On May 2, 2020, SOCIETY2 announced an IOTA-based social network that gives back users control over their privacy and content ownership. The newly announced social network leverages IOTA’s distributed ledger technology (DLT) to give users an alternative to traditional social media.
IOTA-Powered Social Network Announced
Inspired by the ecosystems and applications made possible by leveraging blockchain technology, SOCIETY2 is developed on top of the IOTA network. The project recently announced its social media network with an aim to put control of personal data, social media content, and communication back into the hands of users.
In recent times, the exponential rise of popular social media networks including Facebook, Instagram, and WeChat in Asia, has compromised the safety of personal data to a large extent. Today, data has become a commodity enjoyed by web and social media oligarchs. By utilizing the decentralized-nature of DLT, SOCIETY2 seeks to enable choice and control for social media users.
Per sources close to the matter, SOCIETY2 users will be able to “explicitly, transparently, and easily” choose their level of privacy. Data shared on the platform is stored on IOTA’s cutting-edge Tangle network.
On SOCIETY2, users can choose to view ads as per their preference for which they also get paid. Such a micropayments-based payment system on the network will enable profit sharing, and fair revenue splits between content creators and consumers.
It’s worth reiterating that information shared on SOCIETY2 will be “portable” in nature in that any user who isn’t satisfied with the social network can choose to migrate to another platform. This will be enabled with the help of Decentralized Identity (DID) built on top of IOTA.
Crypto Businesses Entering the Social Media Space
Of late, several blockchain and cryptocurrency projects have taken initiatives to launch their own social media networks that typically encourage the use of native digital tokens. Further, by capitalizing on the decentralized nature of blockchain, it’s fairly easy for such projects to stand out in the largely undifferentiated social media space.
For instance, in June 2019, Block.One, the firm behind the EOS blockchain project unveiled plans to launch its own social media platform with an aim to reward quality content creators.
Most recently, major cryptocurrency exchange Bitfinex announced the launch of its native social network called Bitfinex Pulse.