AMA recap and overview of the 2key Network
On Thursday, April 22nd 2021, we had the pleasure to host another AMA, inviting the Co-Founders of 2key Network to our Telegram group.
Introduction
2key Network is part of the marketing segment, where businesses normally spend quite a big part of their time and budget to market their product properly. These marketing campaigns are an extremely strong tool to attract the public’s attention. However, while promoting these campaigns, an important piece of the puzzle is more than often ignored, namely the influence and potential of the human network. After all, people pass around a lot of valuable information with friends, family and relatives by (link)sharing the necessary information amongst each other. Thus, creating a ripple effect that promotes products and services in a fast and effective manner.
2key Network, based in Israel, was founded in 2017 with the vision to unleash the potential of these human networks by building a platform where everyone, ranging from small individuals to big corporations, can cooperate to create an ad-hoc social network that leverages the small six stage separations between themselves. By doing so, 2key Network aims to create a new sharing economy where everyone gets a fair share of the pie.
Its team consists of eighteen members with notable experience at companies like “Upwork” and Amazon partnered IT-provider “OPsolutions”. This core development team is supported by a board of advisors with deep roots in the blockchain industry and some credible partnerships with the likes of Ankr, DAO Maker and Harmony.
The AMA kick-off
During the conversation, the team meticulously explained their mission to bring the everyday sharing of links to the next level, where people regain ownership over the information flowing through them online.
Erez Ben Kiki, CEO and co-founder of 2key Network, sees the project as a new way of online marketing that solves some major issues by offering incentives and micro payments to its users, with the goal to redistribute the generated wealth of online information sharing. This all comes down to “re-inventing the link”.
Building on the foundation of digital referral marketing, the 2key Network team envisions that decentralization will capture another use case by rebuilding the old and one-sided referral market with blockchain technology. 2key’s SmartLinks are providing users a way of not only getting a bigger piece of the pie, but making the whole referral marketing process more direct, transparent and efficient.
Eitan Lavi, CTO and co-founder of 2key Network, added to this value proposition by describing the project as a human-in-the-center web, where people earn their fair share and where the frontrunning bots and algorithms of the market leaders, such as Facebook and Google, are eliminated.
According to the CEO, Decentralizing the digital marketing business and restoring transparency when it comes to sharing information, empowers the people and creators. By bringing blockchain technology to everyday life, 2key Network was built for crypto as well as non-crypto users, giving new and existing users a low barrier of entry, without wallets or tech-knowledge required.
The Project
Sharing of content has been proven to create immense economic value for advertised products and services. After all, such collaborative sharing amongst networks can spread information like wildfire.
Google and Facebook, being the biggest online advertising providers and controlling approximately 84% of all advertisement revenue, give businesses no other option than to burn a large chunk of their marketing budget to simply use their services. Utilizing a decentralized and incentive-driven marketing solution, 2key Network does not only give back to the referrers, but also provides businesses a more efficient way to advertise directly to their target audience. Furthemore, by cutting out these intermediaries, 2key Network allows for a decentralized way of starting marketing campaigns to increase revenue and exposure. In short, it bridges the gap between ordinary software applications and blockchain technology by leveraging its Smartlink Protocol.
Technology
When talking about the technology behind the project, the developers proudly shared their novel SmartLink system, which works via a layer 2-protocol and embeds smart contracts and economic models into regular HTTP links. Each SmartLink, once touched by a browser, entrains that browser into a Multi-Party-State-Network that spawns between all browsers that interact with a specific 2key campaign, forming a specific 2key smart contract context. With this underlying technology its ecosystem is able to turn any link to one that automatically tracks and records all the addresses of the people engaging with it, creating an amazing distribution map and rewarding system. Furthemore, when talking about system-security, the team was very transparent and shared a published audit from Solidified.
To dive a little deeper into the technology, the team shared some more detail about the four main entities that contribute to the internal and external ecosystem, which basically entails the following participants:
Contractor — The contractor initiates a digital marketing campaign on the Network by providing an upfront budget. Contrary to traditional campaigns, 2key Network does not charge a fee for using the service. 90% of the provided budget in form of bought tokens will be distributed to the referrers and 10% will flow back into the network’s ecosystem. After flowing back into the ecosystem, 50% of these 2KEY tokens will be burned and the rest will be vaulted for ten years.
