This week has been another packed with phenomenal news in the blockchain space. Block.one, the multibillion-dollar startup that birthed the EOSIO platform held a conference in the U.S. Capitol, Washington D.C., last weekend on 1 June.
This announcement came days after news broke of Facebook's meeting with the CFTC. The social media giant is set to launch a centralized cryptocurrency, rumored as early as next quarter. Currently, Facebook enjoys a dearth of competition. This changes with the major announcement from Block.one that their team is launching its own Social Media dApp [decentralized application].
As nation states become more repressive and resistant to the spread of organic news traveling peer to peer and social media conglomerates conspire to censor ideas they believe to be a threat to their power structure, Block.one has stepped in with an answer. The problem of social media censorship for those not willing to toe statist or corporate lines can now come to an abrupt close.
Block.one and their ability to decentralize social media atop a decentralized blockchain and save free speech, in unison with tokenized money, is returning power to individuals.
Dan Larimer CTO of Block.one and CEO Brendan Blumer, took to a Washington D.C. stage to announce the new dApp that will turn social media on its head. No longer will users of social media be the product, social media will now be tokenized. Users will be rewarded for their content and curation with tokens as a metric for the value of their contributions to the network. This is the beauty of decentralization, everything will be recorded in real time on the EOS Blockchain Ledger where it is immutable and stuck like a fly in amber for posterity.
As obvious as Bitcoin cryptocurrency was as the first application of blockchain that addressed failed central banks, a social media dApp protecting free speech and user data is just the natural progression in computer science to come next. There can’t be a natural order to the universe when beliefs can be erased and hidden across centralized mediums. People rely on social media in this digital era. Voice, will prove to be truly revolutionary and not only give a voice to the voiceless but also provide the ability for those with only an internet connection and a smartphone to earn for their contributions. Moreover, the application will provide for the long-awaited return to free-markets coinciding with freedom of speech.
Voice, may end up being the most popular social media site of all in the near future. Why would anyone use a centralized site where they are the product and their data is mined to use against them? Human beings are actors, they act rationally to achieve their own self-interests; furthermore, no logical actor will give up their data if it is optional to spread ideas across a decentralized medium. A release date is yet to be set for the platform but registrations are already available on their website.
The past seven days have been rather tempestuous in the cryptocurrency market. The price of Bitcoin rose above $9,150 shortly before a giant sell wall was hit and pre-set sell orders generated a major dip in price. Within 24 hours the BTC price was down to $8,200. Bitcoin has since dipped below $8,000 to $7,800 at press. As I proselytized last week, the price reversed after breaching $9,000 and now Bitcoin’s next barrier is the $10,000 hurdle back to five figures. The bull trend still looks intact despite charts showing bearish divergence in the interim. More time is needed to determine whether a retest of support at $6,000 or a new yearly high of $10,000 is more likely in coming weeks. As always, this is not investment advice but for entertainment and educational purposes.
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