A lot has happened in the blockchain community in recent times, new use cases for the blockchain technology keeps getting discovered, and there are indications that there will be more use cases in the near future. In a recent development, we learned about Facebook’s plan to own a cryptocurrency, and while that is the case, cryptocurrency is also looking to be social-media like, hence, bridging the gap between both technologies, such that they can function together as an entity with combined features of both.
Block.one is a blockchain firm and the ones behind the EOSIO platform, and the firm is working towards achieving its social media dreams. This move by the firm was announced at an event that took place in Washington D.C. on Saturday 1st June, 2019. The name of the new blockchain-based social media platform is ‘Voice’.
The traditional social media platforms are not what they should be, because it has been discovered that the social media platform users have been turned into products without their knowing it. Basically, the data and content that users share on social media gets used by the social media companies, by selling the information to advertisers and other interested companies, Hence, the social media companies are making profits off the data of the platform users, and the users do not get anything in return for their sold data.
Voice is set to change the arrangement, by giving the platform users the total control over their data, and also incentivizing personal data and content shared on the blockchain-based social media platform. Voice is an EOS blockchain-based application that will function effectively on the upgraded version of the blockchain, and thus provide seamless and fast processes and operations for the users of the platform.
According to the CEO, Brendan Blumer, the new social media platform will not operate like the popular platforms that employ the use of algorithms to facilitate what the system thinks should dominate. He clarified that the same rules guiding the operations of the social media platform will be applicable to every user of the, and that means there will be equality for every participant on the platform. Furthermore, Brendan said that the platform will perform better at preventing the social media platform from getting attacked by trolls and bots, as opposed to the operations of traditional social media network.
In 2016, a blockchain-based social network called Tsu shut down its service because it could not handle the traffic caused by the remuneration it promised. Steemit is another example of a social network that incentivizes the contributions of the participants that contribute on the platform. There are other social networks working to achieve the same thing like Cent, Coil, etc.
It is interesting to see that the blockchain technology can also be applied to social media platforms, and thus bring decentralization to the system, as well as ensure that contributors of the platform get incentives for the data they share, and the other contributions made on such platforms.