EOS Parent Company Announce Crypto Social Media Platform

EOS Parent Company Announce Crypto Social Media Platform

Block.one the company behind EOS, have revealed their intention to launch a social media platform, specifically targeted at members of the cryptocurrency and blockchain community.

The project which has the title, The Voice, will operate on the EOS blockchain and will aim to remedy the issues that many social media have shown in the past, in terms of turning users into products. CEO of the multi-billionaire dollar start, Brendan Blumer, announced the plans at an event in Washington DC.

How It Will Work?

In a speech announcing the projects, he drew comparisons to existing social media platforms and how The Voice plans to be different. “The truth is, current social media platforms are designed to use their users. 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.” Explained Blumer.

The Voice hopes to provide optimum transparency, informing users of all the algorithms in place and content pushing mechanics. Something that existing social media platforms have dramatically failed to do in the past. With the presentation of the new project presented by Blumer spouting the phrases “social media has not been a good friend to us” and “Unfollow being followed.” It is also expected to do a better job at eliminating trolls and bots on the service. Blumer went on to state, “Everyone – the user, the platform, the contributor – plays by the same rules.”

Is it Viable?

Due to the nature of crypto and blockchain and their user’s emphasis on privacy and decentralisation, this announcement of transparency will likely be a big hit if he can manage to pull it off. While official launch dates haven’t yet been announced, the level of presentation indicates this is no flash in the pan concept.

Hopefully, this will prove different from previous attempts at cryptocurrency social platforms. In the past, many have attempted to imitate existing platforms to little effect. Many have failed to take-off with any real emphasis, closed shortly after launch, or never made it out of the production stage.

Certainly, EOS has the tools required for such a feat. The company is valued at well over $4 billion, so they have to funds. Not to mention the technical know-how required to provide the services needed to deliver on the big promises made by their CEO. As such, it seems that this the most viable project of its kind that we have seen thus far. The question, therefore, will be not if they can do it, but whether it will appeal to users on the mass scale they will need it to do if it is going to be a success.

This comes the same week as EOS was added to Coinbase’s service, allowing users to now trade their native currency on their platform

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