Most social networks today, such as Facebook, Instagram, and Youtube, don't charge you to use their services. However, it's been increasingly evident through studies and controversies that these networks profit from monetizing your data—be it your personal information, media, or general online behavior.
As the common saying goes, if there's no cost for the service, you are essentially what’s being traded. Entrepreneur Brendan Blumer highlighted in a recent talk that you can't fix a structure when its foundation is compromised. Social networks today seem designed to exploit their users, with companies benefiting far more than the users.
However, with the advent of cryptocurrency and blockchain technology, there's hope for change, enabling individuals to reclaim control over their personal data. Block.one, known for its cryptocurrency initiative, is poised to turn this vision into reality with its latest endeavor. EOS For some time now, Block.one, headquartered in the Cayman Islands, has been building anticipation for B1June—a celebration marking the anniversary of the EOS blockchain launch. On this occasion, several exciting announcements have been made.
Voice, An EOS-Based Social Platform
Blockonomi reports that Block.one's major reveal involves Voice—a social media app on the EOS blockchain aimed at empowering users and disrupting Facebook's stronghold. The official release touts Voice as a more open social platform where quality content gets its due, without entities grabbing every little user information.
Per a press release Contrasting other platforms that deal in data like a commodity, leading to a barrage of hidden motives in our feeds, Voice by Block.one seeks to be more authentically in tune with the public by encouraging honest content creation and sharing. Their statement emphasizes that through a sustainable ecosystem of ideas, users will directly reap the benefits of their contributions and engagement. Voice Every feature operates transparently on the EOS blockchain, making visibility a central aspect of the user experience. In this model, there won't be any secret algorithms deciding what content you see, nor any behind-the-scenes entities influencing user interactions.
To fight against fake profiles, Block.one plans to use a 'special authentication system' to eliminate bots, trolls, and throwaway accounts. Additionally, to ensure fair access, they have created the Voice Token, which Daniel Larimer, the Chief Technology Officer, calls the 'fairest crypto token' as it's generated through real user participation.
So how exactly does all this work?
Well, according to the Voice website Posting content earns users Voice tokens, which can then be used to have their say amplified. This system gives everyone, even smaller accounts or users gathering tokens, a chance to be heard.
Despite the potential, some critics are wary about Voice. Tom Shaughnessy from Delphi Digital points out that Larimer's history isn't spotless—having previously started and left Steemit, a blockchain-based social network, which doesn't set the best example. Furthermore, Shaughnessy warns that on Voice, the data's fate lies with a select few EOS block producers.
On B1June, Block.one also disclosed two significant updates.
The first being a collaboration with Coinbase to bring EOS to the Coinbase Earn platform, granting users in 19 different regions an opportunity to earn $10 worth of EOS by engaging with educational materials.
What Else Was Announced?
The second announcement involves Larimer's unveiling of EOS VM—an upgrade to the blockchain's protocol aiming to improve efficiency dramatically, potentially making the execution of smart contracts on the blockchain up to 12 times faster compared to when EOS initially launched.
As a writer deeply entrenched in the cryptocurrency space since 2013, my work has been featured in premiere industry publications like LongHash, NewsBTC, and Decrypt. Outside writing, I contribute to the EXODUS division at HTC, a Taiwanese consumer tech company, and I own a modest amount of Bitcoin. Reach out to [email protected].
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