EOS-based project to unleash its Facebook killer?

Category: Americas Blockchain Regulatory
Posted by Maria

The evolution of transparency on social networking sites: A new social network, Voice, is set to launch on the 14th of February 2020 and aims to revolutionize the industry through token rewards and seemingly forgotten free-speech principles.

Social networks can be classified as computer networks, linking people, organizations, and knowledge. Some social networking sites can be monetized and can lack freedom of speech. As in the case of the Facebook – Cambridge Analytica data scandal. This scandal dates back to 2018 and was considered a major political scandal as it harvested personal data of millions of people’s Facebook profiles without their consent and used it for political advertising. Voice is meant to be a new kind of social network that challenges all this, one with crypto built in and one that defeats bots by verifying the identity of every single account. 

Blockchain – an immutable solution to online data

The massive influx of personal information that has become available online, has put user privacy at huge risk, as one can’t be sure that such personal information will be stored safely on the database. Social networks are known to record this information as well as the client’s moves on the web without asking for permission. Voice’s main objective is to set all its operations to move through blockchain technology. This makes it impossible to insert a closed code when blockchain records inner operations of the network. By doing this, the creators of Voice are gaining customers that are passionate about blockchain-based tech. Various analysists have called this the “Facebook killer” as unlike Facebook, Voice is able to provide privacy through transparency.

Revolutionizing social media

brendon blumer
Voice CEO: Brendon Blumer.

Users are often the targets as well as the source of information in social networking as they leave their digital imprints during browsing. CEO Brendon Blumer and CTO Dan Larimer discussed this during a lecture in Washington D.C. where they explained that “Social media is broken. Designed to use us, our data and attention are harvested into trillion-dollar profits for large corps, big tech, banks, and Wall Street interests, while we struggle to protect ourselves against the consequences of having our attention auctioned to anonymous parties, and our personal information traded on the open market. This misalignment of interest between us and the platforms we once trusted continues to increasingly expose us to data profiling, identity theft, cyberbullying, and persuasive misinformation.”

Reaping rewards

Although blockchain is quite complex and the regulatory environment can be intricate thousands of people have already shown interest in this emerging platform. This is because users of voice are set to be rewarded with voice tokens. “Voice Tokens are earned by being you, and expressing your voice; they possess the utility of attention, and can be used to elevate content in different ways throughout the ecosystem.” The company has 9.5% of the total coin’s supply and considers itself as a “small, but significant” player. It claimed: “Our goal is to highlight improvements and features that we believe uphold the integrity of the network and push these metrics to new heights. Ultimately, we will begin participating in block producer voting to more actively join other EOS token holders in ensuring the EOS network remains as healthy and revolutionary as ever”

Voice will cultivate discovery and promotion as well as the creation of content on social media platforms by real users and not by fake accounts. Through a truly self-sustaining economy of ideas, users will directly benefit from their ideas and engagement on the platform.

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