Afew months ago “Facebook” was a talk of the town, not because of some astounding update, but because of a privacy scandal where data of millions of people was harvested by Cambridge Analytica for political purposes. Because of this information leakage, the stock price of Facebook dropped 19 percent in a blink of an eye. The decline erased about $120 billion in market value and was the largest stock price crash in the history of the American Stock Market.
Mark Zuckerberg might not have recovered from the shock yet, on September 16, Facebook again faced an attack which was the largest security breach in the history of Facebook where accounts of almost 50 million users were hacked. Shocking? Right? But wait, I still have something else that might not have caught your attention yet. Google+ shutting down! And you want to know what’s the main reason behind it? — A vulnerability that exposed 500,000 users’ data.
You may be feeling depressed if your account was among the hacked ones. Sorry! That wasn’t my intention. But trust me that’s very alarming! It doesn’t matter how hard the social media giants try to tighten their securities, ‘unfortunately’ there is no surety that privacy leakage won’t happen again. Hackers will always be there and since ‘whatever doesn’t kill you, makes you stronger’, the next breach might be even humongous.
Problems of ‘Freemium’ and Fake News
The conventional social media platforms, Facebook, Instagram etc, collect an enormous amount of users’ data every day. What happens to that data still remains a mystery but using a new business model of “Freemium” — these tech-based social media platforms bring in cash for them through Advertising and Analytics (selling data). Although they offer their services “Free-For Life Time” but they take the “Premium” by displaying too many ads and selling your information to ad companies. And Not only that, fake news has been a headache for not only readers but also Facebook is toiling at filtering out and deleting such fake news and accounts, yet it looks like there is not much that can be done to solve these issues.
Social Networking on Blockchain
Blockchain has gained tremendous popularity over the past year. Although in the beginning, it started as building blocks for cryptocurrencies, it is now hailed as one of the world-changing technologies, as it’s secure and reliable, provides an impenetrable way of recording transactions and creates better user control mechanism.
“These decentralized systems are just not made to grow and scale for the masses yet”, said by co-founder of #Ethereum. “There are always problems with early technology. It takes time.” Still, to many netizens out there, blockchain will soon revolutionize our whole life, the way internet did back in 90s. So, here are some of the advantages which blockchain can offer to social media.
i) Verification of Information and News
ii) Transparency and Governance
iii) Monetization opportunities for all content creators
iv) Helping social media-based crowdfunding and improves peer-to-peer sales
Problems of existing mainnets supporting DApps
Although blockchain based market of social media dapps (decentralised apps) is still in its infancy, lots of innovative dapps are being developed every day. The very famous ones are Steem (first social network developed on blockchain providing rewards to content creators), Indorse (Ethereum based network for professionals, just like Linkedin), Foresting (an alternative to Facebook which rewards content creators in the form of cryptocurrency) and many others. But all the problem with the current Dapps being deployed on current mainnets face problems of:
i) Slower TPS (Ethereum-based blockchain services are so slow i.e 15 transactions per second, that it is impossible to provide real services, and companies that succeeded in ICO based on Ethereum should choose a new mainnet)
ii) DApps paying transaction fees: With Ethereum, for example, there is the burden of having to pay a small fee for each transaction. Even if users sign up on CryptoKitties, they will have to buy Ethereum separately to use the service. And in case of EOS, early stage DApp developers have to buy between 2 to 3 million USD worth of EOS coins to provide service on EOS mainnet.
iii) Vulnerable to network attack: Although DPoS algorithm where21 delegate nodes are used to increase the processing speed seems a good approach, but these 21 nodes are vulnerable to network attack.
Why Futurepia — Social Media Mainnet based on blockchain technology, is the PERFECT solution
#Futurepia is a distributed social media Mainnet based on blockchain technology. It supports DApps specialized on social media, it has a DApp Store, and provides various APIs for DApp developers. (Source: http://futurepia.io)
What makes DDPoS (Double Delegated Proof of Stake) Algorithm so powerful?
DDPoS is the 3rd generation blockchain in-house built algorithm by Futurepia to solve the existing problems of PoW, PoS and DPoS. In DDPoS(Double Delegated Proof of Stake), as Block is created in each round, the master node (BP) and the Futurepia node (BO) become representative nodes in random order. Because of this, the risk of collusion between master nodes decreases and improves the processing speed.
#Futurepia claims that the mainnet has highest TPS to this day which is 300,000 TPS way moooore than Ethereum (15 transactions per seconds). #KOLAS, the Korean national certification body recognized by 72 countries, has also assessed and certified FUTUREPIA’s mainnet transaction speed as 300,000 TPS.
Advantages for the DApp developers
In addition to the mainnet API itself, Futurepia will provide few other modules like a messenger and P2P cloud service modules as APIs so that DApp developers can develop the apps in a bit. In the future, it will be possible for other companies to develop such common modules so that they can operate as a smart contract. In other words, DApps that are in the early stages will have the effect of shortening the development cost and time without additional revenue share.
No doubt, EOS and Ethereum are looking to improve their mainnet speed and solve the network attack issues, for now Futurepia looks like the FUTURE of mainnets. It is no doubt the only solution to this day that can not only solve conventional problems faced by social media platforms but also takes the lead over other blockchain mainnets because of its #DDPoS algorithm.
What’s next?
A team of Futurepia is heading to attend world’s largest crypto currency conference WorldCryptoCon2018 in Las Vegas this month. The company is going for the ICO in November. If you are interested to know more about their mainnet, please go ahead and read their white paper here.
Let me know what you think about the blockchain based social media. Any suggestions are always welcome too :)
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