|Creator||Ankit Bhatia, Robert Giometti|
|Creation Date||January 2016|
What is Sapien Network?
Sapien Network defines itself as ‘Sapien is a Web 3.0 social news platform that gives users control of their data, rewards content creators, and fights fake news.’ It is a social platform designed to allow users to post news – and intended to work like a marketplace or listing place for news and content to be posted, and for virtual goods to be promoted.
There is, however, a lot of distrust around Sapien Network within the crypto community, with many believing the project to be a scam and exercising caution. There are doubts in the community about whether Sapien Network have a product, whether they are actually working on anything, and it seems that their Github repository is empty. It would be worth doing a lot of your own research and being very careful before looking at investing into this project, and at any rate it would be advisable to wait until the platform is live before making any decisions.
How Sapien Network proposes to work
Sapien is a social platform designed to allow users to post news – and intended to work like a marketplace or listing place for news and content to be posted, and for virtual goods to be promoted. It says it aims to allow users to interact directly with advertisers, and receive a cut of the profits made from having adverts on their content pages. They state that one of their primary goals is to fight fake news, by users posting news and in the hope that only real news gets approved by other users. This would, however, need an extreme amount of user engagement to become a reality.
In theory, Sapien Network sounds similar to some of the other decentralized social media platforms. However – the main downside to the Sapien Network and issue which could really harm its takeup, is that in order to get any benefits out of the platform, users need to first own, and then have staked their Sapien tokens, to be able to use the platform as it is intended– i.e. to be able to create content, vote, or comment. This may be difficult or offputting to many users.
Users are incentivized to vote, and receive rewards and a (hopefully good) reputation in exchange for giving votes. Sapien Network plans to run a reputation system, where users can get reputation scores up to 100 or down to -100 – getting points for every time they vote and that vote is upheld.
Users can earn Sapien tokens if their content is liked by other users. However, in order to get any benefits out of the platform requires a minimum of 10 staked Sapien tokens. Users can also post for free, but then any votes given to them (i.e. tokens sent by other users) are sent to the platform reserve and the content creators receive no benefit for their efforts.
Sapien Network will have an advertising platform, and any user on the platform will be able to receive advertising revenue directly from advertisers, but the amount and percentage they receive depends on the amount of staked Sapien tokens they have.
It seems, that unless one is staking Sapien, there is no real benefit to using the Sapien Network. Staking tokens is difficult at the best of times, and for a network aimed at being social and hoping to adopt mass growth, we can’t see how millions of people will be happy to buy Sapien tokens off an exchange and stake then before they are able to post and receive rewards for doing so, or before they can connect with advertisers.
Sapien Network plans to also have a marketplace offering the sale of physical and virtual goods in exchange for Sapien tokens.
There currently isn’t a working platform – it’s currently in beta at https://beta.sapien.network/ – and will need quite a lot of work and marketing money spent to develop the finished product, although as mentioned above, there is doubt as to how much work is going into building this platform.
One potential worry about Sapien, is that the team is led by two very recent Berkeley University graduates, who don’t seem to have any real or demonstrable experience – this is their first professional project. They have a few advisors and have been working on the platform since 2015, but there doesn’t seem to be as much experience backing the project as might be desired.
They managed to raise a degree of hype leading up to the ICO, before it was cancelled, and according to their website, the investors are still pending refunds from the January 2018 pre-sale…
The developer team has social media accounts on almost all platforms as well as a Telegram channel where they are still active.
|ICO Date / ICO Price||March 28, 2018 / 1 ETH = 6.000 SPN|
|Is The Coin/Token Live?||No|
|Current Value (Total)||–|
|Available In||Can be used on its own social media platform only / can be traded into other crypto-currencies and Fiat currencies via exchanges|
|Can Be Traded In||–|
|Can You Buy It With Fiat Money?||Yes (not at the moment)|
Not clear roadmap, ambitious targets
The roadmap of the project can be seen below:
- Q3 2018: Incentivize network effects and revamp UI/UX for crypto novices
- Q4 2018: Ramp up marketing efforts; acquire 10k new users per month
- Q1 2019: Build infrastructure for Democratized Autonomous Platform
- Q2 2019: Roll out the decentralized marketplace, premium content and features
- Q3 2019: Open developer platform to third-party applications and integrations
- Q2 2020: Add 10 million new users per month