.7 million gems, leaving 99.24% to be mined. Only 4 people have participated in workflow mining, leaving 99.93% to be mined. A total of 25.6 million gems have been mined, leaving 94.88% to be mined.
QaaS Component
QaaS, Quality as a Service, is a component launched by SoQuest. Space operators can embed the QaaS component into their project's webpage, seamlessly integrating task and reward management, including monitoring and verifying user activities and distributing rewards, without affecting the brand image. It also provides user leaderboards and analysis support for all user activities. In the data dashboard of SoQuest spaces, operators can better grasp the operational data of their projects.
BQL
BQL, Blockchain Query Language, is a language that automatically executes complex on-chain operations. By using BQL, operators can write a series of on-chain operations as a program, and users can execute these operations by simply clicking to run the program. This provides convenience for users to participate.
Each time a BQL template is run and verified, workflow mining is completed, and 10 gems are obtained.
Other Port3 Products
The Port3 official documentation mentions two other products—SoQuest Robot Matrix and SoGraph.
SoQuest Robot Matrix
The robot matrix is used to analyze and detect all relevant social behaviors of projects collaborating with SoQuest. Off-chain, robots join Telegram and Discord communities to perform off-chain tasks. On-chain, robots join multiple public chains to provide token quotes and market sentiment analysis. According to Port3's official documentation, "The SoQuest robot matrix covers over 5,000 Web3 communities, with over 10 million users on Discord and over 4 million users on Telegram."
SoGraph
SoGraph is an analysis platform that combines elements from Lunarcrush and Nansen to track token market trends, market sentiment, KOL interactions, and other data, and applies AI algorithms to convert them into useful market-related indicators and sentiment indicators, combined with on-chain data.
Port3 Background
Team
According to LinkedIn, the Port3 team consists of 9 core members. The skills, academic backgrounds, and work areas of team members are distributed as follows:
Co-founder & CEO - Max D.
Bachelor's degree in Electrical and Electronics Engineering from Northeastern University, skilled in project management and negotiation, former Business Development Manager at Apple, Product Manager at ZB.com, and Business Consultant for DeFi product Astarter on the CARDANO chain.
Core Contributor - Qian Wang
Master's degree in Quantitative Finance from ETH Zurich, skilled in statistics, financial analysis, and data mining. Formerly worked in quantitative analysis research at Alpiq and J.P. Morgan, and as a data scientist at UBS Group.
Operations Director - Gustaf Munro
Bachelor's degree in Psychology from Stellenbosch University, skilled in IT operations, co-founder and former CEO of Pendragon Quest.
Funding
Seed round: led by Jump Crypto and KuCoin Ventures.
Second round: participated by EMURGO Adaverse, Accelerator, and gate_labs, totaling several million dollars.
The total funding amount has reached $10 million.
Conclusion
Port3 Network has built a data gateway for the Web3 ecosystem at the social data layer by aggregating Web2 and Web3 data, providing users with Web3 digital identity recognition and verification. Based on this Web3 digital identity system, the SoQuest task platform provides users with opportunities to participate in various tasks and earn rewards.
On the other hand, the SoQuest platform provides operators of projects, platforms, communities, VCs, and even KOLs with an operational platform and tools. Operators can launch various activities on the SoQuest platform, utilize data and traffic aggregation, and achieve data growth. SaaS and BQL provide operators with more convenience.
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