EthTrust aims to expand the use cases of ETH restaking by extending the ETH trust network to social networks, creating a trust layer for all social network information.
Most socialfi projects currently have similar functionalities to traditional Web2 social networks, aiming to replace them. However, given the current scale of blockchain adoption, achieving this goal remains challenging. EthTrust takes a more pragmatic approach, aspiring to establish a unified trust layer for Web2 social networks using blockchain and ETH. This aims to thoroughly and decentralizedly address the trust issues inherent in social networks.
To address the credibility issue of social network information, we plan to use ETH staking to prove the credibility of social messages. Users choose the amount and duration of their stake, post messages (allowing external links such as Twitter), stake a certain amount of ETH as proof of the message's credibility. If the stake is not challenged within the lock-up period, users retrieve their ETH and receive project Token $ET as a reward based on the message's access and interaction metrics. If challenged and the message is debunked, the staked ETH will be forfeited as a penalty. The profit model for challengers and trusters is still under consideration and involves complex game theory.
Blast allows users to participate in the EthTrust social network trust protocol while earning staking rewards in ETH will significantly increase user engagement with the protocol.