Why ROLA Rewards Users For Being More Social

There is perhaps nothing more thrilling for a crypto lover than logging onto Twitter during a major market event. Whether it's Bitcoin spiking or Dogecoin taking a dip, tapping into the online crypto community during these times is always exciting.

But finding this community and connecting to those who make predictions about the market can prove to be a challenge for some people. This is what ROLA, a web 3.0 social media app for the crypto community is trying to solve.

It not only offers the chance for crypto enthusiasts to gather in one place and share ideas through live feeds and private rooms but also rewards them for their engagement. Through its Predict-2-Earn feature, users can make market predictions and if they are correct, receive NFTs or the native $ROLA token.
Today, Rosalind Lee, Chief Product Officer at ROLA talks about its business model and what it hopes to bring to the cryptoverse.

1. What brought about the idea for ROLA? 

“WAGMI” and AI. “WAGMI,” because we love anime, as the protagonists often operate as a “we,” people joining together to accomplish a goal against tremendous odds. Teamwork and cohesiveness are likewise much valued in the crypto community, so we want to build a specialized platform for this community we are passionate about. On ROLA, users can share their views and explore trending topics in the crypto community. As users make their contribution, they in turn also benefit from the collective insight.

ROLA is essentially a product of the wisdom of the crowd. Our inspiration started from the crypto community on Twitter, we want to aggregate and translate this input into something that is helpful, then return the fruit back to the community.

ROLA as a specialized social media app for the crypto community is not just noise, it develops an algorithm that serves multiple purposes. The algorithm generates market signals and insights from market data and analyses, through time its predictive ability and detail should also improve with users’ consistent input. It is truly a process of “being in it together,” and we grow together.

2. With so much of the crypto community discussion taking place on Twitter, what benefits can users get from moving to ROLA?

The reward and the feedback loop is the missing puzzle piece. Surely, users can learn from each other and get informed on Twitter, but this is “one-way” communication. Unless you follow the right person or spend a lot of time filtering through the noise, the rewarding process is too passive.

However, on ROLA, users can receive rewards directly in the form of $ROLA tokens and NFTs by sharing their predictions and giving feedback. Our AI crowdsources users’ predictions and adjusts its market signals accordingly. Through our reiterative learning algorithm and the web 3.0 framework, our AI evolves with the “Rolarian” community’s collective wisdom.

We are also developing more games and products for the community to have fun together!

3. How does your predict-2-earn feature work?

Predict-2-earn incentivizes users to exert their best effort in making predictions. Currently, users have a chance to earn $ROLA tokens by making predictions on Bitcoin and Ethereum. Like a funding rate calculation, our predictions are separated into 3 sessions, each lasting 8 hours (and users’ predictions close 1 hour before the ending of that session). Users can make predictions on the 8-hourly candle going to close green or red.

The reward is calculated based on the participation rate, number of users, and number of close predictions of the result. If there are too many users voting at the same time, we will run a random draw. In addition, all active participants will be rewarded with our NFTs.

4. You’ve mentioned the Rola AI learning from customers as they learn from it. Can you shed a bit of light on this?

ROLA stands for Reiterative Open Learning Algorithm. As the name suggests, it is reiterative in the sense that it is constantly learning from the crowd.

In the base layer of our meta AI engine, it learns and improves from market data;

in the second layer, it takes users’ votes and predictions into account and learns from them. With both layers of data, the AI engine can improve its predictive ability by combining these different but complementary features together. 

As ROLA’s social media platform and the network expand, our AI accumulates and learns from more prediction input, generating enhanced information for the users.

This is how we create a feedback loop where the community trains an AI, and in turn, it helps the community back.

5. Rola announced an NFT collection called ROLAGRAM. What brought about this?

We want each Rolarian to enjoy a unique social media experience on ROLA and offer each of them a special portrait in a creative format we all know and are thrilled about.  The first edition of ROLAGRAM is generated from each user’s monthly activities, engagement, and voting history on ROLA. So each person’s ROLAGRAM is unique and represents each of their own personal experience and digital DNA. 

6. Entire market movements have been brought about through community organizations (take the Gamestop saga, for example). How do you think the industry can properly harness this?

In the GME squeeze, it is important to not just look at the collective action alone but also what enabled such event to take place, those are the fundamentals that spark and nurture such movements in this new era when new modes of trading and information thrive.

In the past few years, thanks to technological advancement and new apps such as Robinhood, trading has become frictionless and democratized. People find easier access to trading services at a lower cost. And there is a new trend of younger traders and increasing participation among retail investors.

Then with social media, although some may believe it is just exaggerated noise, they do significantly improve information efficiency. Information asymmetry is no longer as skewed in a way that undeniably favors institutional investors. I think we are experiencing a turning point in history, there might be a possibility of wealth redistribution (if done right).

Especially with new technologies like web 3.0 and De-Fi, new modes of financial services like micro-lending become more widely available. The fruits of improved financial inclusion and technologies are not an end in themselves, they might bring about an opportunity to bridge the intergenerational wealth gap.

From my point of view, financial literacy and public education are important. Currently, people tend to take crypto, web3.0, and de-fi as means of speculation, but the real potential and use of these new tools to build wealth do not and should not end there. There is a glimmer of hope that it might not turn out just like in the past when a small, lucky group of people with privileged access to specialized technology are getting all.

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