While Facebook is pursuing crypto, crypto works with social media.
Block.one – the multibillion-dollar team that built the EOSIO platform – is the latest blockchain company with social media ambitions.
The company says that the new social network will stand out by not turning users into products.
In a release, CEO Brendan Blumer said:
"Our content. Our data. Our attention. These are all incredibly valuable things. But right now, the platform, not the user, is reaping the rewards. To auction our information to advertisers, poker profits and flood our streams with hidden agenda dictated by the highest bidder. Voice changes it. "
The voice will run on the EOS blocks, which also upgrades to a faster version 2.0. By using the public chain, everything posted to EOS will be public. Meanwhile, the world's leading social network, Facebook, announced that this year would move in the opposite direction ̵
Social Media-oriented crypto projects up to this point have virtually the same as Tumblr or Medium, with occasional Twitter imitation. A spokesman for the Block.one project did not respond to a CoinDesk request for comment on what experience could be expected on the new site.
While the argument for incentives is convincing, the model has had a difficult time capturing.
For example, in 2016, Tsu, a social network that promised to share its revenue with its users, turned off. It claimed that it had 5.2 million users when the service was terminated. A frequent complaint about Tsu was that his promise lifted spammy behavior.
Meanwhile, Steemit is the medium-sized social network built on the top of Steem blockchain. According to Dapp.com, it was the only major dapp blockchain where social media was the dominant use case, and 93 percent of users affected their social bravery (as Steemit dominates). A recent estimate from May put active users in that month at 75,644.
Other cryptosocial networks have come together since, such as Coil (which uses XRP) and Cent (which uses ETH).
Dapp.com estimated that Steem had over 386,000 active users for the year, while giving EOS just over 171,000 active users in 2018, with 67 percent using its gaming products.
It is worth noting that EOS only had six months to build a user base. After an annual ICO that generated more than $ 4 billion for Block.one, EOS was officially launched on June 15, 2018.
Brendan Blumer's image via Block.one