Here's what we know about Block.One, the new social media app powered by EOS

Block.one, the company behind the blockchain of EOS, is about to launch a Twitter competitor based on a blockchain later today, June 1, 2019, which will reward users with cryptocurrency for their publications, with funds taken from advertising revenue.

Block.one said that a great ad would be announced later in the day, as it was broadcasting the hashtag # B1June on all its communication channels. The company said it would be the biggest ad since EOSIO.

Bump in, almost done. I look forward to seeing our whole community come together tomorrow for # B1June pic.twitter.com/5gQUD59gIn

– Block.one (@block_one_) May 31, 2019

According to a Bloomberg article, the social media platform based on EOS will call Voice and every action on it will be recorded in the cryptocurrency blockchain. A report published by the German magazine Handelsblatt reveals that the social network is perhaps a rival of Twitter.

Handelsblatt, quoting "financial insiders," reports that Block.one is launching the blockchain-based social media platform alongside the German fintech and biotech investor Christian Angermayer.

He further suggests that he will have similar features to those seen on Facebook and Instagram. As CryptoGlobe reported, Daniel Larimer, CTO of Block.one, told Telegram that the company "will not sell data to advertisers" and "will not collect data like Facebook".

In addition, block producer EOS EOS New York recently announced that Block.one had purchased more than 3.3 million EOS RAM, a sign that it was preparing to "deploy a product or solution for EOS" .

BREAKING: @block_one_ has just bought a 3.3 million euros worth of memory (EOS) ($ 20 million) #EOS. Do they deploy a product on June 1st? #bullish $ eos https://t.co/coCCR3TCgA pic.twitter.com/tcsPrRtf6u

– EOS New York (@eosnewyork) May 27, 2019

There is also more evidence of an EOS-based social media platform. Block.one has been awarded a brand for MEOS, which, according to some, could be the name of the platform – instead of Voice. The patent does not add much, but its description reads as follows:

provision of temporary use of non-downloadable web and mobile application software for the virtual community, social networks, photo sharing, electronic media sharing and encrypted or otherwise secure messaging and media transmission ; computer services, namely, creating online virtual communities that allow users to organize groups and events, participate in discussions, and create social, commercial, and community networks; hosting an interactive website that allows users to create profiles and participate in a social network in the field of blockchain technologies and distributed ledger … "

Block.one's move comes at a time when social media giant Facebook is looking to launch its own cryptocurrency, which some say will allow its users to work through its messaging platforms.

It should be noted that Dan Larimer helped launch Steemit, one of the first blockchain social media platforms that rewards users for creating and preserving content. Last year, the bear market forced Steemit to lay off 70% of its workforce and a new leader was appointed earlier this year.