Challenge - AI Solutions for Emerging Tech Industries

ECHO addresses a salient painpoint, so the main questions to ask in terms of its web3 implementations are:

1. Why implement ECHO as a Web3 social media app instead of a Web2 one?
2. Why build on Solana?
3. How does implementing ECHO as a Solana dapp benefit Solana?

Why Web3:

User-Ownership: ECHO positions itself as a platform that gives control of algorithms back to the users. Instead of running the risk of being seen as another Web2 social media giant wannabe, ECHO is more of a social media upstart that prioritises value of user-ownership and user-control through utilising Web3 & blockchain technology (Solana for main UX, Filecoin for file storage).

Why Solana:

1. Technical feasibility: Solana optimises for speed and scalability (low-cost, high throughput transactions) which are necessary for the successful implementation of any large-scale consumer app (Solana has ~0.4s blocktime which is faster than L2s like Polygon (2s) - Latency in UX cannot be perceived as easily)
2. Proven track record: Successful past implementations of such consumer apps on the Solana blockchain such as StepN
3. Existing network effect: High user and developer activities on Solana, in particular for NFTs and entertainment
4. Expanding ecosystem of consumer-focused app: Trends enabled by (1) (2) and (3) positions Solana as the go-to blockchain for Web3 entertainment; Potential to leverage Web3 composability to the fullest to develop a seamless consumer user experience following developments of complementary consumer dapps

Why deploying ECHO on Solana may be beneficial to the Solana ecosystem:

Onboarding Web2 users: ECHO positions itself as a “gateway” app for web2 consumers through handling custodial wallet creation (Similar to Brave Wallet); abstracts away Web3 complexities in the design of UX Alleviating negative perception: By positioning ECHO as a social media with a good cause, a successful implementation of ECHO would serve well to alleviate the negative perceptions around Solana consumer apps as epitomised by projects like StepN

Tokenomics

Fungible Token: $ECHO

$ECHO will be the core protocol token in ECHO. We have decided against making it tradable on the secondary market as doing so introduces an incentive for farming - making it counterproductive given the ECHO's emphasis on harnessing intrinsic over extrinsic motivations (