Welcome back to another weekly Roundup for Open Chat!
In this edition of the OpenChat Roundup, I’ll share the vision and perspectives of Hamish Peebles, developer and co-founder of OpenChat, along with insights from Dominic Williams. Additionally, I’ll present a lot of data demonstrating how OpenChat has been growing at a remarkable pace.
To kick things off, let’s dive into the most relevant data points from last week, showcasing OpenChat’s rapid progress and impact!
A significant milestone has been achieved on OpenChat, as 25,000 users have successfully submitted proof of unique personhood via DecideAI. This accomplishment represents approximately 10% of OpenChat’s total user base, highlighting the platform’s commitment to ensuring authenticity and fostering trust within its growing community.
Source: tokenterminal
However, it is important to highlight that, last week alone, 1,300 new users registered with OpenChat, and 712 of these users chose to verify their identity using DecideAI. This indicates that approximately 50% of new users are opting to undergo identity verification, reflecting a strong interest in contributing to a more transparent and trustworthy platform environment.
Source: tokenterminal
OpenChat continues to demonstrate impressive growth in both its user base and engagement levels, reflecting the platform’s increasing popularity and the effectiveness of its initiatives. Here are the key highlights:
- Growth in Daily Active Users (DAUs):
Since February 2024, OpenChat’s daily active users have grown by a staggering 7x, increasing from 2,000 to 15,000 DAUs. - Increase in Time Spent on the Platform:
User engagement has risen significantly, with the total time spent on the app daily growing from 300 hours in February 2024 to 2,300 hours. On average, a daily active user now spends approximately 10 minutes per day on OpenChat. - The Role of Incentives:
The CHAT rewards program, launched in June 2024, has been instrumental in driving user activity. By offering well-structured incentives, OpenChat has successfully converted many occasional users into daily participants, further boosting engagement levels.
Source: tokenterminal
OpenChat continues to see impressive growth in user activity, with daily active users (DAUs) hitting an all-time high, driven in part by the daily CHIT claim feature. In addition to the record DAUs, user online time has remained elevated, reflecting sustained engagement and the platform’s capacity to keep users actively involved.
Source: tokenterminal
OpenChat Achieves Significant Growth in Key Metrics
Last week, OpenChat showcased remarkable progress across several critical metrics:
Total User Registrations: The platform reached an impressive milestone with 204,300 user registrations, reflecting its widespread adoption.
Referred Registrations: Of these, 92,000 users joined through referrals.
OpenChat Addresses: The number of unique OpenChat addresses continues to climb, now totaling 141,428 addresses.
Source: tokenterminal
Source: icterminal
Now, let us delve into the latest features introduced by the OpenChat team last week.
Features
- Phase 1 Bot Framework: Development of the bot framework for Phase 1 is complete, though it has not yet been fully released.
- Example Bots: Two example bots—one canister bot and one off-chain bot—are fully operational in a test environment, demonstrating end-to-end functionality.
Scalability & Performance
- Scalability Enhancements: Enabled seamless scaling to an additional subnet through a single proposal, simplifying the expansion process.
- Subnet Expansion: Successfully scaled OpenChat onto a third subnet, boosting its capacity and performance.
Now, let us turn to the second part of this article and explore the ICP Year in Review, which took place on December 19th.
During DFINITY’s live stream event, where key achievements of 2024 were highlighted, one of the guests was Hamish Peebles. Hamish Peebles is known for his deep involvement in the decentralised tech space, particularly through OpenChat, which became a notable example of how DAOs (Decentralised Autonomous Organisations) can operate within the Web3 space.
OpenChat has emerged as one of the most promising projects built on ICP, becoming almost synonymous with the rise of DAOs on the network. The platform offers a truly decentralised alternative to traditional messaging apps, where control is not in the hands of a centralised entity but rather the community. The openness of its code, transparency of its development, and the freedom it provides to users make it stand out in the ever-growing Web3 ecosystem.
When OpenChat launched the SNS (Service Nervous System), there were concerns about potential slowdowns or performance issues. Despite these, the transition to a DAO structure didn’t cause any setbacks. It took time for the platform to mature, but today it operates without significant issues, showcasing the scalability and reliability of the ICP network. As the infrastructure of the platform grew, so did the trust within the community.
A key differentiator for OpenChat is its community-driven culture, supported by open-source code. During the interview with Hamish, Kyle Langham drew a significant analogy: in Web2 platforms, experts within a company dictate the direction, but in OpenChat, the community submits hundreds of proposals that the development team reviews. The most meaningful and impactful ideas are then implemented, ensuring that the platform evolves in line with the real needs and desires of its users.
The governance process on OpenChat is powered by OC tokens. Users acquire these tokens, stake them, and gain voting power proportional to their holdings. This ensures that those who contribute most to the platform have a direct influence on its direction. Staking OC tokens signals commitment to the platform, as it grants users the right to propose changes and vote on submitted proposals.
Proposals can be submitted by any community member and can address a wide range of topics, from new features to policy adjustments. Once submitted, token holders can vote for or against proposals, and the outcome determines whether the idea moves forward. This process ensures decisions are made transparently and with the input of the broader community, giving users a voice in how OpenChat develops and grows.
By aligning governance with the tokenomics of OC, the platform empowers its users to actively participate in the decision-making process, creating a more engaged and informed community. The model ensures that OpenChat evolves according to the interests of its stakeholders, while still fostering inclusivity and accessibility for all users.
Dominic Williams also shared key insights about the security advantages of building on the Internet Computer, especially in comparison to traditional IT systems. He emphasised that platforms like OpenChat benefit from a secure, tamper-proof infrastructure, unlike traditional social media networks that rely on conventional security measures like firewalls. This makes OpenChat one of the first social media platforms on ICP that is completely community-governed, standing apart from traditional social media that is vulnerable to hacks and centralised control. With OC’s tokenomics and the inherent security of ICP, it has proven to be more resistant to attacks than platforms relying on traditional systems.
Before ending this review, I would like to share that I have spent an incredible 200 consecutive days on OpenChat, a testament to the platform’s unique appeal and vibrant community.
I would like to extend my heartfelt gratitude to the OpenChat team for creating such an outstanding platform on the ICP blockchain. Their dedication to innovation and seamless communication has made this journey both enjoyable and rewarding.
Equally, I want to thank my community for the countless meaningful interactions and unforgettable memories we’ve shared along the way. Your engagement and positivity have made this experience truly exceptional, and I am excited to continue this journey with all of you.
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