Block.One, the blockchain development firm behind the EOS.IO and the EOS cryptocurrency, are planning to launch a Twitter-like social media platform on the EOS blockchain. The platform, dubbed ‘The Voice’ will be the first decentralized social media platform of its kind and aims to address privacy issues that networks like Facebook have raised.
The network will aim to be more transparent and reward users for submitting content rather than using advertising to profit a large corporation. Block.One CEO Brendan Blumer criticizes current platforms for turning users into a product and selling their information to advertisers.
“Right now, it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas,” he states.
Posts on the platform will be rewarded with Voice tokens and the more popular the post, the most tokens a user is awarded. Tokens can then be spent by users to further promote future posts and engage in other activities.
Blumer went on to assure users that the new platform will not use algorithms to feed users a tailored version of information – something that other popular platforms have been accused of. All users will be given an equal ‘voice’ on the Voice, he says.
“Everyone: the user, the platform, the contributor, plays by the same rules.”
Despite the positive news, the EOS cryptocurrency has suffered significant losses today along with the overall cryptocurrency market. EOS is down 6.69 percent, trading at $6.81 with a market cap of $6.25 billion.