In the wake that Facebook reported to be releasing its cryptocurrency called “GlobalCoin” in the first quarter of 2020, Block.one also made their move and will also launch their very own social media app coined as “Voice”.
Block.one is the company that was responsible for the $4.2 Billion initial coin offering from the previous year, they were also the company who created ‘Steemit’ (another social network) which compensates users by posting contents.
Blockchain is defined as:
A blockchain, originally blockchain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.
With this launching, Block.one and ‘Voice’ aims to empower its users by giving them the enough power and control over the contents they want to post in the said social network.
This idea was backed by Brendan Blumer (Chief Executive Officer of Block.one) in his press release and stated, “The truth is, current social media platforms are designed to use their users. It’s the platform, not the user, that reaps the reward”.
A lot of pundits also say that this social network has more potential than its predecessors which failed to get public traction en route to failure.
“Just look at the business model. Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that”, Blumer concluded in the press release.