Social media is fundamentally broken and in need of a complete overhaul, according to Block.one.
The startup behind the EOS blockchain made the claim as it unveiled its Voice platform. “The truth is, current social media platforms are designed to use their users,” says Brendan Blumer, CEO of Block.one.
“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.”
The venture will launch the platform on EOS blockchain and claims that Voice will “cultivate creation, sharing, discovery and promotion of content on social media platforms by real users, not bots and fake accounts. Through a truly self-sustaining economy of ideas, users will directly benefit from their ideas and engagement on the platform.”
Peter Thiel and Jihan Wu
Last year, we reported that venture capitalist and entrepreneur Peter Thiel had invested an undisclosed amount in Block.one.
He was joined by Chinese billionaire Jihan Wu’s Bitmain Technologies, Louis Bacon, founder of Moore Capital Management and fellow hedge fund big hitter Alan Howard.
This came after Block.one wrapped the world’s biggest sale of cryptocurrency tokens for $4 billion. It also followed on from a round led by Christian Angermayer, Lansdowne Investment Company and Galaxy Digital’s Mike Novogratz.
“The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption,” said Wu.
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