Referrers — The referrers are the service providers, tasked with spreading the SmartLinks and relaying info. Everyone can sign up for the program and take part in campaigns. Participating in campaigns increases the reputation and therefore the possible monetary reward going forward.
Track your Smartlink distribution online, you can find an example of how a referral map looks here.
Converters — A converter is anyone following the call to action of a shared SmartLink, for example a purchase, subscription or a sign-up.
Integrators — Integrators are forming the traditional validator node staking a certain amount of 2KEY tokens, to support the network infrastructure and ensure transactions.
The intertwining of these participants will be the main driver of the system and will offer a way for humans and businesses to collaborate in sharing information to the target audience by granting every participant its fair share of the revenue relative to the value of services rendered by each particular participant. All of these participants will be able to be part of a system that roughly could be divided as follows:
- By using multi-step tracking, which can be embedded into regular links, the system enables automatic tracking and recording of each person the link passes through.
- By embedding the aforementioned smart contracts into regular links the system allows each link to encapsulate agreement terms and carry them out independently. This will allow the system to define and distribute the amount of reward that each participant will receive.
- To make the system as efficient as possible 2key Network enabled the possibility for participants to create multi-party state networks, which allows users to connect directly and update contracts in real-time in a secure manner and without the risk of losing the decentralized aspect of the protocol.
How much can you earn?
Sharing SmartLinks and participating in marketing campaigns can pay off well for referrers as mentioned in a published post by 2key Network, where some users were monitored over the course of a month. In addition, the team highlighted its commitment to create a healthy ecosystem, stating that the entire structure of the tokenonomics has been built around long-term growth.
When evaluating the potential token reward, the Qi Points are the measurement of efficiency. These points give an overview of the reputation of a referrer and how effective his SmartLink sharing is. The higher the conversion rate, the more Qi Points for the distributor of the SmartLink. As a referrer, the more engagement you achieve, the more Qi Points are rewarded, which thus can be redeemed for 2KEY tokens. Qi Points are earned or lost but never bought, so the Qi Score is entirely in the hands of the referrer.
Going back to how much you can earn, the post published by 2key Network notes that one user accumulated over 8.600 2KEY tokens in a month, by creating, sharing, and engaging with the network. With a token price of roughly $0,05 as of writing this article, this would equate to approximately 430 USD worth of 2KEY tokens.
A community question asked about the protection of clickbait and other misleading methods to increase traffic in a fraudulent manner, was quickly answered by the team. The team already developed extensive technology to eliminate frauds and bots, but are continuously updating the protocol to prevent such behavior of users even more. For example, by implementing a feedback system to such shared links, users who mislead, or gain traction in a non intended way, will be penalized according to the reputation system, resulting in less monetary compensation.
The 2Key team clearly cares a lot about its community they highly appreciate your honest feedback on the 2Key products, complete this 2 minute survey.
However bear in mind that apart from earning crypto, you will also participate in building a new decentralized economy. As the network grows, more features will be added, which will allow businesses to gain more control over their marketing campaigns, as well as more opportunities for users to actively participate in these campaigns.
Erez Ben Kiki shared a little more inside about future developments and was very excited about the launch of the “Refer & Earn”-button, that gives website owners the ability to embed a share button into their website in a matter of seconds. Furthermore, he also told us he will share some alpha before the first new farming program for 2key Network will be launched.
Conclusion
While blockchain technology is still in its infancy, more and more real-world use cases are starting to gain real traction. 2key Network is a perfect example of a real-world use case and the protocol seems to work as the team has envisioned from the start. Of course, there will always be some minor tweaking and overhauls in order to keep the project up to date, but the foundation of the project has been thoroughly developed. By continuously keeping the protocol up to date, 2key Network can give traditional competitors a run for their money when widespread adoption becomes real. So to conclude, it’s safe to say that it’s a good time to track the project’s activity in the upcoming weeks.
You can follow them on Telegram and Twitter to keep up to date with all things relating to 2Key Network.
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