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Last week, EOS experienced an absolute tear, recording a 40% increase in seven days, while most other cryptographic badets stagnated. But why? For months, Block.one, the Cayman Islands-based company behind the development of the protocol and its subsequent public sale, has been touting the fact that something very important is being planned for June 1st.
Related Reading: Crypto Market Wrap: EOS Pumps 15% Approaching the B1 Event
No, it's not winter. Block.one was instead designed to be a social media network based on the EOS blockchain. Although these rumors have been unfounded for some time, Bloomberg has recently confirmed that the blockchain company was looking to compete with the historic operators of social media with a decentralized solution.
Make cryptography user-friendly on social networks
In his recent article, citing a press release, Bloomberg said Block.one would soon launch Voice. This project is supposed to be an EOS-based ecosystem that allows users to publish, share and promote content, with each action and interaction supposed to be recorded on the underlying blockchain. Why this project is needed, the general manager of Block.one said:
"In fact, today's social media platforms are designed to use their users. It is the platform, not the user, that is reaping the reward. "
Indeed, current platforms are designed to secure user data, providing only services – and possibly toxic services – in return. Phil Chen, head of HTC's crypto-blocking and crypto division (EXODUS), explained today's problems with current Web applications in an interview with NewsBTC.
He told us that there is clearly something wrong with the Internet today because many "do not own their cryptographic badets, data or identity". Chen calls this question "fundamentally false," explaining:
"If you have a sovereign identity – things you have created, attributes or characteristics that describe you – that you do not have, there is something that is not going at all, especially because we are so far away in the era of information, digital property concept – what is yours, what is mine. So how do we negotiate these small commodities in exchange for these micro-invasions of privacy, and what is your digital property has significant implications for many things, even for democracy. "
According to a German newspaper, Handelsblatt, Voice is trying to solve this problem. Citing "financial insiders," the publication claimed that this new EOS-based platform will allow users to be compensated for their interactions with other Voice users and will act as a competitor of Facebook and d & # 39; Instagram. Regarding the data, Dan Larimer, Block.one's technical director, said in the past that this platform would not collect data or sell data to advertisers such as Facebook.
At the time of writing this article, the EOS has risen 1.52% over the past 24 hours, to establish at $ 8.12 the unit.
Skeptics are wary of EOS News
Despite this news, which would greatly increase adoption of EOS, some are skeptical about the upcoming product. Trader and commentator Crypto Loomdart jokes that Block.one is effectively rebuilding Steemit, a blog encryption and content sharing network, on EOS.
What's funny is that Larimer is one of the spirits behind Steemit and does not create the best precedent for Voice. Of course, Voice is not supposed to be Steemit, but some are rightly wary of encrypted social networks.
As Tom Shaughnessy of Delphi Digital still explains, "Block.one is looking again to use an EOS use case, which is already perfectly supported by Twitter." But there is a kick, the data on Voice will all be subject to whims. EOS block producers, according to Shaughnessy anyway.
Better tweet
Having already started a social media site in British Columbia (@steemit) @ bytemaster7& # 39; s Block One is once again looking for an EOS use case that is already perfectly handled by Twitter
Kicker – All data built on EOS is at the mercy of 15 of the 21 block producers https://t.co/WTyu0PK4fS
– Tom Shaughnessy? (@ Shaughnessy119) May 31, 2019
Also of concern is the fact that blockchain / encrypted social media platforms are already struggling to gain ground. According to previous reports from this point of sale, Steemit revealed at the end of last year that it would cut 70% of its employees, citing the "weakness of the cryptocurrency market, the decrease in returns on our sales automation of STEEM and the rise in full operating costs. Steem node. "Let's hope that Voice does not have the same fate.
Featured image of Shutterstock. Graphic Courtesy of TradingView.com
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